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2018 Annual Plan Sponsor and Adviser Award Nominations Are OpenNomination forms for the 2018 PLANSPONSOR Plan Sponsor of the Year awards and Retirement Plan Adviser of the Year awards are now available.Read more > |
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| Products, Deals and People | |
| Retirement Industry People Moves | |
| FS Investments expands real estate investment efforts; Franklin Templeton hired ETF portfolio VP; DWC – The 401(k) Experts to merge with Hawkins Retirement; and more.Read more > | |
| Economic Events | |
| THE ECONOMIC WEEK AHEAD: Tomorrow, the Conference Board will release its Consumer Confidence Index for September, and the Bureau of Labor Statistics will report about new home sales for August. Wednesday, the Census Bureau will report about durable goods orders for August. Thursday, the Labor Department will issue its initial claims report. | |
| Market Mirror | |
Friday, the Dow was down 9.64 points (0.04%) at 22,349.59, the NASDAQ was up 4.23 points (0.07%) at 6,426.92, and the S&P 500 increased by 1.62 (0.06%) to 2,502.22. The Russell 2000 closed 6.60 points (0.46%) higher at 1,450.78, and the Wilshire 5000 increased 19.17 points (0.07%) to 26,001.28.
The price of the 10-year Treasury note was up 6/32, decreasing its yield to 2.257%. The price of the 30-year Treasury bond increased 11/32, bringing its yield down to 2.786%. WEEK’S WORTH: For the week ending September 22, the Dow finished 0.36% higher, the NASDAQ finished 0.33% lower, and the S&P 500 was up 0.08%. The Russell 2000 gained 1.33%, and the Wilshire 5000 increased 0.24%. | |
| Compliance | |
| Case Against University of Pennsylvania 403(b) Plan Dismissed | |
| U.S. District Judge Gene E. K. Pratter of the U.S. District Court for the Eastern District of Pennsylvania dismissed all claims against the University of Pennsylvania and its vice president of human resources that they violated their fiduciary duties under the Employee Retirement Income Security Act (ERISA) by causing 403(b) plan participants to pay excessive fees and by offering an array of investment choices, many of which the plaintiff says underperformed. The judge basically found many of the allegations stated normal business practices and the plaintiff did not offer enough arguments to support her claims.Read more > | |
| From the Magazine | |
| Cybersecurity Concerns | |
| Almost every day the news reports a high-profile story involving cybersecurity fraud. While cyberattacks on ERISA [Employee Retirement Income Security Act] plans have not resulted in such grandscale coverage—as those of us in the retirement plan industry are well aware—those attacks do happen, and both the plans and vendors can be the victims. Thus, if a cybersecurity attack has not yet threatened your plan, the question really isn’t if one will occur but when.Read more > | |
| Small Talk | |
| ON THIS DATE: In 1513, the Pacific Ocean was discovered by Spanish explorer Vasco Nunez de Balboa when he crossed the Isthmus of Panama. He named the body of water the South Sea. In 1789, the first U.S. Congress adopted 12 amendments to the Constitution. Ten of the amendments became the Bill of Rights. In 1847, during the Mexican-American War, U.S. forces led by General Zachary Taylor captured Monterrey Mexico. In 1890, the Sequoia National Park was established as a U.S. National Park in Central California. In 1890, Mormon President Wilford Woodruff issued a Manifesto in which the practice of polygamy was renounced. In 1965, Willie Mays, at the age of 34, became the oldest man to hit 50 home runs in a single season. In 1995, Ross Perot announced that he would form the Independence Party. In 2001, Michael Jordan announced that he would return to the NBA as a player for the Washington Wizards. | |
| SURVEY SAYS RESPONSES: Last week, I asked NewsDash readers, “Do you think basic financial education should be taught in K-12 schools, and if so, starting at what grade?” Not surprisingly, the majority of respondents (95.8%) do think basic financial education should be taught in K-12 schools. However, 2.8% said it should not and 1.4% had no opinion. Asked what grade basic financial education should start, the majority of readers (55.7%) selected elementary grades (K-5). Twenty percent said Grade 6, 2.9% said Grad 7, 7.1% chose Grade 8, 8.6% selected Grade 9, 2.9% said Grade 10, and Grades 11 and 12 were each chosen by 1.4% of respondents. There were many comments by readers about the importance of starting financial education early, even before children start school. Some noted that parents should also teach these skills, while others noted that if children learn in school, they may be able to help their parents. A few readers even gave ideas for how to teach children basic financial concepts. Editor’s Choice goes to the reader who said: “Just like English, Math, Science and Social Studies requirements, there should be mandatory classes (to graduate) for home economics.” Thanks to everyone who participated in the survey!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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