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| FutureFuel.io Aims to Bring Student Loan Refinancing to the Mobile Age | |
| The firm has expanded its platform and initiated new partnerships to help employers easily roll out student loan refinancing as an employee benefit.Read more > | |
| Economic Events | |
Privately-owned housing starts in August were at a seasonally adjusted annual rate of 1,180,000, the Census Bureau reported. This is 0.8% below the revised July estimate of 1,190,000, but is 1.4% above the August 2016 rate of 1,164,000. Single-family housing starts in August were at a rate of 851,000; this is 1.6% above the revised July figure of 838,000. The August rate for units in buildings with five units or more was 323,000. | |
| Sponsored message from Milliman | |
| Imagine a retirement plan with predictable contributions and lifelong income. Sound impossible? We’re actuaries – we’ll show you the math. Click to watch our video.Read more > | |
| Market Mirror | |
Tuesday, the Dow closed 39.45 points (0.18%) higher at 22,370.80, the NASDAQ increased 6.68 points (0.10%) to 6,461.32, and the S&P 500 was up 2.78 points (0.11%) at 2,506.65. The Russell 2000 was virtually unchanged at 1,440.40, and the Wilshire 5000 gained 60.95 points (0.23%) to finish at 26,023.23.
The price of the 10-year Treasury note was down 3/32, increasing its yield to 2.242%. The price of the 30-year Treasury bond decreased 11/32, bringing its yield up to 2.816%. | |
| Compliance | |
| Voya Sued for Charging Excessive Fees to Small Retirement Plan | |
| A participant in the Cornerstone Pediatric Profit Sharing Plan has filed suit against Voya Financial and its subsidiary Voya Retirement Insurance and Annuity Company for violating the Employee Retirement Income Security Act (ERISA) by the way it charged fees. The lawsuit alleges that asset-based fees led to the plan paying $1,819 per participant for recordkeeping services in 2015.Read more > | |
| Plaintiffs Target DST Systems and Ruane Advisory for Fiduciary Failures | |
| According to plaintiffs, Ruane’s flagship fund and a fund in which DST System’s profit sharing plan invested, the Sequoia Fund, contained more than $25 billion in assets until the firm “engaged in a misguided and reckless investment strategy.”Read more > | |
| PBGC Proposes Changes to Form 5500 Reporting by DB Plans | |
| The agency is proposing two modifications for multiemployer plans and one modification for single-employer plans.Read more > | |
| Retirement Tax Reform Discussion with Senior Senate Staffer | |
| “In terms of the legislative agenda going forward, there is definitely a discussion of a pivot to tax reform,” said Elisabeth Bell, tax counsel for Senator Ben Cardin; she also warned the potential for health care reform is far from settled.Read more > | |
| Ask the Experts | |
| RMDs and Rehires | |
| “Let’s say I rehire someone who previously worked here, and had previously commenced required minimum distributions since he/she was over 70 ½. Can he/she cease such distributions upon rehire (assuming this is not a 403(b) plan where required distributions might be made from other plans)?”Read more > | |
| Small Talk | |
ON THIS DATE: In 1881, Chester A. Arthur became the 21st president of the U.S. 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 1963, U.S. President John F. Kennedy proposed a joint U.S.-Soviet expedition to the moon in a speech to the U.N. General Assembly. 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.
WEDNESDAY WISDOM: “Trust your hunches. They’re usually based on facts filed away just below the conscious level.”—Joyce Brothers, psychologist and TV personality | |
| 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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