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| Sponsored message from ADP | |
| Employers can help address financial challenges that employees face | |
| Employees are feeling on firmer footing and taking positive steps in their finances. Yet some find themselves struggling with the most basic of financial planning needs. Offering a financial wellness program can be a life-changing benefit for workers.Read more > | |
| Economic Events | |
July sales of merchant wholesalers, except manufacturers’ sales branches and offices, after adjustment for seasonal variations and trading day differences but not for price changes, were $499.6 billion, up 0.3% from the revised June level, but virtually unchanged from the July 2018 level, the Census Bureau reported. The May to June percent change was unrevised from the preliminary estimate of down 0.3%. The Producer Price Index for final demand rose 0.1% in August, as prices for final demand services advanced 0.3%, and the index for final demand goods fell 0.5%, according to the Bureau of Labor Statistics. The final demand index increased 1.8% for the 12 months ending in August. | |
| Market Mirror | |
Wednesday, the Dow gained 227.61 points (0.85%) to finish at 27,137.04, the NASDAQ closed 85.52 points (1.06%) higher at 8,169.68, and the S&P 500 was up 21.54 points (0.72%) at 3,000.93. The Russell 2000 increased 32.72 points (2.12%) to 1,575.71, and the Wilshire 5000 climbed 254.76 points (0.84%) to 30,722.70. The price of the 10-year Treasury note decreased 23/32, bringing its yield up to 1.747%. The price of the 30-year Treasury bond was down 2/32, increasing its yield to 2.225%. | |
| Compliance | |
| MIT ERISA Lawsuit Plaintiffs Seeking More Information About Gifts From Fidelity | |
| The plaintiffs say new evidence came to light from MIT President Rafael Reif’s response to revelations that improper donations were received by MIT from the now-deceased financier Jeffrey Epstein.Read more > | |
| Greystar Moves to Compel Arbitration of ERISA Complaint | |
| Following a high-profile 9th Circuit decision, Greystar argues that the plaintiff signed a Mutual Agreement to Arbitrate Claims that not only requires arbitration of her claims but forecloses her from bringing any class action.Read more > | |
| From the Magazine | |
| Hardship Withdrawals Spike | |
| The Bipartisan Budget Act of 2018 has simplified the taking of hardship withdrawals from a 401(k) or similar tax-qualified retirement plan and, a year and a half since its passage, the results are coming in.Read more > | |
| Small Talk | |
| ON THIS DATE: In 1914, the first battle of Marne ended when the allied forces stopped the German offensive in France. In 1916, Adelina and August Van Buren finished the first successful transcontinental motorcycle tour to be attempted by two women. They started in New York City on July 5, 1916. In 1918, during World War I, At the Battle of St. Mihiel, U.S. Army personnel operated tanks for the first time. The tanks were French-built. In 1922, the Episcopal Church removed the word “obey” from the bride’s section of wedding vows. In 1940, the Lascaux paintings were discovered in France. The cave paintings were 17,000 years old and were some of the best examples of art from the Paleolithic period. In 1974, violence occurred on the opening day of classes in Boston due opposition to court-ordered school “busing.” In 1983, Arnold Schwarzenegger became a U.S. citizen. He had emigrated from Austria 14 years earlier. In 1984, Michael Jordan signed a seven-year contract to play basketball with the Chicago Bulls. In 1992, Dr. Mae Carol Jemison became the first African-American woman in space. She was the payload specialist aboard the space shuttle Endeavor. Also onboard were Mission Specialist N. Jan Davis and Air Force Lieutenant Colonel Mark C. Lee. They were the first married couple to fly together in space. And, Mamoru Mohri became the first Japanese person to fly into space. | |
| SURVEY SAYS: Employees can use more education to increase their financial know-how, but honestly, so can some of us in the retirement plan industry. This week, I’d like to know, what financial topics do you educate your employees about and which of those do you need more education about? If you haven’t already responded to this survey, please take the time to share with us, and your comments may be included in a future edition of PLANSPONSOR magazine.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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