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May 10, 2017
Good Day!
Form 990 Filing Deadline Approaching
IRS Sets 2018 HSA Limits
DOL Investigating 3M Pension Plan
Prudential Retirement Appoints New CEO
Demographic Transition Can Inform Investment Decisions
Compliance
Diverse Lynx, a Princeton, New Jersey-based IT staffing firm, violated federal law when it failed to refer a job applicant because of his age, according to a lawsuit filed by the U.S. Equal Employment Opportunity Commission (EEOC). In its lawsuit, the EEOC charged that after Diverse Lynx learned of the applicant's date of birth, the company sent the applicant an email stating that he would no longer be considered for the position because, according to the email, he was "born in 1945" and "age will matter." Read more »
Form 990 Filing Deadline Approaching :
The Internal Revenue Service today reminded tax-exempt organizations that many have a filing deadline for Form 990-series information returns in mid-May. Tax-exempt organizations that do not file can lose their tax-exempt status, which will affect eligibility to offer 403(b) plans. Read more »
IRS Sets 2018 HSA Limits:
The Internal Revenue Service (IRS) issued Revenue Procedure 2017-37, which provides the 2018 inflation adjusted amounts for health savings accounts (HSAs) as determined under Section 223 of the Internal Revenue Code. Read more »
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DOL Investigating 3M Pension Plan :
3M Company has said in a Securities and Exchange Commission (SEC) Form 10-Q filing that the Department of Labor (DOL) is investigating its pension plan. The DOL stated its investigation relates to certain private equity investments, plan expenses, securities lending, and distributions of plan benefits. Read more »
Products, Deals and People
Prudential Retirement Appoints New CEO :
Phil Waldeck will serve as the president and chief executive officer of Prudential Retirement, a division of Prudential Financial, effective June 5. He succeeds Christine Marcks, who recently announced her decision to retire following more than 13 years of service, a decade of which was spent as president and CEO. Read more »
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Economic Events
March sales of merchant wholesalers, except manufacturers’ sales branches and offices, after adjustment for seasonal variations and trading-day differences but not for price changes, were $465.5 billion, virtually unchanged from the revised February level, but up 9.1% from the March 2016 level, the Census Bureau announced. The January to February percent change was revised from the preliminary estimate of up 0.6% to up 0.7%.
Market Mirror

Tuesday, the Dow closed 36.50 points (0.17%) lower at 20,975.78, the NASDAQ increased 17.93 points (0.29%) to 6,120.59, and the S&P 500 was down 2.46 points (0.10%) at 2,396.92. The Russell 2000 was virtually unchanged at 1,391.86, and the Wilshire 5000 decreased 21.89 points (0.09%) to 24,932.90.

The price of the 10-year Treasury note was down 2/32, increasing its yield to 2.396%. The price of the 30-year Treasury bond was up 2/32, decreasing its yield to 3.022%.

Ask the Experts
“I work for a large private 501(c)(3) health care system that sponsors several 403(b) plans for different operating entities that are all part of the same controlled group for testing purposes. We are considering adding a Roth contribution option; currently we only permit pre-tax elective deferrals. If we add Roth to one 403(b) plan, do we need to add it to all of our 403(b) plans? Or can we pick and choose where to add the feature?” Read more »
Investing
Demographic Transition Can Inform Investment Decisions:
The aging of the workforce is not just a U.S. phenomenon—and the global trend will impact investment returns for a long time to come. Read more »
Small Talk
Despite healthy markets, investors are feeling less generous toward Mom this year, with nearly one in five (18%) indicating they don’t plan on spending any money on a gift for Mother’s Day this year, versus just 5% saying the same thing in Spectrem Group’s 2016 survey. For those buying a gift, however, flowers remain the most popular option. Read more »
ON THIS DATE: In 1503, Christopher Columbus discovered the Cayman Islands. In 1773, the English Parliament passed the Tea Act, which taxed all tea in the U.S. colonies. In 1865, Confederate President Jefferson Davis was captured by Union troops near Irvinville, Georgia. In 1869, Central Pacific and Union Pacific Railroads met in Promontory, Utah. A golden spike was driven in at the celebration of the first transcontinental railroad in the U.S. In 1872, Victoria Woodhull became the first woman nominated for the U.S. presidency. In 1908, the first Mother's Day observance took place during a church service in Grafton, West Virginia. In 1924, J. Edgar Hoover was appointed head of the Federal Bureau of Investigation. In 1943, U.S. troops invaded Attu in the Aleutian Islands to expel the Japanese. In 1960, the U.S.S. Triton completed the first circumnavigation of the globe under water. The trip started on February 16. In 1962, Marvel Comics published the first issue of "The Incredible Hulk." In 1968, preliminary Vietnam peace talks began in Paris. In 1969, the National and American Football Leagues announced their plans to merge for the 1970-71 season. In 1986, Navy Lt. Commander Donnie Cochran became the first black pilot to fly with the Blue Angels team. In 2011, it was announced that Microsoft had closed a deal to purchase the internet phone service Skype for $8.5 billion.

 

 

WEDNESDAY WISDOM: “The greatest use of a life is to spend it on something that will outlast it.”—William James, American philosopher and psychologist

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EDITORIAL

Alison Cooke Mintzer | Editor-in-Chief | alison.mintzer@strategic-i.com

Rebecca Moore | NewsDash Editor | rebecca.moore@strategic-i.com

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