| Judge Grants Class Certification in Citigroup Proprietary Fund Suit |
| A federal judge has granted class certification in a lawsuit alleging Citigroup violated its fiduciary duties under the Employee Retirement Income Security Act by offering and keeping affiliated funds in its 401(k) plans when better-performing, lower-cost funds were available.
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| Upcoming Webcast: The Unarticulated Needs of Plan Participants |
| Join PLANSPONSOR and industry experts for the webcast presentation, “Innovating to Address the Unarticulated Needs of Participants,” in which they’ll discuss: The next frontier in qualified default investment alternatives; investment vehicles, including the emergence of health savings accounts and the resurging of collective investment trusts; and the notion of a “retirement tier”, which includes tools and advice, targeted communications, investment options and plan design changes to meet the widely varying needs of participants approaching retirement.
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| Lower Income Workers Have Harder Time Staying in the Workforce |
| Remaining in the workforce for as long as feasible benefits workers in three main ways, the Center for Retirement Research at Boston College maintains in a new issue brief, “Is Working Longer a Good Prescription for All?”
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| Today’s Retirees Have Success Protecting Savings |
| More than one-third of retirees continue to grow their assets long after they stop working, BlackRock found.
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| Investors Have Mixed Opinions Following 2008 Financial Crisis |
| While 40% of people say the financial crisis of 2008 has had no lasting impact on their life, 42% say they now avoid the market and 46% have adjusted their spending and savings habits, Hartford Funds found in a survey.
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| MassMutual Offers RetireSMART Ready App |
| The app generates a personal projection of monthly income in dollars or, if preferred, shows the progress towards a stated financial wellness goal in retirement as a percentage of pre-retirement income.
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| LPL Financial Offers Gainfully Social Media Platform to Advisers |
| The Gainfully platform is now available to LPL Financial advisers, aimed at supporting and boosting client engagement via compliance-friendly social media content curation.
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| Market Mirror |
| Tuesday, the Dow gained 255.93 points (1.09%) to finish at 23,836.71, the NASDAQ closed 33.84 points (0.49%) higher at 6,912.36, and the S&P 500 increased 25.62 points (0.98%) to 2,627.04. The Russell 2000 was up 23.12 points (1.53%) at 1,536.43, and the Wilshire 5000 climbed 263.54 points (0.97%) to 27,296.22.
The price of the 10-year Treasury note was up 1/32, decreasing its yield to 2.328%. The price of the 30-year Treasury bond increased 8/32, bringing its yield down to 2.755%.
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