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| Northern Trust Spins Off Alternatives Group | |
| Northern Trust has spun off and formed its alternative investing group into 50 South Capital, a new registered investment adviser and wholly owned subsidiary for the firm. The new name refers to the home address of the parent company—50 South LaSalle Street in Chicago—and is meant to emphasize the “continuing connection to the global network and stability of Northern Trust.” Northern Trust believes 50 South Capital will bring “better platform growth, and investors will benefit from the firm’s greater autonomy in strategy and investment decisions.”Read more > | |
| The Retirement Advantage, Inc. (TRA), a retirement plan solutions provider, has appointed Charlie Pritzl as their new plan administration manager. In addition to his current responsibilities at TRA, Charlie Pritzl, the new plan administration manager, will be managing a team of compliance analyst and quality control professionals by coaching and developing staff members through performance management, goal setting, training and effective employee relations.Read more > | |
| Economic Events | |
| The U.S. Census Bureau of the Department of Commerce announced that construction spending during April was estimated at a seasonally adjusted annual rate of $1,006.1 billion, 2.2% above the revised March estimate of $984.0 billion. The April figure is 4.8% above the April 2014 estimate of $960.3 billion. During the first four months of this year, construction spending amounted to $288.7 billion, 4.1% above the $277.3 billion for the same period in 2014. | |
| Market Mirror | |
Yesterday, the Dow was up 29.69 points (0.16%) at 18,040.37, the NASDAQ gained 12.90 points (0.25%) to finish at 5,082.93, and the S&P 500 increased 4.34 points (0.21%) to 2,111.73. The Russell 2000 ticked up 3.08 points (0.25%) to 1,249.62, and the Wilshire 5000 closed 40.64 points (0.18%) higher at 22,300.34. On the NYSE, 3.2 billion shares traded, with a slight lead for advancing issues. On the NASDAQ, 2.8 billion shares changed hands, with a nearly even split between advancers and decliners. The price of the 10-year Treasury note slipped 1/32, increasing its yield to 2.184%. The price of the 30-year Treasury bond decreased 5/32, bringing its yield up to 2.944%. | |
| Compliance | |
| Plan Sponsors Should Be Aware of Common Errors | |
| Knowing what to avoid and working with advisers and providers can help retirement plan sponsors maintain good plan operations. Inadvertent errors that 401(k) plan sponsors make are “ubiquitous,” says Natascha George, a partner in the ERISA & Executive Compensation Group at Goodwin Procter LLP. “Qualified plans are very complex,” she says. “There are many rules, and they are technical.” In fact, she says, “plan errors are so common that the IRS for the past two decades has developed formal procedures to help plan sponsors correct errors” to avoid being disqualified from tax-exempt status. Service providers can be instrumental in discovering mistakes, says Fred Reish, chair of the Financial Services ERISA practices at Drinker, Biddle & Reath.Read more > | |
| Investing | |
| Risk or Date: What’s Your Target? | |
| Nathan Voris, large market practice leader for Morningstar Investment Management in Chicago, says most defined contribution (DC) retirement plan participants choose moderate investments. Similar to the shift from defined benefit (DB) to defined contribution (DC) plans, many in the retirement industry have been moving from target-risk to target-date funds (TDFs). This reflects the trend toward automating participant inertia, but are plan sponsors moving in the right direction?Read more > | |
| Small Talk | |
ON THIS DATE: In 1865, in an event that is generally regarded as marking the end of the Civil War, Confederate General Edmund Kirby Smith, commander of Confederate forces west of the Mississippi, signed the surrender terms offered by Union negotiators. In 1886, in an intimate ceremony held in the Blue Room of the White House, President Grover Cleveland married Frances Folsom, the daughter of Cleveland’s late law partner and friend, Oscar Folsom. In 1924, President Calvin Coolidge signed the Indian Citizen Act, granting automatic American citizenship to Native Americans born in the United States. In 1935, Babe Ruth, one of the greatest players in the history of baseball, ended his Major League playing career after 22 seasons, 10 World Series and 714 home runs. In 1954, Senator Joseph McCarthy charged that communists had infiltrated the Central Intelligence Agency (CIA) and the atomic weapons industry. In 1962, Ray Charles’ “I Can’t Stop Loving You” topped the U.S. pop charts. In 1997, Timothy McVeigh, a former U.S. Army soldier, was convicted on 15 counts of murder and conspiracy for his role in the 1995 terrorist bombing of the Alfred P. Murrah Federal Building in Oklahoma City.
TUESAY TRIVIA and TRIVIAL PURSUITS: Sorry, not this week. | |
| 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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