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Products, Deals and People |
Retirement Industry People Moves |
Conduent Sells Global HR Consulting and Actuarial Business; Mercer Promotes Former Global Client Manager; Ameritas Announces SVP of Retirement Plans Team; and more.Read more > |
New Platform Offers Biblically Responsible Investment Options |
Beacon Wealth Consultants has introduced the LightPoint Kingdom(k) retirement plan, a retirement platform that provides outsourced administration, fiduciary protection from liabilities, custom plan design and actively managed Biblically responsible investment (BRI) options.Read more > |
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Sponsored message from Natixis |
Retirement Goals – Aligned with Investor Ideals 71% of Millennials would contribute more to their retirement plan if it advanced social good. The industry’s first ESG-driven target date mutual funds – Natixis Sustainable Future Funds – meet investors’ demands. Goals. Aligned with ideals. 2098541.1.1Read more > |
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Economic Events |
Total nonfarm payroll employment increased by 164,000 in April, and the unemployment rate edged down to 3.9%, according to the Bureau of Labor Statistics. Job gains occurred in professional and business services, manufacturing, health care, and mining. THE ECONOMIC WEEK AHEAD: Wednesday, the Bureau of Labor Statistics (BLS) will reveal the producer price index for April, and the Census Bureau will report about wholesale trade for March. Thursday, the Labor Department will issue its initial claims report, and the BLS will reveal the consumer price index for April. |
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Market Mirror |
Friday, the Dow climbed 332.36 points (1.39%) to 24,262.51, the NASDAQ closed 121.47 points (1.71%) higher at 7,209.62, and the S&P 500 increased 33.69 points (1.28%) to 2,663.42. The Russell 2000 was up 19.05 points (1.23%) at 1,565.60, and the Wilshire 5000 gained 351.57 points (1.29%) to finish at 27,699.07. The price of the 10-year Treasury note was up 1/32, decreasing its yield to 2.946%. The price of the 30-year Treasury bond was down 1/32, increasing its yield to 3.121%. WEEK’S WORTH: For the week ending May 4, the Dow decreased 0.20%, the NASDAQ climbed 1.26%, and the S&P 500 finished 0.24% lower. The Russell 2000 gained 0.60%, and the Wilshire 5000 was down 0.13%. |
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Compliance |
ERISA Litigation Targets Lowe’s, Aon Hewitt Investment Consultants |
Participants in the Lowe’s 401(k) plan have filed an Employee Retirement Income Securities Act (ERISA) complaint against their employer and Aon Hewitt Investment Consultants over alleged imprudent investment decisions.Read more > |
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Industry Voices |
Barry’s Pickings: Keeping Employers in the 401(k) System: Fixing 401(k) Fee Litigation |
Michael Barry, president of the Plan Advisory Services Group, delves into fee litigation assumptions—and what is wrong with them.Read more > |
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Small Talk |
ON THIS DATE: In 1789, the first U.S. Presidential Inaugural Ball was held in New York City. In 1800, Congress divided the Northwest Territory into two parts. The western part became the Indiana Territory and the eastern section remained the Northwest Territory. In 1847, the AMA (American Medical Association) was organized in Philadelphia, Pennsylvania. In 1940, Winston Churchill became British Prime Minister. In 1945, Germany signed unconditional surrender ending World War II. It would take effect the next day. In 1946, Tokyo Telecommunications Engineering Corp. was founded. The company was later renamed Sony. In 1954, the United States and the United Kingdom rejected the Soviet Union’s bid to join NATO. In 1975, U.S. President Gerald Ford declared an end to the Vietnam War. In 1984, a $180 million out-of-court settlement was announced in the Agent Orange class-action suit brought by Vietnam veterans who claimed they had suffered injury from exposure to the defoliant while serving in the armed forces. In 1992, a 203-year-old proposed constitutional amendment barring the U.S. Congress from giving itself a midterm pay raise was ratified as the 27th Amendment. In 1998, Leeza Gibbons received a star on the Hollywood Walk of Fame. |
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