| Webcast Event | In a very special forum—free and exclusively for plan sponsors—the editors of PLANSPONSOR and PLANADVISER magazines invite you to join them and two industry experts who will discuss recent findings from MetLife’s new Lifetime Income Poll, which assessed plan sponsors’ awareness of, and knowledge about, the important strides the U.S. Departments of Labor (DOL) and Treasury have made in recent years, and are contemplating for the future, to strengthen Americans’ retirement security through lifetime income; and plan sponsors’ current perspectives about the core purpose of a defined contribution (DC) plan, including considerations and best practices for delivering income solutions to plan participants.Read more > | | Products, Deals and People | PCS, provider of fiduciary retirement platforms, announced the launch of its new Advisor Lab Fiduciary Toolkit, aimed at enhancing compliance with the Department of Labor (DOL) fiduciary rule. For sponsors, the new toolkit “makes it easy to meet obligations to both the plan and its participants.”Read more > | Securian Financial Group has added SmartDollar to its retirement plan participant engagement and education platform. Key features of the SmartDollar program include on-demand video lessons, educational materials and coaching, regular communication to participants to take action, and aggregate reporting that enables plan sponsors to track progress.Read more > | Investment Products and Services | Jackson Square Partners offers mutual funds for institutional investors, Russell and Envestnet partner on new QDIA offering, and more.Read more > | | Economic Events | In the week ending September 24, the advance figure for seasonally adjusted initial claims for unemployment insurance was 254,000, an increase of 3,000 from the previous week’s revised level of 251,000, the Labor Department reported. The four-week moving average was 256,000, a decrease of 2,250 from the previous week’s revised average of 258,250.
The average interest rate for a 30-year fixed-rate mortgage is 3.42%, down from 3.48% one week ago, according to Freddie Mac. The average interest rate for a 15-year fixed-rate mortgage is 2.72%, down from 2.76%. | | Market Mirror | Thursday, the Dow lost 195.79 points (1.07%) to finish at 18,143.45, the NASDAQ closed 49.39 points (0.93%) lower at 5,269.15, and the S&P 500 decreased 20.25 points (0.93%) to 2,151.12. The Russell 2000 was down 17.91 points (1.43%) at 1,237.75, and the Wilshire 5000 fell 229.52 points (1.02%) to 22,385.93.
On the NYSE, 3.1 billion shares changed hands, and on the NASDAQ, 2.9 billion shares traded, with declining issues outnumbering advancing issues more than 3 to 1 on both exchanges.
The price of the 10-year Treasury note was up 4/32, decreasing its yield to 1.559%. The price of the 30-year Treasury bond increased 11/32, bringing its yield down to 2.279%. | | Compliance | Investment Manager on the Hook for Poor Plan Diversification | The 2nd U.S. Circuit Court of Appeals has affirmed a lower court’s ruling in Severstal Wheeling Retirement Committee v WPN Corporation, an example of retirement plan litigation that considered the extent of a plan fiduciary’s duty to diversify investments, as well as the allocation of liability among plan managers. A court ordered an investment manager to pay losses to the plan as well as pay back investment management fees.Read more > | | Small Talk | ON THIS DATE: In 1777, the Congress of the United States moved to York, Pennsylvania, due to advancing British forces. In 1846, Dr. William Morton performed a painless tooth extraction after administering ether to a patient. In 1882, in Appleton, Wisconsin, the world’s first hydroelectric power plant began operating. In 1927, George Herman “Babe” Ruth hit his 60th homerun of the season. He broke his own record with the homerun. The record stood until 1961 when Roger Maris broke it. In 1946, an international military tribunal in Nuremberg, Germany, found 22 top Nazi leaders guilty of war crimes. In 1947, the World Series was televised for the first time. The games were between the Brooklyn Dodgers and the New York Yankees. In 1951, “The Red Skelton Show” debuted on NBC-TV. In 1954, the U.S. Navy commissioned the Nautilus submarine at Groton, Connecticut. It was the first atomic-powered vessel. In 1971, the Soviet Union and the United States signed pacts that were aimed at avoiding an accidental nuclear war. In 1982, “Cheers” began an 11-year run on NBC-TV.
And now it’s time for FRIDAY FILES! | One lucky guy was barely missed by a truck that ran through a roundabout.Read more > | The “flannel moth caterpillar,” or “megalopygidae” to the science community, strangely looks like Donald Trump’s hair.Read more > | And, speaking of Trump, in Seattle Washington, a driver was pulled over for driving in the carpool lane with a fake passenger. According to the Associated Press, the driver had pasted a cardboard head of Donald Trump to the passenger-side head rest. The driver was ticketed for $136.
In Portland, Oregon, a woman decided to jump out of her car and literally ditched it—a spider had dropped into her lap from the rear view mirror. Fortunately, she only suffered minor scratches, CNN reports. | In Glasgow, Scotland, watch out for giant ducks.Read more > | In East Lansing, Michigan, a professor at Michigan State and urological surgeon kept hearing anecdotal reports from patients who had passed small kidney stones during and immediately after visiting the Disney theme parks. He decided to do his own experiment. The Atlantic reports he used a 3-D printer to create a clear silicone model of that three-time-stone patient’s kidney. He then filled the kidney with stones and urine. He and a colleague went to the Disney resort in Orlando and rode Big Thunder Mountain holding the kidney model between them at “kidney height.” After 60 rides, it was confirmed that kidney stones passed during the ride; however the surgeon noted that there was a huge difference when sitting in the front versus the back of the rollercoaster. The stones passed 63.89% of the time while the kidneys were in the back of the ride. When they were in the front, the passage rate was only 16.67%.
In Xinjiang, China, a woman was pulled over for suspicion of dru.nk driving. A breathalyzer confirmed she was into.xicated. But, as police took her picture, she was less concerned about the charge than her looks. She demanded that the officers use Meitu, a popular photo editing app, to make her look better.
In a bit of irony, in Rizhao, China, a rock slide severely damaged a park days before it was to open. The park’s new rock climbing facility was completely wiped out by the rock slide.
Have a great weekend! | 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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