| | Products, Deals and People | | Retirement Industry People Moves | | Northern Trust hires two for Taft-Hartley business; MassMutual rebrands; Bank of America Merrill Lynch expands retirement business; and more.Read more > | | | Economic Events | | THE ECONOMIC WEEK AHEAD: Tomorrow, the Census Bureau will report about new home sales in April. Wednesday, the National Association of Realtors will report about existing home sales in April. Thursday, the Labor Department will issue its initial claims report. Friday, the Census Bureau will report about durable goods orders in April. | | | Market Mirror | Friday, the Dow gained 141.82 points (0.69%) to finish at 20,804.84, the NASDAQ closed 28.57 points (0.47%) higher at 6,083.70, and the S&P 500 increased 16.01 points (0.68%) to 2,381.73. The Russell 2000 was up 6.25 points (0.46%) at 1,367.32, and the Wilshire 5000 climbed 173.16 points (0.70%) to 24,762.35.
The price of the 10-year Treasury note was up 1/32, decreasing its yield to 2.231%. The price of the 30-year Treasury bond increased 5/32, bringing its yield down to 2.896%.
WEEK’S WORTH: For the week ending May 19, the Dow finished 0.44% lower, the NASDAQ lost 0.61%, and the S&P 500 was down 0.38%. The Russell 2000 fell 1.12%, and the Wilshire 5000 decreased 0.38%. | | | Compliance | | Regulations, Legislations Impede Retirement Savings of Americans | | The Department of Labor (DOL) fiduciary rule, the rollback of an Employee Retirement Income Security Act (ERISA) safe harbor for state-run plans and the new health care law were mentioned by witnesses in a House Subcommittee hearing.Read more > | | FedEx Faces Challenge of Pension Calculations Under USERRA | | The lawsuit claims FedEx did not apply the formula for calculating pension benefits that the Uniformed Services Employment and Reemployment Rights Act (USERRA) requires for military-member employees whose compensation is “not reasonably certain.”Read more > | | | From the Magazine | | Meet the 2017 PLANSPONSOR Service Stars | | Relationships are a vital part of running a retirement plan, and the quality of the connection to a recordkeeping service representative can often be the reason a plan sponsor remains with a particular provider—or doesn’t. The PLANSPONSOR Service Star awards program recognizes retirement plan account representatives and relationship managers who, in the words of their plan sponsor clients, have demonstrated truly admirable service over the past year.Read more > | | | Small Talk | | ON THIS DATE: In 1761, in Philadelphia, the first life insurance policy in the U.S. was issued. In 1819, the steamship Savannah became the first to cross the Atlantic Ocean. In 1841, Henry Kennedy received a patent for the first reclining chair. In 1849, Abraham Lincoln received a patent for the floating dry dock. In 1868, near Marshfield, Indiana, the “Great Train Robbery” took place. The robbery was worth $96,000 in cash, gold and bonds to the seven members of the Reno gang. In 1872, the Amnesty Act restored civil rights to Southerners. In 1892, Dr. Washington Sheffield invented the toothpaste tube. In 1900, the Associated Press was incorporated as a non-profit news cooperative in New York. In 1906, the Wright brothers received a patent for their flying machine. In 1967, “Mister Rogers’ Neighborhood” premiered on PBS. In 1972, U.S. President Nixon became the first U.S. president to visit Russia. He met with Soviet leader Leonid Brezhnev. In 1977, Janet Guthrie set the fastest time of the second weekend of qualifying, becoming the first woman to earn a starting spot in the Indianapolis 500 since its inception in 1911. In 1985, Pete Rose passed Hank Aaron as National League run scoring leader with 2,108. In 1992, Johnny Carson hosted NBC’s “Tonight Show” for the last time. He had been host for 30 years. In 2003, at the Colonial in Fort Worth, Texas, Annika Sorenstam became the first woman to play on the PGA tour in 58 years. She ended the day at 1-over par. | | SURVEY SAYS RESPONSES: Last week, I asked NewsDash readers, “What live events do you use to keep up to date in the industry?” Respondents use all types of live events to keep up with the industry, with 62.1% each choosing webcasts sponsored by industry associations and webcasts sponsored by the IRS or DOL. Nearly two-thirds (65.5%) selected conferences sponsored by industry associations, and more than half (58.6%) selected webcasts sponsored by providers. Every live event type listed in the survey was chosen by some readers. In verbatim responses, several readers pointed out that time and cost can be barriers to attending live events. So, several indicated they use articles and newsletters (such as NewsDash) to keep up to date with the industry. Editor’s Choice goes to the reader who said, “Keep up the good work; the first thing I read every day is NewsDash.” Thanks to all who participated in 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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