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| Products, Deals and People | |
| Retirement Industry People Moves | |
| ESOP and ERISA Litigators Join McDermott Willl & Emery as Partners; IRI Names New President and CEO; California State Teachers’ Retirement System Hires ESG Director; and more.Read more > | |
| Economic Events | |
| THE ECONOMIC WEEK AHEAD: Tomorrow, the Conference Board will issue its Consumer Confidence Index for October. Thursday, the Labor Department will issue its initial claims report, and the Census Bureau will report about construction spending for September. Friday, the Bureau of Labor Statistics will reveal the unemployment rate for October, and the Census Bureau will report about factory orders for September. | |
| Sponsored message from PLANSPONSOR RESEARCH | |
| PLANSPONSOR has teamed with Harvey Research, Inc. to conduct an online survey readership study. The Survey can be completed in 10 minutes, and all information is confidential. You will also have a chance to win a $250 Visa gift card.Read more > | |
| Market Mirror | |
Friday, the Dow lost 296.24 points (1.19%) to finish at 24,688.31, the NASDAQ closed 151.12 points (2.07%) lower at 7,167.21, and the S&P 500 decreased 46.88 points (1.73%) to 2,658.69. The Russell 2000 was down 16.58 points (1.10%) at 1,483.82, and the Wilshire 5000 fell 470.33 points (1.69%) to 27,427.14.
The price of the 10-year Treasury note was up 10/32, decreasing its yield to 3.083%. The price of the 30-year Treasury bond increased 17/32, bringing its yield down to 3.317%. WEEK’S WORTH: For the week ending October 26, the Dow was down 2.97%, the NASDAQ closed 3.78% lower, and the S&P 500 lost 3.94%. The Russell 2000 decreased 3.78%, and the Wilshire 5000 fell 3.98%. | |
| Compliance | |
| New York AG Accuses Exxon of Misleading Investors About Climate Change Risk | |
| The New York State Common Retirement Fund and the New York State Teachers Retirement System hold Exxon shares with a combined value of approximately $1.5 billion, and a lawsuit asks for damages, a disgorgement of all monies obtained in connection with the alleged fraud, and restitution.Read more > | |
| From the Magazine | |
| 403(b) Plan Remedial Amendment Period | |
| The last day of the 403(b) plan remedial amendment period is not far off, and both Employee Retirement Income Security Act (ERISA)-governed and non-ERISA 403(b) plan sponsors need to start working on any plan restatements now. The period allows 403(b) plan sponsors to restate their plans by adopting one of the IRS’ preapproved prototype or volume submitter plan documents.Read more > | |
| Small Talk | |
| ON THIS DATE: In 1652, the Massachusetts Bay Colony proclaimed itself to be an independent commonwealth. In 1682, William Penn landed at what is now Chester, Pennsylvania. He was the founder of Pennsylvania. In 1863, the International Committee of the Red Cross was founded. In 1901, Leon Czolgosz, the assassin of President William McKinley, was electrocuted. In 1929, America’s Great Depression began with the crash of the Wall Street stock market. In 1940, the first peacetime military draft began in the U.S. In 1945, the first ballpoint pens to be made commercially went on sale at Gimbels Department Store in New York at the price of $12.50 each. In 1960, Muhammad Ali (Cassius Clay) won his first professional fight. In 1966, the National Organization for Women was founded. In 1969, the U.S. Supreme Court ordered an immediate end to all school segregation. In 1995, Jerry Rice of the San Francisco 49ers became the NFL’s career leader in receiving yards with 14,040 yards. In 2001, Los Angeles television station KTLA broadcasted the first coast-to-coast HDTV network telecast. | |
| SURVEY SAYS RESPONSES: Last week, I asked NewsDash readers, “Do you discuss politics with co-workers, and is it affecting your relationships?” Only 8.9% of responding readers said they openly discuss politics with co-workers (including those in higher and lower career positions), and the biggest proportion of respondents (44.6%) said they do not discuss politics with co-workers. Eight in ten readers who responded said discussing politics has created no conflicts between them and co-workers, while 19.6% reported it has created conflicts with a peer, 11.8% said it has created conflicts with a manager, and 9.8% indicated it has created conflicts with a subordinate. However, more than half (54.9%) said discussing politics has not changed their opinion about a co-worker. Among readers who left comments, several are pining for the days when political discussions could be respectful and not turn angry or divisive. Most were against discussing politics at work, but a few noted that civil discussions could be a learning experience. Editor’s Choice goes to the reader who said: “My suggestion? Turn off the screaming media of all stripes. Talk to people and listen to what they have to say. We’ll find out we are not so different after all!” Thank you to all who participated in the survey!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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Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com
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