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| Market Mirror |
Yesterday, the Dow increased 17.49 points (0.07%) to 23,439.70, the NASDAQ gained 6.66 points (0.10%) to finish at 6.757.60, and the S&P 500 closed 2.20 points (0.09%) higher at 2,584.50. The Russell 2000 was virtually unchanged at 1,475.07, and the Wilshire 5000 was up 15.52 points (0.06%) at 26,789.88. The price of the 10-year Treasury note was down 1/32, increasing its yield to 2.401%. The price of the 30-year Treasury bond was up 5/32, decreasing its yield to 2.869%. |
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| Sponsored message from AVIVA INVESTORS |
AIQ: The Chairman:
How Xi Jinping is shaping China’s future.Read more > |
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| Compliance |
| Nordstrom Faces 401(k) Plan Excessive Fee Suit |
| The lawsuit suggests Nordstrom should have offered managed accounts or collective investment trusts (CITs) to participants in its 401(k) plan.Read more > |
| Appellate Court Affirms Top Hat Plan Change in Crediting Rate |
| The court found nothing in the plan document prevented the board of the Computer Sciences Corporation Deferred Compensation Plan for Key Executives to amend the plan to introduce a more volatile crediting rate than before.Read more > |
| Franklin Templeton Faces Familiar Self-Dealing Allegations |
| The suit alleges that defendants “breached their fiduciary duties by causing the plan to invest in funds offered and managed by Franklin Templeton, when better-performing and lower-cost funds were available.”Read more > |
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| From the Magazine |
| Moving Money |
| Most employers prefer to see departing employees roll their money out of the plan, it seems. Asked for their philosophy concerning plan assets of departed participants, just 33.6% of retirement plan sponsors said their organization would rather that terminated employees with material balances remain in their plan, according to the 2016 PLANSPONSOR Defined Contribution (DC) Survey. This attitude could be changing, however, due to several recent developments and plan sponsors’ growing understanding of their rollover-related responsibilities.Read more > |
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| Small Talk |
| ON THIS DATE: In 1832, the first streetcar went into operation in New York City. The vehicle was horse-drawn and had room for 30 people. In 1851, Herman Melville’s novel “Moby Dick” was first published in the U.S. In 1922, the British Broadcasting Corporation (BBC) began domestic radio service. In 1935, U.S. President Franklin D. Roosevelt proclaimed the Philippine Islands a free commonwealth after its new constitution was approved. In 1968, Yale University announced it was going co-educational. In 1969, Apollo 12 blasted off for the moon from Cape Kennedy, Florida. In 1972, Blue Ribbon Sports became Nike. In 1979, U.S. President Jimmy Carter froze all Iranian assets in the United States and U.S. banks abroad in response to the taking of 63 American hostages at the U.S. embassy in Tehran, Iran. In 1995, the U.S. government instituted a partial shutdown, closing national parks and museums while most government offices operated with skeleton crews. |
| TRIVIAL PURSUITS: What is the longest recorded case of chronic hiccups?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 > |
