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| Products, Deals and People | |
| Retirement Industry People Moves | |
| BPAS partners with bank to create 401(k) platform; intellicents opens office in Colorado; and Seelaus names managing director of firm’s subsidiary.Read more > | |
| Economic Events | |
| THE ECONOMIC WEEK AHEAD: Today, the Census Bureau will report about construction spending for December, and tomorrow, it will report about new home sales for December. Thursday, the Labor Department will issue its initial claims report. Friday, the Bureau of Labor Statistics will reveal the unemployment rate for February. | |
| Market Mirror | |
Friday, the Dow gained 110.32 points (0.43%) to finish at 26,026.32, the NASDAQ closed 62.82 points (0.83%) higher at 7,595.35, and the S&P 500 increased 19.20 points (0.695) to 2,803.69. The Russell 2000 was up 14.09 points (0.89%) at 1,589.64, and the Wilshire 5000 climbed 199.23 points (0.695) to 29,102.52.
The price of the 10-year Treasury note decreased 10/32, bringing its yield up to 2.755%. The price of the 30-year Treasury bond fell 30/32, increasing its yield to 3.131%. WEEK’S WORTH: For the week ending March 1, the Dow was down 0.02%, the NASDAQ gained 0.90%, and the S&P 500 increased 0.39%. The Russell 2000 decreased 0.03%, and the Wilshire 5000 finished 0.40% higher. | |
| Compliance | |
| ERISA Annuity Safe Harbor Bill Introduced in House | |
| H.R. 1439, known as the Increasing Access to a Secure Retirement Act, would establish a stronger Employee Retirement Income Security Act (ERISA) safe harbor for defined contribution (DC) plan sponsors to offer in-plan guaranteed income products.Read more > | |
| Small Talk | |
| ON THIS DATE: In 1681, England’s King Charles II granted a charter to William Penn for an area that later became the state of Pennsylvania. In 1766, the British Parliament repealed the Stamp Act, which had caused bitter and violent opposition in the U.S. colonies. In 1789, the first Congress of the United States met in New York and declared that the U.S. Constitution was in effect. In 1791, Vermont was admitted as the 14th U.S. state. In 1826, the first railroad in the U.S. was chartered. It was the Granite Railway in Quincy, Massachusetts. In 1877, Emile Berliner invented the microphone. In 1902, the American Automobile Association was founded in Chicago. In 1917, Jeanette Rankin of Montana took her seat as the first woman elected to the House of Representatives. In 1925, when Calvin Coolidge took the oath of office in Washington, D.C., the presidential inauguration was broadcast on radio for the first time. In 1933, President Franklin Roosevelt gave his inauguration speech in which he said “We have nothing to fear, but fear itself.” In 1933, Labor Secretary Frances Perkins became the first woman to serve in a Presidential administrative cabinet. In 1950, Walt Disney’s “Cinderella” was released across the U.S. In 1954, in Boston, Peter Bent Brigham Hospital reported the first successful kidney transplant. In 1975, Queen Elizabeth knighted Charlie Chaplin. In 1989, Time, Inc. and Warner Communications Inc. announced a plan to merge. In 1997, President Bill Clinton barred federal spending on human cloning. | |
| SURVEY SAYS RESPONSES: Last week, I asked NewsDash readers, “If you had enough money for which you didn’t have to work, would you still work?” More than one-third (34.7%) said they would not still work, while more than one-quarter (26.3%) indicated they would work occasionally and just for fun. Twenty percent reported they would work part-time, but in a different field, while 12.6% would work part-time in the same field, and 6.3% would work full-time in the same field. In verbatim comments, readers shared what they would do besides working if they had enough money—volunteering was the most cited. Others shared why they would, and do, continue to work—it’s not all about money. Editor’s Choice goes to the reader who said, “Work has taken up enough of my life; I want to play while I still can!” Thanks to all who responded to the survey!Read more > | |
| 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 > |
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Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com
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