| | NAGDCA Supports Auto Enrollment for State DC Plans | | A report from the National Association of Government Defined Contribution Administrators (NAGDCA) notes that many state and local governments have made significant changes to their defined benefit (DB) plan designs and benefits. Public-sector defined contribution (DC) plans, once considered only supplemental, are now an important part of public employees’ retirement readiness. “It is time for public-sector defined contribution plans to improve their plan design in an effort help public-sector employees achieve retirement readiness,” NAGDCA says in the report.Read more > | | | Market Mirror | Yesterday, the Dow was up 78.00 points (0.44%) at 17,918.62, the NASDAQ climbed 36.26 points (0.75%) to 4,859.16, and the S&P 500 increased 11.67 points (0.56%) to 2,100.22. The Russell 2000 closed 7.88 points (0.69%) higher at 1,147.33, and the Wilshire 5000 gained 151.01 points (0.70%) to finish at 21,723.58.
On the NYSE, 3.1 billion shares changed hands, and on the NASDAQ, 2.7 billion shares traded, with a 1.7 to 1 ratio of advancing issues to declining issues on both exchanges.
The price of the 10-year Treasury note was up 1/32, decreasing its yield to 1.375%. The price of the 30-year Treasury bond increased 9/32, bringing its yield down to 2.144%. | | | Compliance | | Disney Sued Over Investment in Sequoia Fund | | A participant in the Disney Savings and Investment Plan has sued plan fiduciaries regarding its offering of The Sequoia Fund as a plan investment option. According to the complaint, in violation of plan investment policies, the fund managers concentrated The Sequoia Fund’s assets in a single stock, Valeant Pharmaceuticals, Inc. The complaint notes that the plan provides that participants would have at least three investment funds from which to choose and that each investment fund would be diversified.Read more > | | | From the Magazine | | Finding the Links | | More than half of employees surveyed said their employer’s retirement plan eases their financial concerns “a great deal,” and those with access to a defined benefit plan have higher levels of job satisfaction.Read more > | | | Small Talk | | ON THIS DATE: In 1846, U.S. annexation of California was proclaimed at Monterey after the surrender of a Mexican garrison. In 1930, construction began on Boulder Dam, later Hoover Dam, on the Colorado River. In 1950, the U.N. Security Council authorized military aid for South Korea. In 1981, U.S. President Ronald Reagan announced he was nominating Arizona Judge Sandra Day O’Connor to become the first female justice on the U.S. Supreme Court. In 1994, Amazon.com, Inc. was founded in Seattle, Washington under the name “Cadabra.” | | SURVEY SAYS: Not all vacations are taken in the summer, but it is the typical vacation time. This week, I’d like to know, what kinds of places do you like to go on vacation, and what, if any, special vacation have you already taken or plan to take this year. 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 NewsDash along—and tell your friends/associates they can sign up for their own copy.Read more > |
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