| Four in 10 Americans admit knowing little or
nothing about their employee benefits, according to the 2015 MassMutual
Employee Benefits Security Study. Millennials, Gen Xers, parents and low-income
Americans find it difficult to manage finances, and many say issues with personal
finance distract them while they’re at work. Most workers understand the
importance of their personal finances and employee benefits. However, employees
indicate they are struggling to know whether they are on track to retire
comfortably or how much money they should be spending on their
employer-provided benefits.Read more > | Is Company Stock a Liability to Your Retirement Plan? | With a Supreme Court decision expanding
fiduciary responsibility for employer stock in retirement plans, plan sponsors
wonder about their own stock holdings in their retirement plans. Where the
percent of plan assets in company stock has been creeping up, can that be
reduced? Or should they liquidate from company stock in the plan? Does merely
offering company stock as an investment option make them more prone to
participant litigation? “We think a lot
of plans have questions about company stock. That’s nothing new.” Mark Teborek,
senior consulting analyst with Russell Investments and author of a white paper
“Revisiting Company Stock in Defined Contribution Plans,” tells PLANSPONSOR.
“But with the aftermath of the Fifth
Third [Bankcorp v. Dudenhoeffer] case, there was renewed interest in what
to do next.”Read more > | Millennials saving for retirement are bucking
reports of savings insufficiency and equity aversion, according to a white
paper published by Vanguard researchers. “The auto savings generation: Steering
millennials to better retirement outcomes” finds that participation rates,
saving rates, and equity allocations for Millennial participants (ages 18 to
34) have been on the upswing over the last decade in defined contribution (DC)
plans. What does Vanguard credit for putting Millennials on the right path to
retirement readiness?Read more > | | Products, Deals & People | Investment Product and Services Launches for the Week | New institutional share classes were announced for
T. Rowe Price target-date funds, while Merrill Lynch unveiled apps that help
retirement savers address longevity and inflation risks.Read more > | | Economic Events | In the week ending October 3, the
advance figure for seasonally adjusted initial claims for unemployment
insurance was 263,000, a decrease of 13,000 from the previous week’s revised
level. The four-week moving average was 267,500, a decrease of 3,000 from the
previous week’s revised average.
The average interest rate for a 30-year fixed-rate
mortgage is 3.76%, down from 3.85% one week ago, according to Freddie Mac. The
average interest rate for a 15-year fixed-rate mortgage is 2.99%, down from
3.07%.
| | Market Mirror | Major U.S.
stock indices moved higher Thursday after minutes from the Federal Reserve’s
latest meeting suggested policymakers were surprisingly unified in their vote
against raising interest rates, the Associated Press reports. The Dow increased
138.46 points (0.82%) to 17,050.75, the NASDAQ was up 19.64 points (0.41%) at
4,810.79, and the S&P 500 gained 17.60 points (0.88%) to finish at
2,013.43. The Russell 2000 climbed 10.64 points (0.92%) to 1,163.24, and the Wilshire
5000 closed 178.63 points (0.85%) higher at 21,133.34.
On the NYSE,
3.2 billion shares traded, with a more than 3 to 1 lead for advancers. On the
NASDAQ, 2.7 billion shares changed hands, with 1.8 advancing issues for every
declining issue.
The price of the 10-year Treasury note was down 10/32,
increasing its yield to 2.101%. The price of the 30-year Treasury bond
decreased 27/32, bringing its yield up to 2.938%.
| | Compliance | Lawmakers Want a Review of Fiduciary Rule Changes | Members of the U.S. House of Representatives
have sent a letter to Secretary of Labor Thomas Perez expressing concerns over
the Department of Labor’s (DOL) proposed regulation to expand the definition of
fiduciary investment advice under the Employee Retirement Income Security Act
(ERISA). Led by Representatives Mike Kelly (R-Pennsylvania) and Sam Johnson
(R-Texas), the lawmakers urge the DOL to make “substantial changes to address
the shortcomings of the proposed rule…” They also ask that the DOL “provide
stakeholders with an opportunity to review the changes before the rule advances
and is submitted to the Office of Management and Budget.”Read more > | | Small Talk | ON
THIS DATE: In
1701, the Collegiate School of
Connecticut was chartered in New Haven. The name was later changed to Yale. In 1776, a group of Spanish missionaries
settled in what is now San Francisco, California. In 1781, the last major battle of the American Revolutionary War took
place in Yorktown, Virginia. The American forces, led by George Washington,
defeated the British troops under Lord Cornwallis. In 1855, Isaac Singer patented the sewing machine motor. In 1888, the public was admitted to the
Washington Monument for the first time. In 1936,
the first generator at Boulder Dam began transmitting electricity to Los
Angeles, California. The name of the dam was later changed to Hoover Dam. In 1943, “Land of the Lost”
debuted on ABC radio.
And now it’s time for FRIDAY FILES!
| Six reasons to drink coffee.Read more > | For my fellow southerners who have ever been
made fun of or judged because of your southern accent.Read more > | In Spartanburg, South Carolina,
a man called 911 to report his girlfriend would not have s.ex with him. Police
responded to the residence, and the girlfriend told them the man had been
drinking all day, crawled into bed with her and asked her for s.ex, but she
refused because her granddaughter was with her. Police found the man outside
the residence drinking, and they arrested him for public into.xication, but did
not cite him for misusing the 911 system, according to The Smoking Gun.
In New York, prisoners at the
Eastern correctional facility, who take courses taught by faculty from nearby
Bard College and have formed a popular debate club, invited Harvard’s debate
team—this year’s national debate champions—to a friendly competition. A
three-judge panel concluded that the Bard team had raised strong arguments that
the Harvard team had failed to consider and declared the team of inmates
victorious. According to news reports, the Harvard team directed requests for
comment to a post on its Facebook page that commended the prison team for its
achievements and complimented the work done by the Bard initiative.
| High school football kicker makes field goal off
referee’s head.Read more > | In Apple Valley, California,
a man accused of robbing an auto parts store wore an unusual disguise. He stuck
a “maxi” feminine hygiene product to his forehead in a position that mostly covered
his eyes. However, the disguise didn’t work very well; the police recognized
the man, who has an extensive history of run-ins with the law, and he was
arrested.
In Houston,
Texas, a man was baffled when he
received a speeding ticket by certified mail for doing 90 mph in a 60 mph zone
on the North Freeway. The man said he wasn’t anywhere near the area at the
time. The Houston Police
Department launched an internal investigation into the ticket-writing habits of
a senior police officer after a local news team began asking questions about
his behavior on the road. The officer, on the force since 2002, has been
temporarily relieved of duty. The news team discovered the officer wrote several
speeding tickets to drivers without ever pulling them over.
Have a great weekend! | 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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