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| Products, Deals and People | |
| Mercer Introduces New 401(k) Platform | |
| Mercer, a global consulting firm, has launched Mercer Wise 401(k), a solution it says aims to mitigate plan sponsors’ fiduciary risk while lowering participants’ costs through leveraging Mercer’s global scale across the 401(k) value chain. Mercer will assume the role of named fiduciary and plan administrator for plan sponsors using the platform, and it will also assume responsibility of investment decisions.Read more > | |
| Economic Events | |
| New orders for manufactured durable goods in August decreased $0.1 billion to $226.9 billion, the U.S. Census Bureau announced. This decrease, down three of the last four months, followed a 3.6% July increase. Excluding transportation, new orders decreased 0.4%. Excluding defense, new orders decreased 1.0%. Electrical equipment, appliances, and components, down following two consecutive monthly increases, drove the decrease, down $0.2 billion or 2.5% to $9.6 billion. | |
| Sponsored message from MetLife | |
| Webcast: Lifetime Income for Defined Contribution Plans – A Path Forward PLANSPONSOR and MetLife discuss findings from MetLife’s new Lifetime Income Poll, and offer perspectives about the core purpose of a DC plans, including best practices for delivering income solutions to participants.Read more > | |
| Market Mirror | |
Wednesday, the Dow gained 110.94 points (0.61%) to finish at 18,339.24, the NASDAQ closed 12.84 points (0.24%) higher at 5,318.55, and the S&P 500 increased 11.44 points (0.53%) to 2,171.37. The Russell 2000 was up 9.29 points (0.75%) at 1,255.66, and the Wilshire 5000 climbed 123.42 points (0.55%) to 22,615.44. On the NYSE, 3.1 billion shares changed hands, with advancing issues outnumbering declining issues more than 3 to 1. On the NASDAQ, 2.9 billion shares traded, with 3 advancers for every 2 decliners. The price of the 10-year Treasury note was down 4/32, increasing its yield to 1.572%. The price of the 30-year Treasury bond decreased 6/32, bringing its yield up to 2.287%. | |
| Compliance | |
| BP Stock Drop Suit Sent Back to Lower Court Again | |
| The 5th U.S. Circuit Court of Appeals has ruled that a district court erred in finding that participants in BP’s employee stock ownership plan (ESOP) plausibly stated a claim that BP breached its fiduciary duties under heightened company stock case pleading standards established by the U.S. Supreme Court in Fifth Third v. Dudenhoeffer.Read more > | |
| From the Magazine | |
| When a Participant Loan Falls Through the Cracks | |
| How to correct when a defined contribution (DC) retirement plan sponsor neglects to start making loan repayments after a participant borrows against his account.Read more > | |
| Small Talk | |
| ON THIS DATE: In 1789, a regular army was established by the U.S. War Department with several hundred men. In 1943, U.S. Gen. Dwight D. Eisenhower and Italian Marchal Pietro Badoglio signed an armistice aboard the British ship Nelson. In 1957, the New York Giants played their last game at the Polo Grounds. The next year the Giants were in San Francisco. In 1960, “My Three Sons” debuted on ABC-TV. In 1963, “My Favorite Martian” premiered on CBS-TV. In 1982, in Chicago, seven people died after taking capsules of Extra-Strength Tylenol that had been laced with cyanide; 264,000 bottles were recalled. In 1983, “A Chorus Line” with performance number 3,389 became the longest running show on Broadway. In 1988, the space shuttle Discovery took off from Cape Canaveral in Florida. It was the first manned space flight since the Challenger disaster. In 1994, the U.S. House voted to end the practice of lobbyist buying meals and entertainment for members of Congress. In 2008, the Dow Industrial Average lost 777 points. It was the largest one-day decline to date. The drop came after the U.S. House of Representatives had voted down a $700 billion bank bailout plan. | |
| SURVEY SAYS: For fiduciary reasons, it is recommended that retirement plan sponsors benchmark their providers every three to five years by issuing a request for proposals (RFP) or a request for information (RFI). This week, I’d like to know, when was the last time your company performed a benchmarking for providers, were results significantly different from each provider, and did you find something that led you to make a change? You may respond to this week’s survey by 6 p.m. Pacific time today.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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