| Denial of Benefits | | While the Supreme Court’s decision in Kennedy v. Plan Administrator for Dupont Savings Plan emphasized the necessity for a plan administrator to comply with the terms of a plan, lower courts are still undecided as to whether that decision eliminated the substantial compliance doctrine, an issue that frequently arises in designation of beneficiary cases.
Read more > | | | Beyond K: Whatever Suits | | Michael Foguth, founder of Foguth Financial Group in Brighton, Michigan, says the No. 1 determiner of retirement readiness is not the person’s total assets but how much income he will need. “It’s a misconception that people have to save a certain dollar amount or save for an 80% income replacement rate,” he says. “How much people need differs. It could be 80%—or more or less.”
Read more > | | | Market Mirror | | Tuesday, the Dow gained 69.25 points (0.26%) to finish at 26,786.68, the NASDAQ increased 17.93 points (0.22%) to 8,109.09, and the S&P 500 was up 8.68 points (0.29%) at 2,973.01. The Russell 2000 closed 9.13 points (0.58%) lower at 1,560.54, and the Wilshire 5000 closed 66.38 points (0.22%) higher at 30,551.84.
The price of the 10-year Treasury note was up 5/32, decreasing its yield to 1.976%. The price of the 30-year Treasury bond increased 32/32, bringing its yield down to 2.503%.
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