| Speakers at the PLANSPONSOR National Conference discussed how plan sponsors can help terminated and retired participants make smart withdrawal decisions. Read more > | | Products, Deals and People | Investment Products and Services Launches | Fidelity launches RMD-focused funds; Duetsche launches U.S. Multi-Factor fund; TFC launches ESG investment strategy; and more. Read more > | | Sponsored message from PNC | Assess Your Organization’s Retirement Plan With PNC’s No-Cost Evaluation
Your employees deserve high standards, and at PNC Retirement Solutions®, we believe you deserve the same. That’s why we’re offering a no-cost retirement plan evaluation, to help you build a plan that fits the needs of your organization and employees.
Read more > | | Economic Events | In the week ending June 10, the advance figure for seasonally adjusted initial claims for unemployment insurance was 237,000, a decrease of 8,000 from the previous week’s unrevised level of 245,000, the Labor Department reported. The four-week moving average was 243,000, an increase of 1,000 from the previous week’s unrevised average of 242,000.
The average interest rate for a 30-year fixed-rate mortgage is 3.91%, up from 3.89% one week ago, according to Freddie Mac. The average interest rate for a 15-year fixed rate mortgage is 3.18%, up from 3.16%.
| | Market Mirror | Thursday, the Dow decreased 14.66 points (0.07%) to 21, 359.90, the NASDAQ closed 29.39 points (0.47%) lower at 6,165.50, and the S&P 500 was down 5.46 points (0.22%) at 2,432.46. The Russell 2000 decreased 7.49 points (0.53%) to 1,410.08, and the Wilshire 5000 lost 73.22 points (0.29%) to finish at 25,281.52.
The price of the 10-year Treasury note was down 10/32, increasing its yield to 2.160%. The price of the 30-year Treasury bond decreased 11/32, bringing its yield up to 2.787%.
| | Compliance | Stock-Drop Lawsuit Alleges Disclosure Failures | A new class action challenge filed in the U.S. District Court for the Southern District of New York, Giantonio vs. Chicago Bridge & Iron, accuses plan fiduciaries of improperly continuing to offer employer stock as an investment option in the company’s retirement plan while the company faced serious financial challenges. Read more > | EEOC Hearing Witnesses Call for Help With Older Worker Employment | As people are living longer and wanting to work longer, witnesses at an Equal Employment Opportunity Commission (EEOC) meeting about the Age Discrimination in Employment Act (ADEA) made suggestions about how regulators and employers can reduce age discrimination and help people work longer. Read more > | Capital Group Faces Excessive Fee, Self-Dealing Suit | Capital Group is accused of selecting and retaining its own affiliated investments in its 401(k) plan to the benefit of the firm and its subsidiaries.Read more > | Employers Must Assess HSA Fiduciary Exposure | While health savings accounts (HSAs) aren’t traditionally thought of as a retirement vehicle, the Department of Labor (DOL) broadened the scope of conflict of interest rules to include these plans due to their long-term savings and investment aspects. Read more > | | Investing | Following a long-running trend, the average fees that 401(k) participants incurred for investing in equity, hybrid and bond mutual funds dropped in 2016 for the seventh straight year, according to the latest study by the Investment Company Institute. Read more > | | Small Talk | ON THIS DATE: In 1858, in a speech in Springfield, Illinois, U.S. Senate candidate Abraham Lincoln said the slavery issue had to be resolved. He declared, “A house divided against itself cannot stand.” In 1884, at Coney Island, in Brooklyn, New York, the first roller coaster in America opened. In 1897, the U.S. government signed a treaty of annexation with Hawaii. In 1903, Ford Motor Company was incorporated. In 1922, Henry Berliner accomplished the first helicopter flight at College Park, Maryland. In 1941, U.S. President Franklin D. Roosevelt ordered the closure of all German consulates in the United States. In 1952, “Anne Frank: Diary of a Young Girl” was published in the United States. In 1955, the U.S. House of Representatives voted to extend Selective Service until 1959. In 1963, 26-year-old Valentina Tereshkova went into orbit aboard the Vostok 6 spacecraft for three days. She was the first female space traveler. In 1978, U.S. President Jimmy Carter and Panamanian leader Omar Torrijos ratified the Panama Canal treaties. In 1981, the “Chicago Tribune” purchased the Chicago Cubs baseball team from the P.K. Wrigley Chewing Gum Company for $20.5 million. In 1999, the U.S. Circuit Court of Appeals said that a 1992 federal music piracy law does not prohibit a palm-sized device that can download high-quality digital music files from the Internet and play them at home.And now it’s time for FRIDAY FILES!
| In Colorado Springs, Colorado, a group of runners was surprised by an unexpected contestant in a race. Read more > | In West Yorkshire, Ireland, policemen are taking extreme measures to protect their milk in the communal fridge from being taken by co-workers. [pic] Read more > | In North Oakland, Pennsylvania, a man is facing charges for threatening to shoot employees at an Indian restaurant. The restaurant owner told police the suspect showed up in a drunken rage still mad that servers had put onions in his food the night before, according to the Pittsburgh Tribune Review.
In Malden, Massachusetts, a woman’s neighbors called 911 because the woman was complaining about serious pain. However, before first responders arrived, she gave birth to a baby girl. The family says it was not aware a baby was on the way.
In Waco, Texas, a woman was in the drive-thru of a McDonald’s waiting on chicken nuggets when she got very impatient. According to the Associated Press, she was demanding she get the nuggets for free, then picked up the phone to call 911 to complain. At the same time, a restaurant employee was calling 911 to have her removed. She was given her money back and told to leave. She did not get her nuggets.
In Anaheim, California, a hazardous materials team was called to Disneyland after reports that fec.es had been thrown on people. However, police and fire officials soon learned the culprit was a flock of geese that had let go droppings while in flight. According to the Associated Press, 17 people, including six children, were hit by the bird droppings. They were taken to a private restroom to clean up and were given clean clothes.
In Pinson, Alabama, a man stole a Kenworth T-300 flatbed delivery truck and led police on a low-speed chase. Turns out the man was unfamiliar with the complexities of a modern manual transmission, and was unable to get the truck out of first gear, according to AL.com. Finally, the transmission seized, the truck stopped and the man was arrested.
Have a wonderful weekend, everyone!
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