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| Products, Deals and People | |
| Segal names National Director of Multiemployer Consulting; and Cammack expands into Southeast with addition of consultant.Read more > | |
| Economic Events | |
| THE ECONOMIC WEEK AHEAD: Today, the Census Bureau will report about new home sales in August. Tomorrow, the Conference Board will release its Consumer Confidence Index for September. Wednesday, the Census Bureau will report about durable goods orders for August. Thursday, the Labor Department will issue its initial claims report. | |
| Sponsored message from PNC | |
| Generational Divide in the Workplace Generational Divide in the Workplace and Its Impact on Plan ParticipatioRead more > | |
| Market Mirror | |
Friday, the Dow fell 131.01 points (0.71%) to 18,261.45, the NASDAQ closed 33.78 points (0.63%) lower at 5,305.75, and the S&P 500 decreased 12.47 points (0.57%) to 2,164.71. The Russell 2000 was down 8/81 points (0.70%) at 1,254.62, and the Wilshire 5000 lost 122.65 points (0.54%) to finish at 22,557.11. On the NYSE, 3 billion shares changed hands, with declining issues outnumbering advancing issues 1.7 to 1. On the NASDAQ, 2.6 billion shares traded, with 3 decliners for every 2 advancers. The price of the 10-year Treasury note was up 1/32, decreasing its yield to 1.619%. The price of the 30-year Treasury bond was down 6/32, increasing its yield to 2.345%. WEEK’S WORTH: For the week ending September 23, the Dow was up 0.76%, the NASDAQ increased 1.17%, and the S&P 500 finished 1.19% higher. The Russell 2000 climbed 2.44%, and the Wilshire 5000 gained 1.42%. | |
| Compliance | |
| California Governor Jerry Brown signed AB 2833, sponsored by State Treasurer John Chiang, requiring public pension funds to disclose fees paid to private equity investment firms. According to the bill, “for new contracts entered into on and after January 1, 2017, and for existing contracts for which a new capital commitment is made on or after January 1, 2017, would require a public investment fund, as defined, to require alternative investment vehicles, as defined, to make specified disclosures regarding fees, expenses, and carried interest in connection with these vehicles and the underlying investments, as well as other specified information.”Read more > | |
| In an investigation conducted by the Department of Labor (DOL), electrical equipment installation company Steven Keares Inc., along with owner Harry Keares, were found to have violated the Employee Retirement Income Security Act (ERISA) by suppressing employee pay and failing to remit employee contributions and loan repayments.Read more > | |
| Court Rejects Wellness Program Sponsor’s Motion to Dismiss | |
| The court found the program was subject to Americans With Disabilities Act (ADA) scrutiny, but also that the wellness plan was lawful under the ADA because it concluded the employee’s decision whether to participate was voluntary under that statute. Other claims in the case are set to go to trial.Read more > | |
| Costly Actuarial Errors Alleged in New Lawsuit | |
| Plaintiffs in retirement plan litigation claim a contracted pension actuary failed to accurately assess forward-looking pension liabilities, resulting in more than $100 million in alleged damages. The case involves pension plans acquired by UPMC when it acquired another medical provider.Read more > | |
| Senate Committee Approves Bill Allowing Open MEPs | |
| The U.S. Senate Committee on Finance has approved a bill that would open the door for employers to participate in open multiple employer plans (MEPs), as well as provide nondiscrimination testing relief permanently to closed defined benefit (DB) plans and a fiduciary safe harbor for selection of lifetime income solution providers.Read more > | |
| From the Magazine | |
| A Personalized Path | |
| Gaining in popularity, managed accounts offer individualized portfolios, but may require some additional education for plan participants.Read more > | |
| Small Talk | |
| ON THIS DATE: In 1777, Philadelphia was occupied by British troops during the American Revolutionary War. In 1789, Thomas Jefferson was appointed America’s first Secretary of State. John Jay was appointed the first chief justice of the United States. Samuel Osgood was appointed the first Postmaster-General. Edmund Jennings Randolph was appointed the first Attorney General. In 1914, the U.S. Federal Trade Commission was established. In 1950, U.N. troops recaptured the South Korean capital of Seoul from the North Koreans during the Korean Conflict. In 1955, the New York Stock Exchange suffered its worst decline since 1929 when the word was released concerning U.S. President Eisenhower’s heart attack. In 1960, the first televised debate between presidential candidates Richard M. Nixon and John F. Kennedy took place in Chicago. In 1962, “The Beverly Hillbillies” premiered on CBS-TV. In 1964, “Gilligan’s Island” premiered on CBS-TV. In 1969, “The Brady Bunch” series premiered on ABC-TV. In 1985, Shamu was born at Sea World in Orlando. In 1986, William H. Rehnquist became chief justice of the U.S. Supreme Court following the retirement of Warren Burger. In 1990, the Motion Picture Association of America announced that it had created a new rating. The new NC17 rating was to keep moviegoers younger than 17 from seeing certain films. | |
| SURVEY SAYS RESPONSES: Studies indicate that first-born children and only children tend to be more successful in their careers than middle children or the last-born. Last week, I asked NewsDash readers in which birth order they fall, and whether this finding is true in their families. Among responding readers that are not only children, 28.2% indicated that the first-born in their family is most successful in his/her career, while 19.1% said it is a middle child, and 17.3% said the last-born is most successful. Others reported ties. Two things came out of comments left by readers who chose to do so: Many NewsDash readers come from large families, and many have opinions about this subject. Yes, my question left respondents to decide what the definition of career success is, and a number of readers pointed out that the answer to my question depends on how one defines career success. Also, if the verbatim comments are any indication, the studies’ findings are NOT the norm. Editor’s Choice goes to the reader who said: “First and middle are successful in our chosen careers and financially, youngest is an old hippy living in the woods little stress or debt. Maybe he is most successful.” Thanks to everyone who participated in the survey!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 > |
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Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com
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