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| Market Mirror | |
Wednesday, the Dow gained 19.97 points (0.09%) to finish at 22,661.64, the NASDAQ increased 2.91 points (0.04%) to 6,534.63, and the S&P 500 closed 3.16 points (0.12%) higher at 2,537.74. The Russell 2000 decreased 4.20 points (0.28%) to 1,507.76, and the Wilshire 5000 was up 4.62 points (0.02%) at 26,429.84.
The price of the 10-year Treasury note was down 2/32, increasing its yield to 2.329%. The price of the 30-year Treasury bond decreased 3/32, bringing its yield up to 2.870%. | |
| Sponsored message from AVIVA | |
| Global High Yield: Diminishing returns? Global high yield bonds have done well year to date. Kevin Mathews, Aviva Investors’ Global Head of High Yield, discusses what’s next. Read more > | |
| Compliance | |
| John Hopkins University ERISA 403(b) Challenge Partly Dismissed | |
| The U.S. District Court for the District of Maryland has granted in part and denied in part defendants’ motion to dismiss an Employee Retirement Income Security Act (ERISA) lawsuit targeting the 403(b) plan of John Hopkins University. Using logic from decisions in other university 403(b) plan cases, the court agreed that allegations that a university offering actively managed funds was imprudent supports a breach of fiduciary duty claim under ERISA. However, the judge said plaintiffs fail to state a claim to the extent that plaintiffs allege that offering plan participants too many investment options is imprudent and fail to state a claim to the extent that plaintiffs allege that including higher-cost share classes in the plan, instead of available lower-cost share classes of the same funds, is imprudent. Read more > | |
| IRS Issues Final Regulations About Mortality Tables | |
| The IRS has issued final regulations prescribing mortality tables to be used by most DB plans. In addition, the document contains final regulations updating the requirements a plan sponsor must meet in order to obtain IRS approval to use plan-specific mortality tables, instead of the generally applicable tables, for minimum funding purposes. Read more > | |
| From the Magazine | |
| Keeping Money in the Plan | |
| The ability to borrow against their savings can be a valuable benefit to retirement plan participants wanting to buy a home or cover a large sudden expense; it also gives them flexibility to deal with short-term financial issues. But loans may harm participants’ ability to save long term, especially if, as has traditionally been the case, the loan must be repaid in full when the employee leaves a job or is terminated. This can lead to a loan default, meaning the loan is treated as an early plan distribution, requiring taxes and penalties to be paid. For that reason, plan sponsors may choose to design their plan with limitations on their loan provisions. Read more > | |
| Small Talk | |
ON THIS DATE: In 1921, the World Series was broadcast on the radio for the first time. The game was between the New York Giants and the New York Yankees. In 1930, Laura Ingalls became the first woman to make a transcontinental airplane flight. In 1931, Clyde Pangborn and Hugh Herndon landed in Washington after flying non-stop across the Pacific Ocean. The flight originated in Japan and took about 41 hours. In 1947, U.S. President Harry S Truman held the first televised presidential address from the White House. The subject was the current international food crisis. In 1969, “Monty Python’s Flying Circus” debuted on BBC television. In 1974, American David Kunst completed the first journey around the world on foot. It took four years and 21 pairs of shoes. He crossed four continents and walked 14,450 miles. In 1989, the Dalai Lama (Lhama Dhondrub, Tenzin Gyatso) was named the winner of the Nobel Peace Prize for his nonviolent campaign to end the Chinese domination of Tibet. Gyatso was the 15th Dalai Lama. In 1999, Kevin Spacey received a star on the Hollywood Walk of Fame. | |
| SURVEY SAYS: We have written many articles about how employees are struggling with basic financial wellness, such as budgeting, debt and emergency savings. This week, I’d like to know, with a series of questions, how is your financial wellness? Of course, all responses are anonymous. You may respond to this week’s survey by 6 p.m. Pacific time today. Read more > | |
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Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com
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