| Sponsored message from Empower Retirement | Boosting the effectiveness of retirement plan communications | Cutting back on jargon and delivering communications where participants want them can help put employees on the right track.Read more > | | Products, Deals and People | SPARK Creates Definitions for Cyber Security Terms | “These definitions provide a level platform for vendor evaluation as it relates to cyber security breach and fraud,” says Rasch Cousineau, a senior consultant with the Hyas Group.Read more > | Retirement Industry People Moves | Willis Towers Watson adds DC Delegated Solutions leader; HSA Bank appoints relationship management SVP; MetLife Investment Management appoints head of Institutional Client Group; and more.Read more > | | Economic Events | Wholesale inventories for March, adjusted for seasonal variations but not for price changes, were estimated at an end-of-month level of $668.2 billion, virtually unchanged from February, and up 6.4% from March 2018, the Census Bureau reported. The January to February percentage change was revised from up 0.2% to up 0.1%. Retail inventories for March, adjusted for seasonal variations but not for price changes, were estimated at an end-of-month level of $657.3 billion, down 0.3% from February, and up 4.4% from March 2018.The January to February percentage change was revised from up 0.3% to up 0.2%. Total nonfarm payroll employment increased by 263,000 in April, and the unemployment rate declined to 3.6%, according to the Bureau of Labor Statistics. Notable job gains occurred in professional and business services, construction, health care, and social assistance. THE ECONOMIC WEEK AHEAD: Thursday, the Department of Labor will issue its initial claims report, and the Bureau of Labor Statistics (BLS) will reveal the producer price index for April. Friday, the BLS will reveal the consumer price index for April. | | Market Mirror | Friday, the Dow was up 197.16 points (0.75%) at 26,504.95, the NASDAQ gained 127.22 points (1.58%) to finish at 8,164.00, and the S&P 500 increased 28.12 points (0.96%) to 2,945.64. The Russell 2000 climbed 31.37 points (1.98%) to 1,614.02, and the Wilshire 5000 closed 333.26 points (1.11%) higher at 30,460.77. The price of the 10-year Treasury note was up 5/32, decreasing its yield to 2.524%. The price of the 30-year Treasury bond increased 7/32, bringing its yield down to 2.920%. WEEK’S WORTH: For the week ending May 3, the Dow was down 0.14%, the NASDAQ increased 0.22%, and the S&P 500 was up 0.20%. The Russell 2000 gained 1.39%, and the Wilshire 5000 finished 0.30% higher. | | Compliance | DOL Says Members of AHPs Can Keep Coverage for Now | After a federal district court overturned final regulations on association health plans (AHPs) from the Department of Labor (DOL), the agency says “employers participating in insured AHPs can generally maintain that coverage through the end of the plan year or, if later, the contract term.”Read more > | | Industry Voices | Barry’s Pickings: DOL’s Fiduciary Theory: Fundamentally Incoherent | Michael Barry, president of O3 Plan Advisory Services LLC, discusses the inconsistencies in the Department of Labor’s (DOL)’s theory of retirement plan sponsor fiduciary responsibility, especially with respect to participant choice, and the consequences of its failure to provide clear guidance.Read more > | | Small Talk | ON THIS DATE: In 1851, the mechanical refrigerator was patented by Dr. John Gorrie. In 1861, Arkansas became the ninth state to secede from the Union. In 1877, Chief Crazy Horse surrendered to U.S. troops in Nebraska. In 1889, the Universal Exposition opened in Paris, France, marking the dedication of the Eiffel Tower. Also at the exposition was the first automobile in Paris, the Mercedes-Benz. In 1937, the German airship Hindenburg crashed and burned in Lakehurst, New Jersey. Thirty-six people (of the 97 on board) were killed. In 1957, Senator John Fitzgerald Kennedy was awarded the Pulitzer Prize for his book “Profiles in Courage.” In 1960, President Dwight Eisenhower signed the Civil Rights Act of 1960. In 1994, the Channel Tunnel officially opened. The tunnel under the English Channel links England and France. | 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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