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| Market Mirror | |
U.S. stocks ended mostly higher Monday as traders looked ahead to a busy week for corporate earnings, according to the Associated Press. The Dow closed 47.37 points (0.28%) higher at 17,131.86, the NASDAQ increased 8.17 points (0.17%) to 4,838.64, and the S&P 500 was up 2.57 points (0.13%) at 2,017.46. The Russell 2000 slipped 0.96 points (0.08%) to 1,164.40, and the Wilshire 5000 ticked up 7.61 points (0.04%) to 21,165.17. On the NYSE, 3.2 billion shares traded, with a slight lead for advancers. On the NASDAQ, 2.7 billion shares changed hands, with a small lead for declining issues. The price of the 10-year Treasury note was up 5/32, decreasing its yield to 2.089%. The price of the 30-year Treasury bond increased 13/32, bringing its yield down to 2.920%. | |
| Compliance | |
| Allianz, PIMCO Sued over Retirement Plan | |
| A lawsuit filed by two participants in an Allianz retirement plan claims the company and its asset management partners, including PIMCO, misused employees’ 401(k) plan assets for their own financial benefit.Read more > | |
| Foot Locker Ordered to Reform Cash Balance Plan | |
| A U.S. District Court has ordered Foot Locker to reform its cash balance plan to calculate accrued benefits in a way expected by participants. U.S. District Judge Katherine B. Forrest of the U.S. District Court for the Southern District of New York found that the plan’s summary plan description (SPD) as well as other communications to participants failed to inform them that their benefits would be in a period of “wear-away” during which new accruals would not increase the benefit to which a participant was already entitled. “Here, there is no doubt that Foot Locker committed equitable fraud,” Forrest wrote in her opinion.Read more > | |
| From the Magazine | |
| A Deeper Look at Tussey v. ABB | |
| What factors should be top of mind when plan sponsors must change a plan investment, in order for them to avoid violating their duty of loyalty to participants? How far may provider relationships and suggestions influence plan sponsor decisions, and how can these be scrutinized to ensure the sponsor acts within participants’ best interests?Read more > | |
| Small Talk | |
ON THIS DATE: In 1775, the U.S. Continental Congress ordered the construction of a naval fleet. In 1792, the cornerstone of the Executive Mansion was laid in Washington, D.C. The building became known as the White House in 1818. In 1962, “Who’s Afraid of Virginia Woolf?” opened on Broadway. In 1967, the first game of the new American Basketball Association was played. In 2010, near Copiapó, Chile, 33 miners were trapped underground in San José Mine. The miners were rescued after 69 days underground.
TUESDAY TRIVIA: During the early 1880s, the first commercial coin-operated vending machines were introduced in London and dispensed post cards. | |
| TRIVIAL PURSUITS: When were the first coin-operated vending machines introduced to the U.S., and what did they dispense?Read more > | |
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Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com
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