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| Market Mirror | |
Stock indexes closed with moderate losses Wednesday, led by declines in energy companies as the price of oil turned lower, the Associated Press reported. The Dow closed down 50.57 points (0.28%) at 17,867.58, the NASDAQ slipped 2.65 points (0.05%) to 5,142.48, and the S&P 500 fell 7.48 points (0.35%) to reach 2,102.31. The Russell 2000 finished down 1.19 points (0.10%) at 1,190.38, and the Wilshire 5000 fell 75.30 points (0.34%) to finish at 21,885.96. On the NYSE, 3.2 billion shares traded, with 3 declining issues for every 2 advancing issues. On the NASDAQ, 2.6 billion shares changed hands, with a roughly equal number of advancers and decliners. The price of the 10-year Treasury note decreased 3/32, bringing its yield up to 2.223%. The price of the 30-year Treasury bond rose 2/32, decreasing its yield to 2.990%. | |
| Compliance | |
| myRA Ready for Use Nationwide | |
| The U.S. Department of Treasury has announced the national launch of the myRA program. With individuals being able to fund the accounts through payroll deduction and the program’s availability to those not participating in as well as those not eligible for an employer-sponsored retirement plan, employers need to prepare.Read more > | |
| From the Magazine | |
| Plan Sponsors Misinterpreting Money Market Reform | |
| Some qualified retirement plan sponsors and service providers are misinterpreting the likely impact of the Securities and Exchange Commission (SEC)’s money market fund reforms, opining that the rulemaking will necessarily drive defined contribution plans away from retail money market funds. The SEC has highlighted carve-outs in its rulemaking to prevent this outcome, but providers and fiduciary sponsors are being cautious.Read more > | |
| Investing | |
| Retirement Investors Need to Understand Role of Risk | |
| “Understanding how risk factors into your plan can help build financial confidence,” says Marcy Keckler, with Ameriprise Financial. Seventy-three percent of American investors tend to avoid risk entirely or weigh risk very carefully when engaging in financial decisions, according to Ameriprise’s Financial Risks & Investor Attitudes study. But, while nearly half (42%) of what the firm calls Risk Avoiders claim they are not willing to take risks with their finances, many are unknowingly increasing their exposure to risk.Read more > | |
| Small Talk | |
| ON THIS DATE: In 1605, the “Gunpowder Plot” attempted by Guy Fawkes failed when he was captured before he could blow up the English Parliament. Guy Fawkes Day is celebrated every November 5th in Britain to celebrate his failure to blow up all the members of Parliament and King James I. In 1872, in the U.S., Susan B. Anthony was fined $100 for attempting to vote in the presidential election. She never paid the fine. In 1895, George B. Selden received the first U.S. patent for an automobile. He sold the rights for $200,000 four years later. In 1935, the game “Monopoly” was introduced by Parker Brothers Company. In 1940, U.S. President Franklin Roosevelt won an unprecedented third term in office. In 1959, the American Football League was formed. In 1974, Ella T. Grasso was elected governor of Connecticut. She was the first woman in the U.S. to win a governorship without succeeding her husband. In 1994, former U.S. President Ronald Reagan announced that he had Alzheimer’s disease. In 1994, George Foreman, 45, became boxing’s oldest heavyweight champion when he knocked out Michael Moorer in the 10th round of their WBA fight in Las Vegas, Nevada. | |
| SURVEY SAYS: In the retirement plan industry there’s no shortage of new trends, products, regulations or legal rulings each year. This week, I’d like to know, what development are you most anticipating for 2016, and what is your second choice. You may respond to this week’s survey by 6 p.m. Pacific time today.Read more > | |
| Share the good news with a friend! Pass the Dash 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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