| Most Expect Social Security to Be Major Source of Income | To coincide with the 80th Anniversary of Social
Security, AARP conducted a survey of 1,200 adults about their views on the
program. One-third, 33%, said Social Security will be the source of income they
will rely on most during their retirement. Eighty-percent said they plan to
rely on Social Security either somewhat or substantially.Read more > | Are Open MEPs a Silver Bullet? | Bob Collie, chief research strategist with
Russell Investments, is squarely among the camp of retirement plan experts who
favor a determined expansion of the multiple employer plans (MEP) system. He is
quick to point out that MEPs are distinct from multiemployer plans, which are
generally run by an independent board on behalf of labor unions or other
related employee groups. Instead, multiple employer plans are established under
the Employee Retirement Income Security Act (ERISA) section 413(c) and have
historically have been used by companies that share a common industry or
payroll provider.Read more > | | Products, Deals & People | Executive benefits company Pen-Cal has become a
Lion Street Owner-Firm, in an effort to broaden Pen-Cal’s benefit plan
offerings and expand its client base. Based in Pleasanton, California, Pen-Cal
offers design, implementation, and administration of executive benefit
programs. It serves the needs of large and mid-size corporations and
businesses.Read more > | Investment Product Launches | Franklin Templeton launched a flexible alpha
bond fund; Morningstar announced new ESG tracking and reporting capabilities;
and American Century started a new alternative investment brand.Read more > | | Economic Events | In the week ending August 8, the advance
figure for seasonally adjusted initial claims for unemployment insurance was
274,000, an increase of 5,000 from the previous week’s revised level, the Labor
Department reported. The four-week moving average was 266,250, a decrease of
1,750 from the previous week’s revised average. This is the lowest level for
this average since April 15, 2000 when it was 266,250.
The U.S. Census Bureau announced that
the combined value of distributive trade sales and manufacturers’ shipments for
June, adjusted for seasonal and trading-day differences but not for price changes,
was estimated at $1,325.5 billion, up 0.2% from May, but down 2.5% from June
2014.
Advance estimates of U.S. retail and
food services sales for July, adjusted for seasonal variation and holiday and
trading-day differences, but not for price changes, were $446.5 billion, an
increase of 0.6% from the previous month, and up 2.4% from July 2014. Total
sales for the May through July period were up 2.3% from the same period a year ago.
The average interest rate for a 30-year fixed-rate
mortgage is 3.94%, up from 3.91% one week ago, according to Freddie Mac. The
average interest rate for a 15-year fixed-rate mortgage is 3.17%, up from
3.13%.
| | Market Mirror | U.S. stock
indices were little changed Thursday as the decline in China’s currency slowed,
according to the Associated Press. The Dow inched up 5.74 points (0.03%) to
17,408.25, the NASDAQ lost 10.83 points (0.21%) to finish at 5,033.56, and the
S&P 500 was down 2.64 points (0.13%) at 2,083.41. the Russell 2000 closed
4.24 points (0.35%) lower at 1,204.74, and the Wilshire 5000 decreased 32.08
points (0.15%) to 21,914.07.
On the NYSE,
3.2 billion shares changed hands, with 1.5 declining issues for every advancing
issue. On the NASDAQ, nearly 2.8 billion shares traded, with a 1.3 to 1 ratio
of decliners to advancers.
The price of the 10-year Treasury note decreased
15/32, bringing its yield up to 2.185%. The price of the 30-year Treasury bond
was down 11/32, increasing its yield to 2.857%.
| | From the Magazine | Four Reasons We May Still Need Employer Plans | Perhaps the underlying theme of the Obama
administration’s retirement policy efforts has been to get more employees in an
employer-mediated system and to keep them in that system. While the
administration has had limited success—e.g., in recruiting Republicans to
support its automatic individual retirement account, or auto-IRA, proposal—few
policymakers would disagree with that basic objective.Read more > | | Small Talk | ON
THIS DATE: In 1848,
the Oregon Territory was established. In 1935,
U.S. President Franklin D. Roosevelt signed the Social Security Act into law. In
1945, U.S. President Truman announced
that Japan had surrendered unconditionally. The surrender ended World War II. In
1953, the whiffle ball was invented.
In 1980, People for Ethical
Treatment of Animals (PETA) was incorporated. In 1995, Shannon Faulkner became the first female cadet in the history
of The Citadel, South Carolina’s state military college. She quit the school
less than a week later.
And now it’s time for FRIDAY FILES!
| Exam answers that will make you laugh out loud.
My favorite was for “Find x.”Read more > | When you’re ineb.riated and the escalator is
broken, you wonder why the ride is taking so long.Read more > | In St.
Lucie County, Florida, police saw a man sitting in his car in a parking
lot. The man revved the engine and started speeding away in reverse, but nearly
crashed into a pillar. Deputies spoke to the man, who had a pack of be.er in
the front seat. They also saw an open Budw.eiser in the cup holder, but the man
denied it was there. During field sobriety exercises, he said, “There is no
doubt that I am impaired.” There is also no doubt the man was arrested on a D.UI
charge. | In Caorle,
Italy, a British tourist snapped a photo of parts of his car melting in the
extreme heat.Read more > | In Finleyville,
Pennsylvania, a man has been charged with as.sault—over a Big Mac.
According to the Associated Press, police responded to a call to a home shared
by two brothers. Apparently one brother returned home to find that the other
had eaten all three Big Mac sandwiches that were in the house and didn’t save
him one. He began knocking over appliances and furniture and throwing food. He also
beat his brother, bruising the man’s right eye and left cheek, and cutting his
ear.
Hope you all have a wonderful weekend! | Share the good news with a friend! Pass the Dash along – and tell your
friends/associates they can sign up for their own copy.Read more > |
|