| | Compliance | | DOL Grants Retirement Plan Compliance Relief Due to California Wildfires | | The relief relates to the verification procedures for retirement plan hardships and loans, timely remittance of contributions and loan repayments, and blackout notices, as well as the processing of benefit claims.Read more > | | 403(b) Plan Participants Voluntarily Dismiss Lawsuit Against Custodian | | Two 403(b) plan participants have voluntarily dismissed a lawsuit on behalf of themselves and other similarly situated 403(b) plan participants against Matrix Trust Company for making several transfers to an unauthorized account held by recordkeeper Vantage Benefits Administrators. According to the lawsuit, Matrix, which served as custodian to the plan, executed at least $3 million of unsanctioned transfers from at least five 403(b) plans into a private, Bank of America business account maintained by Vantage or its agents. Just last month, Jeffrey Richie and Wendy Richie, co-owners of Vantage Benefits Administrators, were charged with conspiracy, theft from an employee benefit plan, wire fraud and aggravated identify theft.Read more > | | Waddell & Reed 401(k) Self-Dealing Lawsuit Is Settled | | Waddell & Reed Financial has settled a self-dealing lawsuit alleging that the firm, instead of acting for the exclusive benefit of its 401(k) plan and its participants and beneficiaries, acted for the benefit of itself and its affiliates starting June 23, 2011, forcing the plan nearly exclusively into investments managed by Waddell & Reed or an affiliated entity which performed worse than comparable available options.Read more > |
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| | Judge Recommends Dismissal of CenturyLink Custom-Designed Fund Lawsuit | | A federal judge has recommended that a lawsuit against CenturyLink and its subsidiary CenturyLink Investment Management (CIM) over the design of an investment choice in CenturyLink’s non-union 401(k) plan be dismissed. U.S. Magistrate Judge Nina Y. Wang of the U.S. District Court for the District of Colorado found insufficient facts alleging a flawed design in the Large Cap Fund offered in CenturyLink’s 401(k) plan, or alleging a flawed fund review process.Read more > | | | Economic Events | | THE ECONOMIC WEEK AHEAD: Today, the Conference Board will issue its Consumer Confidence Index for November. Tomorrow, the Census Bureau will report about new home sales in October. Thursday, the Labor Department will release its initial claims report. | | | Sponsored message from Franklin Templeton | A New Idea to Improve DC Plans
As Americans approach retirement, their needs change. This calls for an approach to enhancing DC plans with more tools, communications, and income solutions for near retirees. The solution? The Retirement Tier.Read more > | | | Market Mirror | Monday, the Dow gained 354.29 points (1.46%) to finish at 24,640.24, the NASDAQ closed 142.87 points (2.06%) higher at 7,081.85, and the S&P 500 increased 40.89 points (1.55%) to 2,673.45. The Russell 2000 was up 17.28 points (1.16%) at 1,505.96, and the Wilshire 5000 climbed 422.36 points (1.55%) to 27,618.93. The prices of the 10-year Treasury note and 30-year Treasury bond were down 6/32, increasing their yields to 3.062% and 3.315%, respectively. | | | From the Magazine | | Insights: Milestone Reflections | | The 401(k) is 40 years old this month—kind of. People often forget, or don’t know, that many companies had offered some sort of deferred compensation saving arrangement ahead of the introduction of 401(k) plans. In marking this milestone, it seems to me fitting, in many ways, that we are in a period of opportunity for the DC plan industry—in fact, an attorney with Davis and Harmon recently said he believes we are closer to significant retirement plan reform than at any time since the passage of the Pension Protection Act, 12 years ago.Read more > | | | Small Talk | | ON THIS DATE: In 1779, the College of Pennsylvania became the University of Pennsylvania. It was the first legally recognized university in America. In 1934, bank robber George “Baby Face” Nelson was killed by FBI agents near Barrington, Illinois. In 1951, Hosea Richardson became the first black horse racing jockey to be licensed in Florida. In 1973, the Senate voted to confirm Gerald R. Ford as vice president after the resignation of Spiro T. Agnew. In 1978, San Francisco Mayor George Moscone and City Supervisor Harvey Milk, a gay-rights activist, were shot to death inside City Hall by Dan White, a former supervisor. In 2008, the ocean liner Queen Elizabeth 2 (QE2) was taken out of service after more than 30 years. The ship was launched on September 20, 1967. | | TRIVIAL PURSUITS: For which product was the first television commercial? [includes video of commercial]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 > |
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