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| Market Mirror | |
Tuesday, the Dow ticked up 3.66 points (0.02%) to 17,515.23, the NASDAQ increased 20.46 points (0.44%) to 4,654.85, and the S&P 500 closed 3.13 points (0.15%) higher at 2,022.55. The Russell 2000 fell 6.40 points (0.54%) to 1,170.25, and the Wilshire 5000 was up 13.46 points (0.06%) at 21,258.14.
On the NYSE, 3.2 billion shares changed hands, with a 1.6 to 1 ratio of decliners to advancers. On the NASDAQ, 2.8 billion shares traded, with 1.4 declining issues for every advancing issue.
The price of the 10-year Treasury note was up 14/32, decreasing its yield to 1.793%. The price of the 30-year Treasury bond increased 1 24/32, bringing its yield down to 2.378%. | |
| Compliance | |
| DOL Challenges Investment Adviser on Fees | |
| The Department of Labor (DOL) says the Roger Ramsay and Compensation Planning Corp. of Rochester Inc. collected fees that were not properly disclosed or authorized, according to an Employee Benefits Security Administration (EBSA) investigation. A statement from the DOL says Roger Ramsay provided investment advisory services as a fiduciary to any least nine employee benefit plans covered under the Employee Retirement Income Security Act (ERISA). Ramsay provided the services through SAR Services, Inc. a company he owned and operated, and he was also the sole owner and president of Compensation Planning Corp. of Rochester Inc., a third-party administrator (TPA) to the plans.Read more > | |
| Congressional Action Could Follow Fiduciary Rule | |
| Leading a conference call with reporters, Lee Covington, senior vice president and general counsel for the Insured Retirement Institute (IRI), said there is a lot of common ground between investment industry practitioners and federal regulators heading into 2015. Both camps have a stated focus on solving retirement issues, Covington said, especially in the areas of improving access to lifetime income guarantees through tax-qualified retirement plans and continuing the uptake of automatic plan enrollment and deferral escalation features codified by the Pension Protection Act (PPA).Read more > | |
| From the Magazine | |
| 408(b)(2) Enforcement Has Arrived | |
| When a plan sponsor recently received a notice announcing a Department of Labor (DOL) investigation of its plan, it was clear, based on the request for documents, that the investigator planned to look at 408(b)(2) compliance. As background, the 408(b)(2) regulation requires that service providers make disclosures about services, compensation and fiduciary status. That’s the starting point. The law then requires that the fiduciaries evaluate those disclosures and determine whether the compensation is reasonable in light of the services.Read more > | |
| Small Talk | |
| Nearly half (48%) of employed Americans say they are distracted by fatigue at work, causing them to make mistakes and even doze off, according to a survey commissioned by Red Bull and human capital solutions firm Glassdoor. Employees say tiredness is a bigger distraction to them than social media (19%) and personal communications (35%). Employees surveyed cited a number of mistakes they make at the workplace due to being tired.Read more > | |
| ON THIS DATE: In 1954, the Nautilus was launched in Groton, Connecticut. It was the first atomic-powered submarine. U.S. First Lady Mamie Eisenhower broke the traditional bottle of champagne across the bow. In 1954, the gas turbine automobile was introduced in New York City. In 1957, country music legend Patsy Cline first gained national attention with her winning appearance on Arthur Godfrey’s Talent Scouts. In 1959, Carl Dean Switzer, the actor who as a child played “Alfalfa” in the Our Gang comedy series, died at age 31 in a fight, allegedly about money, in a Mission Hills, California, home. In 1970, the Boeing 747 made its first commercial flight from New York to London for Pan American. In 1977, U.S. President Jimmy Carter granted an unconditional pardon to hundreds of thousands of men who evaded the draft during the Vietnam War. In 1990, at the Australian Open in Melbourne, American tennis player John McEnroe was disqualified for misconduct. | |
| WEDNESDAY WISDOM: “Error is acceptable as long as we are young, but one must not drag it along into old age.” —Johann Wolfgang Von Goethe, German writer | |
| Share the good news with a friend! Pass the Dash along – and tell your friends/associates they can sign up for their own copy.Read more > | |
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Copyright © Asset International, Inc., 2015. All rights reserved. No reproduction without prior authorization. |
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Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com
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