Vanguard 529 change in Nevada overallocated some in equities

first_imgVanguard inadvertently gave some participants in Nevada’s 529 college savings plan higher equities allocations late last year, the company indicated this week. The error occurred in October, when the Vanguard 529 Plan switched from age-based portfolios to target-enrollment portfolios, the company said in an email.“When this transition occurred, due to an implementation error, some portfolios were given higher allocations to equities than intended,” a spokesperson said in a statement. “The glide path design and methodology has been and remains sound; this was an implementation issue and has been corrected.”The firm declined to say how many accounts were affected or what the differences in allocations were.Although clients were exposed to a higher level of investment risk, market returns between October and mid-March show that the error likely led to higher performance for most of the affected accounts. Between Sept. 30 and March 17, for example, the S&P 500 was up by 18.1%, and the Dow Jones Industrial Average was up 18.8%.According to a report Thursday in the Wall Street Journal, nine of the 31 portfolios in the Nevada plan had higher equity allocations than intended, and Vanguard contacted account holders this week about the correction. The Vanguard 529 College Savings Plan represented $23.9 billion as of the third quarter, among more than 471,000 accounts, about 7,800 of which belong to Nevada residents, according to a report late last year to the state’s college savings board. The average account size in Nevada was $35,794.Many 529 programs have shifted from age-based allocation models to target-date designs over the past few years, in part because of criticism of the age-based model’s tendency to have more rigid steps in allocation changes. Age bands, for example, often included larger, immediate shifts in allocations, Morningstar pointed out in a report more than five years ago. That meant that if a child’s birth date coincided with a low point in the market, they could potentially lock in losses. Target-date portfolios, conversely, correspond with the projected year that a saver will attend college, and those designs shift allocations more gradually. Pandemic accelerated investing based on ESG and climate goalslast_img read more

Nitrotec develops transportation methods for gases

first_imgGet instant access to must-read content today!To access hundreds of features, subscribe today! At a time when the world is forced to go digital more than ever before just to stay connected, discover the in-depth content our subscribers receive every month by subscribing to gasworld.Don’t just stay connected, stay at the forefront – join gasworld and become a subscriber to access all of our must-read content online from just $270. Subscribelast_img

Are you stuck in one-way traffic? Liquidated damages and the Construction Act

first_imgStay at the forefront of thought leadership with news and analysis from award-winning journalists. Enjoy company features, CEO interviews, architectural reviews, technical project know-how and the latest innovations.Limited access to industry news as it happensBreaking, daily and weekly e-newsletters Subscribe to Building today and you will benefit from:Unlimited access to all stories including expert analysis and comment from industry leadersOur league tables, cost models and economics dataOur online archive of over 10,000 articlesBuilding magazine digital editionsBuilding magazine print editionsPrinted/digital supplementsSubscribe now for unlimited access.View our subscription options and join our community Get your free guest access  SIGN UP TODAY To continue enjoying, sign up for free guest accessExisting subscriber? LOGIN Subscribe now for unlimited accesslast_img read more

“Clay Day” hits a bullseye for the CC Children’s Center

first_imgMore than 26,000 clays.  Sixty-six teams.  Countless volunteers.  And it all came together from predawn to near dusk last Friday near Maryville.The third annual Clays for Children Sporting Clays Tournament was held September 28 at Chilhowee Sportsman’s Club.  The event, that raises funds for the children’s centers of Campbell, Claiborne, Fentress, Scott and Union Counties, is the second largest sporting clays tournament held at the south Blount County facility.Billy Ball, one of 264 shooters, reloads at Friday’s “Clay Day”“The children’s center is dear to my heart, and there is no better organization,” said Billy Ball.  Ball, who participated Friday, also serves on the board of directors for the Campbell County’s Children’s Center.  Though he says “Clay Day” is a good way to spend time with friends, there is nothing better than we can do for our children than support the center.  Ball adds, “We are blessed to have the children’s center; a great asset with a great staff.”Ron Dilbeck takes aim at an orange clayThe tourney is the brainchild of 8th Judicial District Attorney General Jared Effler who described the day as “awesome!”  He smiled as he said that this was by far the biggest yet with three full flights comprised of 22 teams per flight.  Effler said, “I’m humbled by the outpouring of  community support and hope we can keep it (Clay Day) growing.”   MORE photos are HERE.Cray Vinsant led off at Station 3 on Friday afternoonVolunteers spent a rainy Thursday setting up for Friday’s shoot.  They were back long before sun up on Friday to get the day rolling.  Outside from staffers from Effler’s district offices, other volunteers included students from Union County High School who helped prepare the meals.  Both breakfast and lunch were served.  Members of the LMU Softball team helped with the third, and last, flight of the day.  Music was a new addition this year as Tennessee 90 entertained during lunch.Tony Parkerson with Stowers participates in about 20 clays tournaments a year and describes this event “far and away the best of all of them- first class and so well organized.”  Parkerson points to Billy Ball’s call of the auction and the auction itself as a blast with some really nice auction items.If you would like to participate, sponsor or volunteer in the 2019 “Clay Day,” it’s never to early to call ahead to 423.626.8002.  (WLAF NEWS PUBLISHED – 10/03/2018-6AM) Share this:FacebookTwitterlast_img read more