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Compliance |
IRS to Hold Public Hearing About Proposed MEP Rules |
Although, the DOL has issued final rules on association retirement plans, some are disappointed that the rules fell short of allowing for what is called open MEPs.Read more > |
Court Orders ESOP Fiduciary to Complete Fiduciary Training |
This is in addition to $454,545 in restitution to the plan, paid by the company and its employee stock ownership plan fiduciaries, for causing the plan to pay more than fair value for stock purchases.Read more > |
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Sponsored message from J. P. Morgan Asset Management |
Three retirement spending surprises |
J.P. Morgan’s research into real-life retirement spending patterns suggests it may be a good time to re-examine popular replacement income strategies.Read more > |
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Economic Events |
THE ECONOMIC WEEK AHEAD: Wednesday, the Census Bureau will report about retail sales for September and business trade for August. Thursday, the Census Bureau will report about housing starts for September, and the Labor Department will issue its initial claims report. |
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Market Mirror |
Friday, the Dow gained 319.92 points (1.21%) to finish at 26,816.59, the NASDAQ closed 106.26 points (1.34%) higher at 8,057.04, and the S&P 500 increased 32.14 points (1.09%) to 2,970.27. The Russell 2000 was up 26.54 points (1.79%) at 1,511.90, and the Wilshire 5000 climbed 353.58 points (1.18%) to 30,278.01. The price of the 10-year Treasury note decreased 28/32, bringing its yield up to 1.739%. The price of the 30-year Treasury bond fell 31/32, increasing its yield to 2.204%. WEEK’S WORTH: For the week ending October 11, the Dow gained 0.91%, the NASDAQ climbed 0.93%, and the S&P 500 was up 0.62%. The Russell 2000 finished 0.75% higher, and the Wilshire 5000 increased 0.62%. |
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Industry Voices |
IRS Guidance on Initial and Recurring 403(b) Remedial Amendment Periods |
Attorneys with Groom Law Group provide an extensive explanation of the IRS’ new guidance on 403(b) plan remedial amendment periods.Read more > |
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Products, Deals and People |
Retirement Industry People Moves |
TRA acquires retirement consulting and administration firms; AIG elects CEO of institutional investment unit; Shroders announces changes to North America leadership team.Read more > |
Platform Integrates Consumer Accounts Employee Benefits |
Both employers and employees can manage consumer accounts benefits, such as HSAs, FSAs and gym reimbursements, with one tool.Read more > |
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Small Talk |
ON THIS DATE: In 1912, Theodore Roosevelt was shot while campaigning in Milwaukee, Wisconsin. Roosevelt’s wound in the chest was not serious and he continued with his planned speech. William Schrenk was captured at the scene of the shooting. In 1926, the book “Winnie-the-Pooh,” by A.A. Milne, made its debut. In 1933, Nazi Germany announced that it was withdrawing from the League of Nations. In 1936, the first SSB (Social Security Board) office opened in Austin, Texas. From this point, the Board’s local office took over the assigning of Social Security Numbers. In 1943, the Radio Corporation of America finalized the sale of the NBC Blue radio network. Edward J. Noble paid $8 million for the network that was renamed American Broadcasting Company. In 1947, over Rogers Dry Lake in Southern California, pilot Chuck Yeager flew the Bell X-1 rocket plane and became the first person to break the sound barrier. In 1962, the Cuban Missile Crisis began. It was on this day that U.S. intelligence personnel analyzing data discovered Soviet medium-range missile sites in Cuba. In 1964, Dr. Martin Luther King, Jr. was awarded the Nobel Peace Prize for his non-violent resistance to racial prejudice in America. He was the youngest person to receive the award. |
SURVEY SAYS RESPONSES: Last week, I asked NewsDash readers, “Did you get an allowance as a child, and in coordination with that, did your parents teach you how to manage your money?” I also asked, “Did you regularly save any of your allowance?” More than six in 10 responding readers (60.9%) received an allowance as a child. Yet, more than half (52.3%) said their parents did not teach them about how to manage their allowance. Still, nearly six in 10, (59.1%) said they regularly saved some or all of their allowance. In comments about allowances and teaching children about money management, readers explained the money management lessons or advice their parents gave them. Several noted that they learned money management skills when they got their first jobs as a teenager—as was my experience. I was surprised to find that many responding readers were taught—and taught their children—like me, that household chores were part of maintaining a family household and the reward was having basic necessities met. Editors’ Choice goes to the reader who said: “The mint makes it first. It’s up to you to make it last.” Clever. Thank you to all who participated in our survey!Read more > |
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