| Ameritas to Acquire Guardian 401(k) Business | Ameritas Life Insurance Corp. (Ameritas), headquartered in Lincoln, Nebraska, has signed a definitive agreement to acquire the 401(k) plan business of The Guardian Insurance & Annuity Company, Inc. In a statement to PLANSPONSOR, Ameritas said, “At the close of the transaction, the retirement plans division of Ameritas will have assets under administration in excess of $10 billion consisting of over 6,000 employer-sponsored retirement plans serving over 150,000 individual plan participants. Guardian clients can expect to receive the same high levels of service and support that they have come to expect.”Read more > | | Economic Events | In the week ending June 25, the advanced figure for seasonally adjusted initial claims for unemployment insurance was 268,000, an increase of 10,000 from the previous week’s revised level of 258,000, the Labor Department reported. The four-week moving average was 266,750, unchanged from the previous week’s revised average of 266,750.
The average interest rate for a 30-year fixed-rate mortgage is 3.48%, down from 3.56% one week ago, according to Freddie Mac. The average interest rate for a 15-year fixed-rate mortgage is 2.78%, down from 2.83%. | | Market Mirror | Thursday, the Dow gained 235.31 points (1.33%) to finish at 17,929.99, the NASDAQ closed 63.43 points (1.33%) higher at 4,842.67, and the S&P 500 increased 22.14 points (1.07%) to 2,092.91. The Russell 2000 was up 20.31 points (1.79%) at 1,151.92, and the Wilshire 5000 climbed 293.84 points (1.37%) to 21,711.37.
On the NYSE, 3.1 billion shares traded, with advancing issues outnumbering declining issues more than 3 to 1. On the NASDAQ, 2.7 billion shares changed hands, with a more than 2 to 1 lead for advancers.
The price of the 10-year Treasury note increased 11/32, bringing its yield down to 1.482%. The price of the 30-year Treasury bond climbed 21/32, decreasing its yield to 2.294%. | | Compliance | Court Finds Equity Compensation Plan Not an ERISA Plan | An appellate court agreed with a lower court that the plan’s purpose was not to provide deferred compensation or retirement income.Read more > | IRS Officially Ends Determination Letter Program | There are only three cases for which a retirement plan sponsor with an individually designed plan may request a determination letter.Read more > | Small Plan Excessive Fee Suit Voluntarily Dismissed | A lawsuit that suggested retirement plan excessive fee suits were moving down market has been voluntarily dismissed by plaintiffs. The lawsuit argued that even a $9 million dollar, 114-participant plan has the ability to negotiate for substantially lower fees than an individual would pay.Read more > | | Small Talk | ON THIS DATE: In 1845, uniform postal rates went into effect throughout the United States. In 1847, in New York City, the U.S. Post Office issued its first adhesive stamps. The two stamps available were a 5-cent Benjamin Franklin and a 10-cent George Washington. In 1862, the U.S. Congress established the Bureau of Internal Revenue. In 1863, during the U.S. Civil War, the first day’s fighting at Gettysburg began. In 1874, the Philadelphia Zoological Society zoo opened as the first zoo in the United States. In 1898, during the Spanish-American War, Theodore Roosevelt and his “Rough Riders” waged a victorious assault on San Juan Hill in Cuba. In 1905, the USDA Forest Service was created within the Department of Agriculture. The agency was given the mission to sustain healthy, diverse, and productive forests and grasslands for present and future generations. In 1909, Thomas Edison began commercially manufacturing his new “A” type alkaline storage batteries. In 1934, the Federal Communications Commission replaced the Federal Radio Commission as the regulator of broadcasting in the United States. In 1941, Bulova Watch Company sponsored the first TV commercial in New York City. In 1946, the U.S. exploded a 20-kiloton atomic bomb near Bikini Atoll in the Pacific Ocean. In 1950, American ground troops arrived in South Korea to stem the tide of the advancing North Korean army. In 1963, the U.S. postmaster introduced the five-digit ZIP (Zoning Improvement Plan) code. In 1966, the Medicare federal insurance program went into effect. In 1979, Susan B. Anthony was commemorated on a U.S. coin, the Susan B. Anthony dollar. In 1979, Sony introduced the Walkman. In 1980, U.S. President Jimmy Carter signed legislation that provided for two acres of land near the Lincoln Memorial for the Vietnam Veterans Memorial. In 1991, Court TV began airing. | SURVEY SAYS: We haven’t received enough responses to whether the PPA has succeeded in improving the retirement security picture, what provisions helped the most, and where the PPA fell short. So, we’re holding it open to provide the opportunity for more responses. Please take the time to respond to the survey.Read more > | And now it’s time for FRIDAY FILES! | This performance at the 2015 World Yo-Yo Contest is very entertaining.Read more > | A Greek news reporter couldn’t finish his segment because of an overly friendly horse.Read more > | In Berlin, Germany, a court had to restart the trial of two men suspected of robbing a grocery store— because a judge kept nodding off during the proceedings. According to the Associated Press, the presiding judge decided it was better to start things over than provide immediate grounds for an appeal. German trials are typically heard by a panel of five judges—three professionals and two lay judges. It was one of the lay judges who couldn’t stay awake. It was the first day of the trial, and it was able to start again from scratch after an alternate judge took his place.
In Coeur d’Alene, Idaho, a father of a Salt Lake City businessman placed a $900 Idaho newspaper ad seeking women interested in marrying his 48-year-old son. The father had planned to meet potential candidates at a Coeur d’Alene resort, but managers asked his father not to conduct interviews there after getting barraged with media requests, according to an Associated Press news report. The son previously said the ad in the Coeur d’Alene Press was “embarrassing” but said he’d let his 78-year-old father go forward. About 12 women from around the U.S. expressed interest in the ad and will be interviewed in the coming weeks. The son says his father wants a grandchild to carry on the family name.
In North Rhine-Westphalia, Germany, a teacher has been taken to court after she was accidentally paid €237,000 in unearned salary. The state charged her with fraud, but the teacher told the court that her husband took care of their joint bank account, and he just didn’t notice her salary had stayed the same after she began working part-time, according to The Local. The court ruled that it was ultimately the fault of the state that the error occurred and gave the teacher three weeks to determine whether she is in the position to repay the money. If she can pay the money back, the case will be dropped due to its “triviality” the judges ruled. | Using the Arizona heat to cook steaks and bake cookies.Read more > | In Greenfield, Wisconsin, a couple called 911 report they were being held hostage—by their cat. The local CBS News station reports that the caller said, “This is gonna sound like a strange question but we have a cat and it’s going crazy and it attacked my husband and we’re kind of hostage in our house and we’re just wondering who we should call to do something, get rid of the cat or help us.” The cat was captured and turned over to the Milwaukee Area Domestic Animal Control Commission.
Somewhere in China, a man spent more on a “lucky” license plate than he did on his car. The number 8 is considered the luckiest number in China, so he paid for the plate K-88888. However, it wasn’t so lucky, as the man was pulled over eight times in one day because police thought the plate was a fake—because it was a very expensive plate on a very cheap car.
In New York City, Kellogg Co. is opening its first cereal café on July 4. Reuters reports that a bowl of cereal at the cafe will cost anywhere between $6.50 and $7.50, and can be eaten in or taken out. There are plans to launch a delivery service later in the year. Celebrity chefs Christina Tosi, owner of Momofuku Milk Bar, and Anthony Rudolf of Journee, will provide the Kellogg’s cafe with new gourmet recipes, and toppings such as lime zest, thyme and malted milk powder will be available. Each bowl will come with a 12-ounce container of milk on the side.
Have a great holiday weekend, folks! NewsDash will be back in your inbox Tuesday. | Share the good news with a friend! Pass the NewsDash along—and tell your friends/associates they can sign up for their own copy.Read more > |
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