April 30th, 2018

DOL Secures Prison Time for Two Florida ERISA Fraudsters A pair of former executives of First Farmers Financial are being punished for their involvement in the sale of $179 million in fraudulent loans to a Milwaukee company that provided investment services to 42 retirement plans covered by the Employee Retirement Income Security Act. Read more > Investors Bring Down Mutual Fund and ETF Costs in 2017 “Our data shows that the cheapest 20% of funds raked in nearly $1 trillion last year while the rest of the industry saw net outflows of approximately $250 billion. The message investors are sending is crystal clear—cost counts,” says Patricia Oey, senior manager research analyst for Morningstar. Read more > IRS Reverts to Prior HSA Limit for Family Coverage The $6,900 limitation as the maximum deductible HSA contribution for individuals with family coverage under an HDHP who contribute to an HSA will remain in effect for 2018. Read more > $1 Million Not the Magic Number Most Employees Say They Need for Retirement More than half of employees surveyed by CareerBuilder said they think they’ll need to save less than $1 million in order to retire. Read more > MOST READ ARTICLES

FPS Group Updates IPX Platform Supporting 403(b), 457(b) Advisers The IPX platform provides RIAs with a more manageable entry point into the complex 403(b) and 457(b) markets by streamlining the requisite custody, trust, trading and administrative services. Read more > Retirement Industry People Moves Ascensus Appoints Industry Veterans to Board of Directors; Brinker Capital Grows Sales Division with Four Appointees; Goodwin Adds Partner to ERISA Team; and more. Read more > Market Mirror Friday, the Dow was down 11.15 points (0.05%) at 24,311.19, the NASDAQ was up 1.12 points (0.02%) at 7,119.80, and the S&P 500 increased 2.97 points (0.11%) to 2,669.91. The Russell 2000 decreased 1.66 points (0.11%) to 1,556.24, and the Wilshire 5000 increased 12.78 points (0.05%) to 27,734.71.   The price of the 10-year Treasury note was up 4/32, decreasing its yield to 2.970%. The price of the 30-year Treasury bond increased 21/32, bringing its yield down to 3.132%.   WEEK’S WORTH: For the week ending April 27, the Dow fell 0.62%, the NASDAQ finished 0.37% lower, and the S&P 500 was down 0.01%. The Russell 2000 lost 0.50%, and the Wilshire 5000 decreased 0.15%.

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