 |
|
|
|
| Market Mirror | |
U.S. stocks ended Monday slightly lower as equities came under pressure following Greece’s overwhelming rejection of bailout terms, according to MarketWatch. The Dow was down 46.53 points (0.26%) at 17,683.58, the NASDAQ decreased 17.27 points (0.34%) to 4,991.94, and the S&P 500 lost 8.76 points (0.42%) to finish at 2,068.02. The Russell 2000 slipped 1.22 points (0.10%) to 1,247.04, and the Wilshire 5000 closed 80.61 points (0.37%) lower at 21,869.98. On the NYSE, 3.2 billion shares traded, with 1.7 declining issues for every advancing issue. On the NASDAQ, 2.8 billion shares changed hands, with a 1.3 to 1 ratio of decliners to advancers. The price of the 10-year Treasury note increased 25/32, bringing its yield down to 2.294%. The price of the 30-year Treasury bond climbed 1 29/32, decreasing its yield to 3.090%. | |
| Compliance | |
| A Montana court has put a halt to a change in inflation adjustments made to state retirees’ pension payments in a 2013 reform bill. The Montana First Judicial District Court in Helena, found that the change in guaranteed inflation increases of 1.5% to just 0.5% starting in January 2014, violated the contract clause in the state’s constitution.Read more > | |
| DOL Reiterates Stance on ‘Top Hat’ Plans | |
| The Employee Retirement Income Security Act (ERISA) exempts from many requirements “a plan which is unfunded and is maintained by an employer primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees.” In an amicus brief filed with the 4th U.S. Circuit Court of Appeals, the U.S. Department of Labor (DOL) says the word “primarily” is an adverb that modifies the prepositional phrase “for the purpose of providing deferred compensation” that immediately follows it. It does not modify the more remote prepositional phrase “for a select group of management or highly compensated employees.”Read more > | |
| From the Magazine | |
| How the Fiduciary Rule May Affect Plan Sponsors | |
| On April 14, the U.S. Department of Labor (DOL) released its long-awaited re-proposed regulation on the definition of fiduciary under the Employee Retirement Income Security Act (ERISA). The proposal is highly controversial, in large part because it broadens the fiduciary scope to encompass common sales activities. Equally important, the proposal would result in the “ERISA-fication” of the $7 trillion individual retirement account (IRA) market, essentially applying ERISA-type fiduciary standards to IRAs. How might the fiduciary regulation affect plan sponsors?Read more > | |
| Investing | |
| There May Be a Place for Alternatives in DC Plans | |
| Even though the Pension Protection Act of 2006 encouraged the use of target-date funds and managed accounts, defined contribution plans may still not be properly diversified, OppenheimerFunds says in a new report, “Using Alternatives in Defined Contribution Plans.” Because fixed income is at record low yields, the asset management firm says, “plan sponsors need additional tools to help participants cope with a more challenging market currently characterized by low rates, the potential for higher volatility and structurally lower expected returns. Alternative investments may be able to supply these additional tools to help fill the performance gap.”Read more > | |
| Small Talk | |
ON THIS DATE: In 1865, Mary Surratt was executed by the U.S. government for her role as a conspirator in Abraham Lincoln’s assassination. She was the first woman executed by the federal government. In 1930, construction of the Hoover Dam began. In 1962, “The Stripper,” by David Rose, became the No. 1 pop hit in America. In 1976, for the first time in history, women were enrolled into the United States Military Academy at West Point, New York. In 1981, President Ronald Reagan nominated Sandra Day O’Connor, an Arizona court of appeals judge, to be the first woman Supreme Court justice in U.S. history. In 1983, Samantha Smith, an 11-year-old American girl, began a two-week visit to the Soviet Union at the invitation of Soviet leader Yuri Andropov.
TUESDAY TRIVIA: The fast-food restaurant Arby’s gets its name from founders Leroy and Forrest Raffel, who chose it to represent the initials R.B. for Raffel Brothers. | |
| TRIVIAL PURSUITS: What was the first credit card in America?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
Copyright © Asset International, Inc., 2015.
All
rights reserved. No reproduction without
prior authorization.
|
|
|
|
Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com
Advertising: advertise@strategic-i.com
Subscribe to NEWSDash, click here .
To unsubscribe, click here.
|
BrightScope /
CIO /
FWW /
Investor Economics /
LiquidMetrix /
Market Metrics /
Matrix Solutions /
PLANADVISER /
Plan For Life /
PLANSPONSOR /
Simfund |