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| Market Mirror | |
Yesterday, the Dow gained 228.11 points (1.29%) to finish at 17,977.42, the NASDAQ increased 57.75 points (1.19%) to 4,929.51, and the S&P 500 climbed 27.77 points (1.35%) to 2,081.17. The Russell 2000 was up 7.63 points (0.62%) at 1,239.77, and the Wilshire 5000 closed 259.80 points (1.19%) higher at 22,008.56. On the NYSE, 3.2 billion shares traded, with a near 2 to 1 lead for advancers. On the NASDAQ, 2.8 billion shares changed hands, with 1.3 advancing issues for every declining issue. The price of the 10-year Treasury note was up 11/32, decreasing its yield to 2.076%. The price of the 30-year Treasury bond increased 32/32, bringing its yield down to 2.651%. | |
| Compliance | |
| County Says Consultant Responsible for Retirement Plan Bias | |
| In a recently filed lawsuit, Baltimore County, Maryland, says Buck Consultants, LLC has a contractual duty to defend, indemnify and hold harmless the county in connection with a lawsuit filed by the Equal Employment Opportunity Commission (EEOC). The civil action EEOC v. Baltimore County, et. al. was brought in 2007 under the Age Discrimination in Employment Act (ADEA) and alleged unlawful employment practices on the basis of age because older employees were required to pay higher contributions than those paid by younger employees to receive the same benefits from Baltimore County Employees’ Retirement System (ERS).Read more > | |
| Regulators Issue Final Rules for Wraparound Health Coverage | |
| The U.S. Departments of Labor, Health and Human Services, and Treasury have published final rules to amend the definition of excepted benefits to include certain limited coverage that wraps around individual health insurance. Such coverage would have to be specifically designed to provide meaningful benefits such as coverage for expanded in-network medical clinics or providers, reimbursement for the full cost of primary care, or coverage of the cost of prescription drugs not on the formulary of the primary plan. The final rules permit group health plan sponsors, in limited circumstances, to offer wraparound coverage to employees who are purchasing individual health insurance in the private market, including in the Health Insurance Marketplace. The rule sets forth two pilot programs for limited wraparound coverage.Read more > | |
| Investing | |
| Managed Accounts Show Little Fee Compression | |
| Financial research and analytics firm Cerulli Associates finds managed account programs are more resistant to fee compression than other commonly used qualified default investment alternatives. According to Cerulli, the explicit costs of all types of managed account programs, with the exception of unified managed accounts (UMAs), varied only three to six basis points between 2008 and 2014.Read more > | |
| Small Talk | |
ON THIS DATE: In 461, Saint Patrick, Christian missionary, bishop and apostle of Ireland, died at Saul, Downpatrick, Ireland. In 1958, the song ”Tequila” by the Champs hit No. 1 on the Billboard pop chart. In 1941, the National Gallery of Art was officially opened by U.S. President Franklin D. Roosevelt in Washington, D.C. In 1973, the first American prisoners of war (POWs) were released from the “Hanoi Hilton” in Hanoi, North Vietnam.
TUESDAY TRIVIA: An ear of corn always has an even number of rows of kernels. | |
| TRIVIAL PURSUITS: On January 15, 1919, Boston, Massachusetts, experienced a disastrous flood, but it wasn’t water that flowed through the city. What caused the disastrous flood?Read more > | |
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Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com
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