Newsdash Insight on Plan Design & Investment Strategy from PLANSPONSOR
May 3rd, 2019
IRS Expands Determination Letter Program for Individually Designed Plans
The agency will accept determination letter applications for hybrid plans for a certain period and for merged plans on an ongoing basis.Read more >
DOL Secretary Says Fiduciary Collaboration with SEC Is Ongoing
However, when pressed by a Democratic lawmaker from Ohio, Department of Labor (DOL) Secretary Alexander Acosta was not able to provide specific details about his agency’s collaboration with the Securities and Exchange Commission (SEC) on advisory industry conflict of interest reforms.Read more >
Products, Deals and People
FPS Group Offers Individualized Advice to 403(b) and 457(b) Plan Participants
AdvisorConnect is a support network of plan sponsor-approved, registered financial professionals who specialize in the public-sector retirement space, and one of its key components is the My Financial Wellness Center.Read more >
More TDF Underperformance Lawsuits Emerge Across US
Data and Research
Plan Sponsors and Participants Cite Different ‘Important’ Benefits
Managed Account Fees Challenged in Latest ERISA Lawsuit
FTSE Russell Builds Tax-Exempt Index Tracker
The new index can be used as the foundation for a wide range of custom solutions based on attributes, including credit quality, state, municipal sector classification and maturity.Read more >
Economic Events

New orders for manufactured durable goods in March increased $6.8 billion or 2.7% to $258.5 billion, the U.S. Census Bureau announced. This increase, up four of the last five months, followed a1.1% February decrease. Excluding transportation, new orders increased 0.4%. Excluding defense, new orders increased 2.3%. Transportation equipment, also up four of the last five months, led the increase, $6.1 billion or 7.0% to $93.8 billion.

In the week ending April 27, the advance figure for seasonally adjusted initial claims for unemployment insurance was 230,000, unchanged from the previous week’s unrevised level of 230,000, the Labor Department reported. The four-week moving average was 212,500, an increase of 6,500 from the previous week’s unrevised average of 206,000.

The average interest rate for a 30-year fixed-rate mortgage is 4.14%, down from 4.2% one week ago, according to Freddie Mac. The average interest rate for a 15-year fixed-rate mortgage is 3.6%, down from 3.64% one week ago.

Market Mirror

Thursday, the Dow lost 122.35 points (0.46%) to finish at 26,307.79, the NASDAQ was down 12.87 points (0.16%) at 8,036.77, and the S&P 500 closed 6.21 points (0.21%) lower at 2,917.52. The Russell 2000 was up 6.27 points (0.40%) at 1,582.65, and the Wilshire 5000 decreased 53.65 points (0.18%) to 30,127.35.

The price of the 10-year Treasury note decreased 13/32, bringing its yield up to 2.548%. The price of the 30-year Treasury note fell 19/32, increasing its yield to 2.935%.

U.S. Funds Are Seeing a Decline in Costs
A Morningstar study says investors are paying almost half as much to own funds in 2018, compared to 2000.Read more >
Small Talk

ON THIS DATE: In 1802, Washington, D.C., was incorporated as a city. In 1888, Thomas Edison organized the Edison Phonograph Works. In 1933, the U.S. Mint was under the direction of a woman for the first time when Nellie Ross took the position. In 1937, Margaret Mitchell won a Pulitzer Prize for “Gone With The Wind.” In 1971, anti-war protesters began four days of demonstrations in Washington, D.C. In 1971, National Public Radio broadcast for the first time. In 2006, in Alexandria, Virginia, Al-Quaida conspirator Zacarias Moussaoui was given a sentence of life in prison for his role in the terrorist attack on the U.S. on September 11, 2001.


No FRIDAY FILES this week.

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Editorial: Alison Cooke Mintzer


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