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September 6th, 2024
Insight on Plan Design & Investment Strategy Every Weekday
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ADMINISTRATION
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Smaller Plans, Larger Costs
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While 401(k) plan fees are a bigger ask for small plans, the savings benefits to participants still tend to be worth the price. 
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| ECONOMIC EVENTS |
In the week ending August 31, the advance figure for seasonally adjusted initial claims was 227,000, a decrease of 5,000 from the previous week’s revised level of 232,000, the Department of Labor announced. The four-week moving average was 230,000, a decrease of 1,750 from the previous week’s revised average of 231,750.
Interest on a 30-year fixed-rate mortgage averaged 6.35% for the week ending September 5, unchanged from last week when it averaged 6.35%, Freddie Mac reported. A year ago at this time, the 30-year FRM averaged 7.12%. Interest on a 15-year fixed-rate mortgage averaged 5.47%, down from last week when it averaged 5.51%. A year ago at this time, the 15-year FRM averaged 6.52%.
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| MARKET MIRROR |
Thursday, the Dow fell 219.22 points (0.54%) to close at 40,755.75, the Nasdaq rose 43.37 points (0.25%) to close at 17,127.66 and the S&P 500 fell 16.66 points (0.30%) to close at 5,503.41. The Russell 2000 fell 13.16 points (0.61%) to close at 2,132.06, and the FT Wilshire 5000 Index fell 181.25 points (0.33%) to close at 55,023.02.
The 10-year Treasury note increased 24/32, bringing the yield to 3.733%. The 30-year Treasury bond increased 7/32, bringing the yield to 4.022%.
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PRODUCTS
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Product & Service Launches
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Vestwell adds TIAA in-plan guaranteed income offering; American Life launches new fixed-indexed annuity; nudge publishes free financial wellness guide for employers; and more.
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ON THIS DATE: In 1901, Republican William McKinley, the 25th president of the U.S., was shot by Leon Czolgosz, an anarchist, at the Pan-American Exposition in Buffalo, New York, and died eight days later. In 1914, French and British forces launched an offensive against advancing Germans in the First Battle of the Marne during World War I. In 1944, Germany fired the first long-range V-2 missile at an Allied target during World War II. In 1966, South African Prime Minister Hendrik Verwoerd, who developed and rigorously applied the theory of apartheid, was stabbed to death by a temporary parliamentary messenger. In 1991, the Soviet Union recognized the independence of the Baltic states—Estonia, Latvia and Lithuania. In 1997, about a week after her death in a car accident, a funeral was held for Princess Diana, and an estimated 2.5 billion watched the televised ceremony, which included a performance by Elton John. In 2019, Zimbabwean politician Robert Mugabe—the longtime ruler of Zimbabwe, first as prime minister, then as president—died at age 95; he had been deposed two years earlier.
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