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Webcast Event |
Ten years since passage of the Pension Protection Act (PPA), and six since Northern Trust Asset Management’s first Path Forward, one thing is clear: Defined contribution (DC) plans can still achieve more. Join us as Northern Trust Asset Management highlights key findings from its survey of plan participants, plan sponsors and industry experts. What the company found is that the ideals central to the PPA have been only partially realized—and, as an industry, we can learn from the act’s successes as well as its shortcomings. Discover real-world actions you can take today to help improve the DC retirement system and create better participant outcomes.Read more > |
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Products, Deals and People |
Massachusetts Mutual Life Insurance Co. (MassMutual) is expanding its fiduciary support services for retirement plan investment selection and monitoring. Tina Wilson, senior vice president for investment solutions innovation, says the service expansion features new “voice of the customer feedback” from employers and financial advisers and is designed to deliver “more options, more choices and more customization.”Read more > |
Transamerica Launches Higher Education Multiple Employer 403(b) Plan |
Transamerica Retirement Solutions introduced the HigherEd Retirement Consortium, a new 403(b) multiple employer retirement plan designed to help private colleges and universities merge their employee retirement plans in order to simplify plan administration, manage fiduciary responsibilities, take advantage of expert plan management, and receive economies of scale in administrative and investment pricing.Read more > |
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Market Mirror |
Yesterday, the Dow decreased 3.63 points (0.02%) to 18,120.17, the NASDAQ closed 9.54 points (0.18%) lower at 5,235.03, and the S&P 500 was virtually unchanged at 2,139.12. The Russell 2000 closed 7.74 points (0.63%) higher at 1,232.52, and the Wilshire 5000 lost 27.89 points (0.13%) to finish at 22,212.64.
On the NYSE, 3.1 billion shares traded, with advancing issues outnumbering declining issues more than 2 to 1. On the NASDAQ, 2.9 billion shares changed hands, with a 1.4 to 1 ratio of advancers to decliners.
The price of the 10-year Treasury note was down 4/32, increasing its yield to 1.707%. The price of the 30-year Treasury bond decreased 7/32, bringing its yield up to 2.455%. |
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Compliance |
Court Finds No Fiduciary Breaches in Antioch ESOP Transaction |
In a very detailed decision, a district court ruled that members of Antioch Company’s Board and ESOP Advisory Committee (EAC) did not violate their fiduciary duties during a transaction to make the employee stock ownership plan (ESOP) 100% employee-owned years before the company declared bankruptcy. The court found the true fiduciary to the transaction did not breach its fiduciary duties and ruled for defendants on all claims.Read more > |
IRS Requests Comments About Qualified Plan Document Requirements |
The agency wants to make it easier for plan sponsors to satisfy requirements for qualified plan documents, particularly in light of the changes to the determination letter program.Read more > |
PBGC Proposes Expansion of Missing Participant Program |
The Pension Benefit Guaranty Corporation (PBGC) is proposing to expand its existing Missing Participants Program to cover terminated 401(k)s and “most other defined contribution plans and certain defined benefit plans that aren’t currently covered by the program.”Read more > |
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Small Talk |
ON THIS DATE: In 1881, Chester A. Arthur became the 21st president of the U.S., as President James A. Garfield had died the day before. In 1946, the first Cannes Film Festival premiered. The original premier was delayed in 1939 due to World War II. In 1953, Jimmy Stewart debuted on the radio western “The Six Shooter” on NBC. In 1984, “The Cosby Show” premiered on NBC-TV. In 1995, AT&T announced that it would be splitting into three companies. The three companies were AT&T, Lucent Technologies, and NCR Corp. In 1995, the U.S. House of Representatives voted to drop the national speed limit. This allowed the states to decide their own speed limits. |
TRIVIAL PURSUITS: Who was the first president to have his inauguration televised?Read more > |
Share the good news with a friend! Pass the NewsDash along—and tell your friends/associates they can sign up for their own copy.Read more > |