| Market Mirror | Major U.S.
stock indices closed lower yesterday as they ended what the Associated Press
reports as their worst month in three years. The Dow decreased 114.98 points
(0.69%) to 16,528.03, the NASDAQ fell 51.82 points (1.07%) to 4,776.51, and the
S&P 500 lost 16.60 points (0.83%) to finish at 1,972.27. The Russell 2000
was down 3.53 points (0.30%) at 1,159.38, and the Wilshire 5000 closed 165.35
points (0.79%) lower at 20,802.96.
On the NYSE,
3.2 billion shares traded, with 1.3 declining issues for every advancing issue.
On the NASDAQ, 2.7 billion shares changed hands, with an even split between
advancers and decliners.
The price of the 10-year Treasury note was down 10/32,
increasing its yield to 2.216%. The price of the 30-year Treasury bond
decreased 31/32, bringing its yield up to 2.961%.
| | Compliance | IRS Issues Funding Rule Guidelines for Certain Pensions | The Internal Revenue Service (IRS) has issued
guidance about certain issues relating to the Cooperative and Small Employer
Charity Pension Flexibility Act (CSEC Act), which was enacted April 7, 2014. The
CSEC Act specifies minimum funding requirements and related rules that apply
with respect to certain defined benefit pension plans maintained by groups of
cooperatives and related entities and groups of charities. How do these rules
differ from Pension Protection Act (PPA) rules?Read more > | DOL Seeks $1.6M in Losses for Profit Sharing Plan | A health care company filed no annual reports,
did not perform valuations and took more than $1.6 million in improper
distributions in violation of the Employee Retirement Income Security Act (ERISA),
the Department of Labor (DOL) alleges.Read more > | | From the Magazine | Avoiding Mismatched Matches | What can plan sponsors do to avoid
miscalculating employer match contributions to their defined contribution (DC)
plans?Read more > | | Investing | Share Class Offerings Shift with Fiduciary Focus | A focus on fairness and fiduciary fitness is
driving many investment product providers to implement R6 share classes and
other institutional offerings with zero revenue sharing. Overall, according to
the August issue of The Cerulli Edge, nearly 60% of asset managers will make
changes to share class offerings heading into 2016. In this group, one-quarter plans to add share
classes, “primarily cited as R6 or some zero revenue share class,” and a
similar number will move away from share classes that generate revenue through
commissions or sales fees. What happened to the expected increase in use of
collective investment trusts?Read more > | | Small Talk | ON
THIS DATE: In 1799,
The Bank of Manhattan Company opened in New York City. It was the forerunner of
Chase Manhattan. In 1807, former
U.S. Vice President Aaron Burr was found innocent of treason. In 1878, Emma M. Nutt became the first
female telephone operator in the U.S., working for the Telephone Dispatch
Company of Boston. In 1922, the
first daily news program on radio was “The Radio Digest,” on WBAY
radio in New York City. In 1939,
World War II began when Germany invaded Poland. In 1970, the last episode of “I Dream of Jeannie” aired on
NBC-TV. The show premiered on September 18, 1965. In 1972, America’s Bobby Fischer beat Russia’s Boris Spassky to become
world chess champion. In 1979, the
U.S. Pioneer 11 became the first
spacecraft to visit Saturn. In 1985,
the Titanic was found by Dr. Robert
Ballard and Jean Louis Michel in a joint U.S. and French expedition. The wreck
site is located 963 miles northeast of New York and 453 miles southeast of the
Newfoundland coast. In 1998, the
Intermodal Surface Transportation Efficiency Act of 1991, which required front
air bags on both sides for all cars and light trucks sold in the United States,
went into effect.
TUESDAY
TRIVIA: The word “checkmate” in Chess
comes from the Persian phrase “shah mat,” which means, “The King
is dead.”
| TRIVIAL PURSUITS:
How long was the longest chess game in history?Read more > | 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 > |
|