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| Products, Deals and People | |
| Retirement Industry People Moves | |
| International growth equity investors joined Delaware Investments; RiskFirst appoints new leadership team.Read more > | |
| Economic Events | |
Total nonfarm payroll employment increased by 242,000 in February, and the unemployment rate was unchanged at 4.9%, according to the Bureau of Labor Statistics. Job growth occurred in health care and social assistance, retail trade, food services and drinking places, and educational services. Job losses continued in mining. THE ECONOMIC WEEK AHEAD: Wednesday, the Census Bureau will report about wholesale trade for January. Thursday, the Labor Department will issue its initial claims report. | |
| Market Mirror | |
Major U.S. stock indices ended higher Friday after the government reported another increase in hiring last month, according to the Associated Press. The Dow gained 62.87 points (0.37%) to finish at 17,007.77, the NASDAQ was up 9.60 points (0.20%) at 4,717.02, and the S&P 500 increased 5.75 points (0.29%) to 1,999.15. The Russell 2000 closed 5.89 points (0.55%) higher at 1,081.93, and the Wilshire 5000 climbed 72.97 points (0.36%) to 20,485.75. On the NYSE, 3.2 billion shares changed hands with a near 2 to 1 lead for advancers. On the NASDAQ, 2.9 billion shares traded, with 3 advancing issues for every 2 declining issues. The price of the 10-year Treasury note decreased 11/32, bringing its yield up to 1.874%. The price of the 30-year Treasury bond fell 24/32, increasing its yield to 2.697%. WEEK’S WORTH: For the week ending March 4, the Dow was up 2.21%, the NASDAQ finished 2.76% higher, and the S&P 500 increased 2.56%. The Russell 2000 climbed 4.31%, and the Wilshire 5000 gained 2.98%. | |
| Compliance | |
| PBGC Hands Pension Plans Back to Sponsor | |
| Under a newly announced agreement, the Pension Benefit Guaranty Corporation (PBGC) has directed The Renco Group Inc. to restore two pension plans covering 1,350 people who worked at Renco’s former subsidiary, RG Steel LLC, which is liquidating in bankruptcy. Restoration means that PBGC “returns the plan to the former plan sponsor, the employer, as an ongoing pension plan.”Read more > | |
| From the Magazine | |
| Plan Sponsor Coach: Roth Conversions | |
| A lot of retirement plan participants don’t even know what a Roth account is, and many that do wish they had known sooner,” says Meghan Murphy, director of thought leadership at Fidelity Investments in Boston. In 2010, the Internal Revenue Service (IRS) issued guidance allowing for participants to do an in-plan rollover—called a conversion—of pre-tax accounts to Roths upon a distributable event. In 2012, it expanded that ability to non-distributable amounts. Why would participants want to do a conversion?Read more > | |
| Small Talk | |
| ON THIS DATE: In 322 BC, Aristotle, the Greek philosopher, died. In 1854, Charles Miller received a patent for the sewing machine. In 1876, Alexander Graham Bell received a patent for his telephone. In 1911, Willis Farnworth patented the coin-operated locker. In 1933, the board game Monopoly was invented. In 1968, the Battle of Saigon came to an end. In 1985, the first AIDS antibody test, an ELISA-type test, was released. In 1987, Mike Tyson became the youngest heavyweight titleholder when he beat James Smith in a decision during a 12-round fight in Las Vegas. In 1994, the U.S. Supreme Court ruled that parodies that poke fun at an original work can be considered “fair use” that does not require permission from the copyright holder. | |
| SURVEY SAYS RESPONSES: Last week, I asked NewsDash readers if they have quit or been fired or let go from a job, and was it amicable, or did they “burn bridges.” Nearly 89% of responding readers said they had quit or been fired or let go from a job. Thinking about their worst job exit, more than one-quarter (25.7%) of respondents said they handled the situation amicably, while 22.9% indicated they handled it slightly less than amicably. More than 11% subtly made negative feelings known, and 5.7% expressed negative feelings, and maybe even did something vengeful. Only 8.6% of responding readers said they completely burned all bridges. I asked respondents to share an experience that went badly. Tales were told of blatantly expressing feelings, “working for Satan” and even suing an employer. Most of those who left comments shared that it is never good to burn bridges, although fantasies about telling off one’s boss don’t hurt. Some warned about the danger of burning bridges when folks in the industry often end of working together again or since social media now means things can be shared. Editor’s Choice goes to the reader who said: “Taking the high road, even though repeatedly proved correct, is always difficult. In fact, I’ve bitten my tongue so often I’ve developed a lisp.” Thanks 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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