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| Ask the Experts | |
| 415 Limit When Sponsoring Both a 401(a) and 403(b) | |
| “We are a private tax-exempt hospital that sponsors a 401(a) and a 403(b) plan, both of which are subject to the Employee Retirement Income Security Act (ERISA). We were told by our recordkeeper that it is possible to contribute up to $108,000 on behalf of an employee between both plans in 2017. Is this true?”Read more > | |
| Economic Events | |
| Existing-home sales ascended in October for the second straight month and eclipsed June’s cyclical sales peak to become the highest annualized pace in nearly a decade, according to the National Association of Realtors. All major regions saw monthly and annual sales increases in October. Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, grew 2% to a seasonally adjusted annual rate of 5.60 million in October from an upwardly revised 5.49 million in September. October’s sales pace is 5.9% above a year ago (5.29 million) and surpasses June’s pace (5.57 million) as the highest since February 2007 (5.79 million). | |
| Market Mirror | |
Tuesday, the Dow gained 67.18 points (0.35%) to finish at 19,023.87, the NASDAQ increased 17.49 points (0.33%) to 5,386.35, and the S&P 500 was up 4.76 points (0.22%) at 2,202.94. The Russell 2000 climbed 12.11 points (0.92%) to 1,334.34, and the Wilshire 5000 closed 57.82 points (0.25%) higher at 23,047.48. On the NYSE, 3.1 billion shares changed hands, with advancing issues outnumbering declining issues more than 2 to 1. On the NASDAQ, 2.9 billion shares traded, with a 1.6 to 1 ratio of advancers to decliners. The price of the 10-year Treasury note was down 1/32, increasing its yield to 2.317%. The price of the 30-year Treasury bond decreased 8/32, bringing its yield up to 3.006%. | |
| Compliance | |
| A final rule amends the Pension Benefit Guaranty Corporation’s (PBGC)’s regulation on Allocation of Assets in Single-Employer Plans by substituting a new table for determining expected retirement ages for participants in pension plans undergoing distress or involuntary termination with valuation dates falling in 2017.Read more > | |
| Northern Trust to Settle Securities Lending Suit With Public Pensions | |
| Northern Trust has agreed to settle a lawsuit brought by several public pension funds over its securities lending program. The firm will pay $4,250,000 to settle the suit.Read more > | |
| IRS Announces New Document Request Process for Examinations | |
| The Tax Exempt and Government Entities TE/GE Division of the Internal Revenue Service (IRS) has announced a new process for issuing information document requests (IDRs), which will affect Employee Plans (EP), as well as other, examinations.Read more > | |
| ERIC Makes Suggestions for PBGC Missing Participants Program | |
| Among other things, ERIC suggests the PBGC extend its proposed missing participants program from just terminated defined contribution (DC) plans to all DC plans.Read more > | |
| Small Talk | |
| Bosses says they encourage sick employees to stay home (53% encourage strongly, 29% encourage somewhat), but a survey from OfficeTeam finds 85% of employees surveyed have gone to work while sick. But co-workers are not pleased: 42% of employees surveyed said their biggest pet peeve during cold and flu season is when someone comes in sick. Why do employees come into the office when sick?Read more > | |
ON THIS DATE: In 1889, the first jukebox made its debut in San Francisco, at the Palais Royale Saloon. In 1936, the first edition of “Life” was published. In 1964, in Fort Lauderdale, Florida, the International Swimming Hall of Fame was founded. In 1971, The People’s Republic of China was seated in the United Nations Security Council. In 1988, Wayne Gretzky scored his 600th National Hockey League (NHL) goal. In 1998, the tobacco industry signed the biggest U.S. civil settlement. It was a $206-billion deal to resolve remaining state claims for treating sick smokers.
WEDNESDAY WISDDOM: “Gratitude unlocks the fullness of life. It turns what we have into enough, and more. It turns denial into acceptance, chaos to order, confusion to clarity. It can turn a meal into a feast, a house into a home, a stranger into a friend.”—Melody Beattie, author Have a wonderful Thanksgiving everyone! NewsDash will be back in your inbox Monday. | |
| Share the good 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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Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com
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