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| Compliance | |
| Voya Asks DOL to Ease Up on Fiduciary Rule | |
| Voya Financial says it understands it is the Department of Labor’s (DOL’s) intent to better protect workers and retirees, but it is “very concerned” that the DOL’s new fiduciary proposal would likely do the opposite, jeopardizing retirement income, accelerating leakage from retirement plans and limiting participants’ and individual retirement account (IRA) owners’ access to information. In a comment letter to the DOL, Voya says the proposal has unduly complicated provisions and its proposed new restrictions on educational information will make it more difficult and costly for service providers to reach and help participants and IRA owners.Read more > | |
| Bill Extends Provision for Using Surplus Pension Funding | |
| Legislation before the U.S. House of Representatives would extend a provision in prior pension reform allowing over-funded pensions to use their excesses to fund retiree health and life insurance benefits.Read more > | |
| ESOP Sponsor May Have Had Heightened Duty to Disclose | |
| A federal court has found questions exist about whether a privately-held company had a duty to disclose a contemplated merger to employee stock ownership plan (ESOP) participants who sold company stock shares. The U.S. District Court for the Northern District of Georgia noted two major differences between the case against Stiefel Laboratories and a previously decided case against Home Depot. First, Stiefel was a closely held company, and second, the Home Depot plan participants were warned about the dangers of investing in higher risk stock, whereas Stiefel participants were not.Read more > | |
| Investing | |
| Pension Funds Top Alternative Investors | |
| Total assets managed by the top 100 alternative investment managers globally reached $3.5 trillion in 2014 (up from $3.3 trillion in 2013), according to research produced by global professional services company Towers Watson. Pension fund assets represent one-third (33%) of the top 100 alternative managers’ assets, and real estate is the most popular alternative asset class for pensions.Read more > | |
| Small Talk | |
| The Principal Financial Well Being Index for June 2015 finds 19% of working Americans feel “spending too much” has been their biggest financial mistake up to this point. Another 17% cited “taking on too much credit card debt,” while 10% say they do not know what their biggest financial mistake has been. Just 11% cited falling behind on retirement savings.Read more > | |
ON THIS DATE: In 1821, Spain ceded Florida to the U.S. In 1867, Harvard School of Dental Medicine was established in Boston. It was the first dental school in the U.S.In 1955, Disneyland in Anaheim, California, opened.
And now it’s time for FRIDAY FILES! | |
| You know how static electricity makes things stick to each other? Cats don’t like that.Read more > | |
In Banton, Scotland, a farmer was fed-up with wild deer coming into his farm and destroying the crops. Traditional scare crows did not help, so the man wanted something that looked like a real person. He ordered a blow-up doll from Amazon and put it in the back of his field. “She has made a much better job of it than my last scarecrow, which was made from a carrier bag on the end of a stick,” he said, according to the UK’s Mirror. In Myrtle Beach, South Carolina, after spending four hours at a seafood buffet, a woman refused to pay her bill. Police were called. They asked her if she had any money on her. She said no. According to The Sun News, they then asked who she thought would pay her tab. She said Jesus would pay it. In Fort Morgan, Colorado, a man called police to say he was in a Walmart parking lot and a woman he didn’t know wouldn’t get out of his car. When police arrived on the scene, they found the man confused, and the woman said she was his cousin, and the main was on drugs. The two admitted they had drugs in the car. According to the local ABC News station, the police found 16 pounds of meth.amph.etamine in the car. | |
| Dance like no one’s watching.Read more > | |
In Bethesda, Maryland, a woman dropped off her children at her ex-husband’s house and later realized his fiancé was in the house. She started ringing the doorbell and banging on the door. He asked her to leave and used a cell phone camera to record the incident. The cell phone video footage showed her exposing her brea.sts and shaking them towards the camera. A police officer responded to the scene, told the woman she could be arrested for indec.ent expos.ure and asked her to leave. She held out her hands and said, “Arrest me then.” According to the Washington Post, the woman is a member of the Maryland House of Delegates. In Omaha, Nebraska, a would-be carjacker was thwarted by his height. A man pulled a gu.n and told a woman to get out of her car. According to the local NBC News station, the woman was very short, so when the suspect tried to get in the car he could fit. And, he couldn’t figure out how to adjust the seat. So, he ran away. In Riverside, California, a man dropped off his Nissan 350Z to have it serviced. He returned to the Taco Bell, where he is a manager. Four hours later, one of his employees spotted what looked like the manager’s car in the drive thru. It was discovered that two mechanics were joy-riding in his car when they were supposed to be driving a specified route used for diagnostics. Both mechanics have been fired. And the dealership offered the manager 20% off services and an additional amount of free parts and upgrades. Have a good weekend! | |
| 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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Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com
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