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| Products, Deals and People | |
| Virgin Pulse Offers Toolkit to Help Employers Promote Wellbeing | |
| The toolkit promotes and addresses the varied components of wellbeing, including physical health, emotional balance, financial stability and strong social bonds.Read more > | |
| Economic Events | |
New orders for manufactured durable goods in May decreased $5.3 billion or 2.2% to $230.7 billion, the U.S. Census Bureau announced. This decrease, down following two consecutive monthly increases, followed a 3.3% April increase. Excluding transportation, new orders decreased 0.3%. Excluding defense, new orders decreased 0.9%. Transportation equipment, also down following two consecutive monthly increases, led the decrease, $4.8 billion or 5.6% to $81.9 billion. THE ECONOMIC WEEK AHEAD: Tomorrow, the Conference Board will issue its Consumer Confidence Index for June. Thursday, the Labor Department will release its initial claims report. Friday, the Census Bureau will report about construction spending for May. | |
| Sponsored message from MassMutual | |
| Employee benefits in one place With BeneClick!, we’ve made selecting benefits a simple and customized experience for employees. Now retirement, health and voluntary benefits can live together on one consolidated platform.Read more > | |
| Market Mirror | |
Friday, the Dow plunged 611.21 points (3.39%) to 17,399.86, the NASDAQ fell 202.06 points (4.12%) to 4,707.98, and the S&P 500 lost 75.57 points (3.58%) to finish at 2,037.75. The Russell 2000 dropped 44.68 points (3.81%) to 1,127.54, and the Wilshire 5000 plummeted 781.99 points (3.57%) to 21,102.32. On the NYSE, 3.1 billion shares trade, and on the NASDAQ, 2.7 billion shares changed hands, with declining issues outnumbering advancing issues more than 5 to 1 on both exchanges. The price of the 10-year Treasury note increased 1 22/32, bringing its yield down to 1.560%. The price of the 30-year Treasury bond climbed 2 30/32, decreasing its yield to 2.413%. | |
| Compliance | |
| Court Finds Former Participant Is a Plan Fiduciary | |
| The U.S. District Court for the District of New Jersey has ruled that a former participant in the Lucent Technologies Inc. Pension Plan’s (LTPP) sponsored by Alcatel-Lucent USA Inc. (ALU), became a plan fiduciary under the Employee Retirement Income Security Act (ERISA) because she retained control over plan assets she was not entitled to and breached her fiduciary duties by not returning the assets to the plan.Read more > | |
| Investing | |
| Brexit Impact for Retirement Savers | |
| On June 24, many Americans woke up to the surprising result that voters in the United Kingdom decided the country should leave the European Union—a move dubbed “Brexit.” Markets around the globe fell, including U.S. markets. Tim Barron, chief investment officer with Segal Rogerscasey, who is based in Chicago, tells PLANSPONSOR world events like this affect U.S. markets because it creates greater uncertainty among investors, and uncertainty usually creates negative volatility in the markets. “We are reaching out to our clients and pointing out that over the long term, the world survives. These short-term events don’t last, so don’t speculate on outcomes that are completely unknown,” he says.Read more > | |
| Small Talk | |
| ON THIS DATE: In 1847, New York and Boston were linked by telegraph wires. In 1893, the New York stock market crashed. By the end of the year 600 banks and 74 railroads had gone out of business. In 1927, the U.S. Marines adopted the English bulldog as their mascot. In 1929, scientists at Bell Laboratories in New York revealed a system for transmitting television pictures. In 1950, two days after North Korea invaded South Korea, U.S. President Truman ordered the Air Force and Navy into the Korean conflict. In 1955, the state of Illinois enacted the first automobile seat belt legislation. In 1959, the play, “West Side Story,” with music by Leonard Bernstein, closed after 734 performances on Broadway. In 1980, U.S. President Carter signed legislation reviving draft registration. In 1985, Route 66 was officially removed from the United States Highway System. In 2002, in the U.S., the Securities and Exchange Commission required companies with annual sales of more than $1.2 billion to submit sworn statements backing up the accuracy of their financial reports. | |
| SURVEY SAYS RESPONSES: Last week, I asked NewsDash readers, “Did you start your career in the retirement industry, and if your path was unusual or unexpected, will you share your story?” All respondents said they started their careers in the retirement services industry, but this is a confusing result, as many who shared their career paths started in jobs unrelated to employer-sponsored retirement plans. Some initial jobs cited were production manager in household cleaning products industry, environmental consultant, teachers, among others. In general comments about career paths, there was a lot of advice about going with the flow, trying new things and choosing careers that make one happy. Editor’s Choice goes to the reader who said: “Career ‘Path’ is a good word. A path is rarely straight and wide. Paths tend to be narrow and irregular and go unexpected places. Don’t be afraid to veer off the career super-highway you started out on after college. You cannot be expected at 20 or 22 to know what will engage you for the rest of your life. Take risks.” A big thank you to everyone who participated in our survey!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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Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com
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