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Weekday news and analysis for retirement plan advisers
Friday, June 18, 2021
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Compliance
Judge Significantly Pares Down Claims in ERISA Excessive Fee Suit
Some claims against Konica Minolta and its 401(k) committee were moved forward but all claims against the company’s board were dismissed.
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Compliance
DOJ Sues to Block Aon/Willis Towers Watson ‘Oligopoly’
The Department of Justice says Aon’s acquisition ‘would create a broking behemoth,’ breaking apart the ‘Big Three’ insurance brokers.
Today’s Most Read
1. With Prudential Acquisition, Empower Aims for Growth Up to 3x Faster Than Other Recordkeepers
2. Empower to Acquire Full-Service Retirement Business of Prudential
3. ProNvest Launches Fintech Platform
Excessive Fee Lawsuits Expected to Continue to Rain Down on Plans
Settlements have totaled more than $1 billion, making insurers think twice about new fiduciary insurance policies.
Mixed Ruling Issued in MetLife Mortality Table ERISA Lawsuit
The retirees’ main claim is that the plan’s use of mortality tables from 1971 and 1983 to convert default retirement benefits into the alternative benefits that they opted to receive constitutes unreasonable actuarial assumptions.
Investment Product and Service Launches
Dimensional Fund Advisors converts several mutual funds into active ETFs and Investment Metrics launches factor analysis platform.
On the Move
Transactions, promotions and new hires in the financial advisory industry.
Market Mirror Market Mirror Graph

Thursday, the Dow fell 210.22 points (0.62%) to 33,823.45, the Nasdaq closed 121.67 points (0.87%) higher at 14,161.35, and the S&P 500 decreased 1.84 points (0.04%) to 4,221.86. The Russell 2000 was down 27.23 points (1.18%) at 2,287.46, and the Wilshire 5000 lost 15.91 points (0.04%) to finish at 44,313.06.

The price of the 10-year Treasury note increased 28/32, decreasing its yield to 1.509%, while the price of the 30-year Treasury bond increased 2 28/32, lowering its yield to 2.099.

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