| | Context Is Important for DC Plan Research | | Drew Carrington, senior vice president at Franklin Templeton Investments and leader of the firm’s defined contribution business (DC) within the U.S. institutional large market segment, suggests a great number of reports are published year in and year out that rate retirement readiness according to the balance people carry in their current employer’s DC plan at a given instant of time. “Researchers do not take into account the fact that the individual may hold an individual retirement account (IRA), complemented by a pension from a previous employer, along with anticipated Social Security and potentially very significant home equity. And then there are the assets of the spouse or partner to consider, or even their children’s and parent’s assets,” he tells PLANSPONSOR.Read more > | | | Market Mirror | Yesterday, the Dow was down 34.72 points (0.20%) at 17,705.91, the NASDAQ closed 14.05 points (0.30%) higher at 4,750.21, and the S&P 500 increased by 1.56 (0.08%) to 2,058.70. The Russell 2000 was up 3.53 points (0.32%) at 1,118.25, and the Wilshire 5000 lost 18.33 points (0.09%) to finish at 21,276.42.
On the NYSE, 3.1 billion shares traded, with a slight lead for declining issues. On the NASDAQ, 2.7 billion shares changed hands, with a slight lead for advancing issues.
The price of the 10-year Treasury note was up 9/32, decreasing its yield to 1.745%. The price of the 30-year Treasury bond increased 14/32, bringing its yield down to 2.606%. | | | Compliance | | What Retirement Plans Can Anticipate from Washington | | Rich McHugh, of counsel at Porter Wright Morris & Arthur LLP and vice president of Washington Affairs at the Plan Sponsor Counsel of America (PSCA), discusses what retirement plan sponsors can expect from Congress and retirement industry regulators.Read more > | | Treasury Rejects Central States’ Application for Suspension of Benefits | | A letter from Special Master Kenneth R. Feinberg says the plan to suspend benefits does not meet requirements of the Multiemployer Pension Reform Act of 2014.Read more > | | | From the Magazine | | DB Plan Design: Improving DB Plans | | It is a progressive strategy to keep defined benefit (DB) plans active and strengthen them, says Mark Ohnsted, principal and defined benefit administration practice leader for Findley Davies in Chicago. Based on his 30 years’ experience, Ohnsted says that if plan sponsors are eying targeted income replacement, a defined benefit plan is the most efficient way to provide it.Read more > | | | Small Talk | | ON THIS DATE: In 1773, the English Parliament passed the Tea Act, which taxed all tea in the U.S. colonies. In 1865, Confederate President Jefferson Davis was captured by Union troops near Irvinville, Georgia. In 1869, Central Pacific and Union Pacific Railroads meet in Promontory, Utah. A golden spike was driven in at the celebration of the first transcontinental railroad in the U.S. In 1872, Victoria Woodhull became the first woman nominated for the U.S. presidency. In 1924, J. Edgar Hoover was appointed head of the Federal Bureau of Investigation. In 1928, WGY-TV in Schenectady, New York, began regular television programming. In 1962, Marvel Comics published the first issue of “The Incredible Hulk.” In 1994, Nelson Mandela was sworn in as South Africa’s first black president. In 2002, Dr. Pepper announced that it would be introducing a new flavor for the first time in 117 years, Red Fusion. In 2011, it was announced that Microsoft had closed a deal to purchase the internet phone service Skype for $8.5 billion. In 2013, in New York, New York, crane operators hoisted the final pieces of the spire atop One World Trade Center (formerly called the Freedom Tower). | | TUESDAY TRIVIA: People have been kil.led by a variety of animals. Which animal is responsible for the most human deaths worldwide?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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