| Market Mirror | U.S. stock
indices fell after the Federal Reserve’s Open Market Committee reiterated it
plans to be patient and watch the data as it decides when to raise interest
rates. The Dow decreased 195.84 points (1.13%) to 17,191.37, the NASDAQ was
down 43.50 points (0.93%) at 4,637.99, and the S&P 500 closed 27.39 points
(1.35%) lower at 2,002.16. The Russell 2000 fell 19.54 points (1.64%) to
1,175.12, and the Wilshire 5000 lost 300 points (1.40%) to finish at 21,135.57.
On the NYSE,
3.2 billion shares changed hands, with declining issues outnumbering advancing
issues nearly 3 to 1. On the NASDAQ, 2.7 billion shares traded, with a more
than 3 to 1 lead for decliners.
The price of the 10-year Treasury note was up 32/32,
bringing its yield down to 1.718%. The price of the 30-year Treasury bond
increased 2 19/32, decreasing its yield to 2.292%.
| | Compliance | High Court Remands Vested Retiree Health Benefits Case | The U.S. Supreme Court vacated an appellate
court’s decision that an employer owed retirees covered by a collective
bargaining agreement (CBA) lifetime health care benefits, finding the basis for
the decision was inappropriate. The high court said the 6th U.S. Circuit Court
of Appeals decision in M&G Polymers
USA v. Tackett rested on principles that are incompatible with ordinary
principles of contract law. According to the Supreme Court opinion, the 6th
Circuit also failed to consider the traditional principle that courts should
not construe ambiguous writings to create a lifetime promise.Read more > | | From the Magazine | DB Plan Q&A: Mortality Table Updates | Marcia Wagner, principal and founder of The
Wagner Law Group, answers questions
relating to the consequences and anticipated effective date of the final
version of new mortality tables issued by the Society of Actuaries in October, 2014.Read more > | | Investing | A new report from Cerulli Associates finds asset
managers are seeking a variety of approaches to offer new exchange-traded fund
(ETF) products, such as using their firms’ existing infrastructure capabilities
to repackage existing strategies as ETFs or acquiring existing ETF boutiques
that have the necessary distribution already in place. The result for investors
will be greater opportunity and flexibility in choosing ETFs.Read more > | | Small Talk | ON THIS DATE: In
1861, Kansas became the 34th state of
the Union. In 1886, the first
successful petrol-driven motorcar, built by Karl Benz, was patented. In 1936, the first members of Major League
Baseball’s Hall of Fame were named in Cooperstown, New York. In 1963, the first members to the NFL’s
Hall of Fame were named in Canton, Ohio. In 1995, the San Francisco 49ers became the first team in National
Football League (NFL) history to win five Super Bowl titles. The 49ers defeated
the San Diego Chargers 49 to 26. | SURVEY SAYS: It’s
that time of year again—The Academy Awards. This week I’d like to know, which
nominees for “Best Picture” have you seen, and which do you think should win? You
may respond to this week’s survey by 6 p.m. Pacific time today.Read more > | 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 > | News from PLANSPONSOR.com
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