| Limited Liability of a Trustee | | Plan sponsors may have an understanding of the different levels of fiduciary responsibilities under the Employee Retirement Income Security Act for discretionary trustees and directed trustees, but may not appreciate fully the implications of those distinctions, which were emphasized by a 2017 case in the Southern District of New York, Harley, et al., v. Bank of New York Mellon.
Read more > | | | From the Magazine: A New Best Interest Model | | “Remarkably, the SEC intends that the proposed standard be consistent with the best interest standard established in the defunct DOL advice rule and best interest contract exemption. And, ironically, if the proposal were to be adopted as currently drafted, broker/dealers could find themselves complying with a best interest standard and addressing conflicts of interest in a manner consistent with what they intended to use to comply with the DOL’s rulemaking.”
Read more > | | | Market Mirror | | Tuesday, the Dow lost 132.36 points (0.54%) to finish at 24,174.82, the NASDAQ closed 65.01 points (0.86%) lower at 7,502.67, and the S&P 500 decreased 13.49 points (0.49%) to 2,713.22. The Russell 2000 was up 5.33 points (0.32%) at 1,660.42, and the Wilshire 5000 was down 104.97 points (0.37%) at 28,376.98.
The price of the 10-year Treasury note increased 11/32, bringing its yield down to 2.829%. The price of the 30-year Treasury bond climbed 23/32, decreasing its yield to 2.957%.
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