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Ask the Experts |
“We are restating a 403(b) plan document and the plan sponsor wants to eliminate the Qualified Joint and Survivor Annuity (QJSA) form of benefit. The current investments are custodial funds, by the way. Is there a problem when the normal form of benefit is lump sum cash when there are plan assets in annuity contracts?”Read more > |
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Market Mirror |
Tuesday, the Dow was down 61.85 points (0.29%) at 21,467.14, the NASDAQ lost 50.98 points (0.82%) to finish at 6,188.03, and the S&P 500 closed 16.43 points (0.67%) lower at 2,437.03. The Russell 2000 fell 15.12 points (1.07%) to 1,402.96, and the Wilshire 5000 decreased 141.62 points (0.56%) to 25,294.88.
The price of the 10-year Treasury note increased 10/32, bringing its yield down to 2.156%. The price of the 30-year Treasury bond climbed 1 3/32, decreasing its yield to 2.735%. |
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Sponsored message from Prudential |
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Compliance |
Sponsor Reaches Settlement Agreement with Merrill Lynch |
Merrill Lynch has reached a proposed settlement with trustees of retirement plans that filed suit over the calculation of sales charges and fee waivers. The retirement plans in question are run by the LAAD Corporation, short for the Latin American Agribusiness Development Corporation. Trustees of the LAAD Corp filed their suit in the U.S. District Court for the Southern District of Florida. Two years of litigation and negotiation later, the parties have reached a preliminary agreement to settle the class action, valued at an additional $25 million.Read more > |
Washington University in St. Louis Faces 403(b) Plan Lawsuit |
A lawsuit has been filed against Washington University in St. Louis, Missouri, alleging multiple violations of the Employee Retirement Income Security Act (ERISA) over its selection and monitoring of its 403(b) plan investments, selection and monitoring of plan recordkeepers and the plan’s loan program.Read more > |
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Investing |
Emerging markets will collectively drive global growth over the next decade, but investors would be wise to reconsider how they approach these markets, according to PGIM, the global investment management businesses of Prudential Financial, Inc. In a white paper, “Emerging Markets at the Crossroads,” PGIM argues the export-led, externally oriented growth model that propelled emerging markets forward since the 1980s has stalled. As aging populations reduce the long-term growth potential of developed markets, and the backlash against globalization and free trade continues, emerging markets will increasingly choose their own individual paths.Read more > |
Transparency A Growing Concern for Alternative Investing |
Since the financial crisis of 2008, transparency has grown in importance among asset managers dealing with alternative investments, but there is a lack of consensus about how to grasp it.Read more > |
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Small Talk |
A GOBankingRates study uncovered how much money parents in each state would need to make annually to live comfortably and pay for their child’s tuition at a four-year institution.Read more > |
ON THIS DATE: In 1788, the U.S. Constitution went into effect when New Hampshire became the ninth state to ratify it. In 1834, Cyrus McCormick patented the first practical mechanical reaper for farming. His invention allowed farmers to more than double their crop size. In 1859, Andrew Lanergan received the first rocket patent. In 1893, the Ferris Wheel was introduced at the World’s Columbian Exposition in Chicago. In 1938, U.S. President Franklin Roosevelt signed the $3.75 billion Emergency Relief Appropriation Act. In 1939, Lou Gehrig quit baseball due to illness. In 1963, in St. Louis, Bob Hayes set a record when he ran the 100-yard dash in 0:09.1. In 1963, France announced it was withdrawing from the North Atlantic NATO fleet. In 1989, the U.S. Supreme Court ruled that burning the American flag as a form of political protest was protected by the First Amendment.
WEDNESDAY WISDOM: “No one appreciates the very special genius of your conversation as the dog does.”—Christopher Morley, American journalist |
Share the news with a friend! Pass the NewsDash along—and tell your friends/associates they can sign up for their own copy.Read more > |