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| Economic Events | |
May sales of merchant wholesalers, except manufacturers’ sales branches and offices, after adjustment for seasonal variations and trading-day differences but not for price changes, were $509.0 billion, up 2.5% from the revised April level and up 11.8% from the May 2017 level, the Census Bureau reported. The March to April percent change was revised from the preliminary estimate of up 0.8% to up 1.4%. The Producer Price Index for final demand rose 0.3% in June, as prices for final demand services advanced 0.4%, and the index for final demand goods edged up 0.1%, according to the Bureau of Labor Statistics. The final demand index increased 3.4% for the 12 months ended in June. | |
| Sponsored message from Vanguard | |
| The Markets Became Volatile-What Will Your Participants Do About It? Target-date funds can protect participants from impulsive reactions to market volatility.Read more > | |
| Market Mirror | |
Wednesday, the Dow dropped 219.21 points (0.88%) to 24,700.45, the NASDAQ closed 42.59 points (0.55%) lower at 7,716.61, and the S&P 500 lost 19.82 points (0.71%) to finish at 2,774.02. The Russell 2000 decreased 11.96 points (0.71%) to 1,683.66, and the Wilshire 5000 fell 176.06 points (0.60%) to 28,983.66. The price of the 10-year Treasury note was up 5/32, decreasing its yield to 2.839%. The price of the 30-year Treasury bond increased 11/32, bringing its yield down to 2.938%. | |
| Compliance | |
| Hardship Withdrawal Safe Harbor Covers Tuition, But Not Loan Repayments | |
| A timely new Insights publication from the law firm of Drinker, Biddle and Reath looks back at an Internal Revenue Service (IRS) letter sent earlier this year to Representative Scott Perry, R-Pennsylvania, in response to his inquiry about whether individual taxpayers can use a qualified 401(k) plan hardship withdrawal for the purpose of paying down student loan debt.Read more > | |
| Senators Reintroduce Bill to Address Missing Participants | |
| The bill would create an online database for participants to find “lost” retirement accounts and would change rules for automatic cashouts and rollovers. It also establishes steps retirement plan sponsors can take to avoid violations of required minimum distribution (RMD) and Employee Retirement Income Security Act (ERISA) rules.Read more > | |
| Small Talk | |
| ON THIS DATE: In 1862, Congress authorized the Medal of Honor. In 1870, the first rotary can opener with a cutting wheel was patented by William W. Lyman. In 1933, a minimum wage of 40 cents an hour was established in the U.S. In 1954, President Dwight D. Eisenhower proposed a highway modernization program, with costs to be shared by federal and state governments. In 1954, the Major League Baseball Players Association was organized in Cleveland, Ohio. In 1957, the U.S. Surgeon General, Leroy E. Burney, reported that there was a direct link between smoking and lung cancer. In 1960, manufacturing began for the Etch A Sketch. In 1984, Democratic presidential candidate Walter F. Mondale named U.S. Rep. Geraldine A. Ferraro of New York to be his running mate. Ferraro was the first woman to run for vice president on a major party ticket. In 1990, Russian republic president Boris N. Yeltsin announced his resignation from the the Soviet Communist Party. | |
| SURVEY SAYS: Offering defined contribution (DC) retirement plan participants the chance to take a loan from their accounts is said to encourage participants to join the plan because they feel they have access to their money, but taking a loan from the plan could possibly be detrimental to participants’ overall retirement savings outcomes. This week, I’d like to know, does your retirement plan use education or features to discourage plan participants from taking loans, and if so, how? You may respond to this survey by 6 p.m. Pacific time today. Results will be included in a future edition of PLANSPONSOR magazine.Read more > | |
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Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com
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