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Weekday news and analysis for retirement plan advisers
Monday, September 12, 2022
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Retirement Industry People Moves
Allspring Global Investments hires U.S. distribution leader; Franklin Templeton hires U.S. institutional senior consulting adviser; Alger appoints head of distribution to further expand global sales; and more.
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Senate Finance Committee Proposes Final Text for EARN Act
The fully amended bill clarifies the Senate's position on retirement reform, as the Senate and House approach a final deal expected late this year.
Today’s Most Read
1. Retirement Industry People Moves
2. Maryland’s State-Run Retirement Program Officially Launches
3. Judge Rules in Favor of Goldman Sachs in ERISA Suit
A Reminder to Avoid Fraudulent Hardship Withdrawals
An individual in Ohio was recently indicted by a grand jury on charges that he fraudulently claimed the assets he withdrew from his retirement account would be used to purchase a primary residence and to pay medical expenses.
3rd Circuit Backs J&J in Stock-Drop Appeal
A new order emphasizes that a stock-drop plaintiff must do more than allege a general economic theory of why earlier disclosure of a financial issue would have been preferable.
DOL Extends Comment Period, Sets Hearing on QPAM Exemption Amendment
The complexity of the proposed reforms to the qualified professional asset manager exemption has given some experts pause.
Union Pension in Puerto Rico Latest to Receive PBGC Relief
With its latest relief payment, the Pension Benefit Guaranty Corporation has now distributed more than $7.5 billion to stressed union pension plans that cover over 152,000 workers, retirees and beneficiaries.
Market Mirror Market Mirror Graph

Friday, the Dow increased 377.19 points (1.19%) to finish trading at 32,151.71, the Nasdaq jumped 250.18 points (2.11%) to close at 12,112.31 and the S&P 500 gained 62.97 points (1.57%) to reach 4,068.27. The Russell 2000 was up 35.94 points (1.95%) to 1,882.84 and the Wilshire 5000 extended 690.24 points (1.72%) to 40,734.92.

The price of the 10-year Treasury note increased 4/32 bringing the yield down to 3.277%. The price of the 30-year Treasury bond increased 6/32 bringing the yield down to 3.444%.

For the week ending September 9, the Dow won 2.66%, the Nasdaq spiked 4.14%, and the S&P 500 gained 3.67%. The Russell 2000 increased 4.04%, and the Wilshire 5000 finished 3.96% higher.

 

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