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Some Employees Must Plan for a Retirement Without Social Security
Some Employees Must Plan for a Retirement Without Social Security
Financial wellness programs and broader use of auto-enrollment in DC plans could help public sector employees who are missing out on a major source of retirement income.
FinFit Makes its Platform Available to Oasis Customers
The financial wellness platform includes a comprehensive suite of tools and resources to help improve people’s financial health and well-being.
Most Read
More TDF Underperformance Lawsuits Emerge Across US
Data and Research
Plan Sponsors and Participants Cite Different ‘Important’ Benefits
Managed Account Fees Challenged in Latest ERISA Lawsuit
Security Benefit Waives Mutual Fund Custodial Fees
The waivers on these include loan origination fees of $50, manual distribution fees of $25 per distribution and plan amendment fees of $250.
Investment Product and Service Launches
Tickeron develops AI analysis for 401(k)s, IPX adds extra annuity products for distribution, and Vanguard closes Treasury Money Market Fund.
Economic Events
Interest on a 30-year fixed-rate mortgage averaged 3.31% for the week ending April 16, down from last week when it averaged 3.33%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 4.17%. Interest on a 15-year fixed-rate mortgage averaged 2.80%, up from last week when it averaged 2.77%. A year ago at this time, the 15-year FRM averaged 3.62%.

Privately‐owned housing starts in March were at a seasonally adjusted annual rate of 1,216,000, the Census Bureau announced. This is 22.3% below the revised February estimate of 1,564,000, but is 1.4% above the March 2019 rate of 1,199,000. Single‐family housing starts in March were at a rate of 856,000; this is 17.5% below the revised February figure of 1,037,000. The March rate for units in buildings with five units or more was 347,000.

In the week ending April 11, the advance figure for seasonally adjusted initial claims for unemployment insurance was 5,245,000, a decrease of 1,370,000 from the previous week’s revised level of 6,615,000, the Labor Department reported. The four-week moving average was 5,508,500, an increase of 1,240,750 from the previous week’s revised average of 4,267,750.
Market Mirror
Thursday, the Dow was up 33.33 points (0.14%) at 23,537.68, the NASDAQ gained 139.19 points (1.66%) to finish at 8,532.36, and the S&P 500 increased 16.19 points (0.58%) to 2,799.55. The Russell 2000 was down 5.89 points (0.50%) at 1,178.09, and the Wilshire 5000 closed 147.06 points (0.53%) lower at 27,984.88.

The price of the 10-year Treasury note was up 3/32, decreasing its yield to 0.607%. The price of the 30-year Treasury bond increased 1 30/32, bringing its yield down to 1.210%.
Archetypal Fee Litigation Case Targets Liberty Mutual
Plaintiffs say Liberty Mutual allowed excessive recordkeeping fees and failed to remove poorly performing investments.
Athene Fined for Unlicensed PRT Business
The matter with the New York State Department of Financial Services has been resolved with the fine and a transfer of transactions to Athene’s New York-based subsidiary.
Small Talk
ON THIS DATE: In 1521, Martin Luther was excommunicated from the Roman Catholic Church. In 1524, New York Harbor was discovered by Giovanni Verrazano. In 1790, American statesman, printer, scientist and writer Benjamin Franklin died in Philadelphia at age 84. In 1861, Virginia became the eighth state to secede from the Union. In 1865, Mary Surratt was arrested as a conspirator in the Lincoln assassination. In 1961, about 1,400 U.S.-supported Cuban exiles invaded Cuba at the Bay of Pigs in an attempt to overthrow Fidel Castro. It was an unsuccessful attack. In 1964, the Ford Motor Company unveiled its new Mustang model. In 1969, in Los Angeles, Sirhan Sirhan was convicted of assassinating Senator Robert F. Kennedy. In 1970, with the world anxiously watching, Apollo 13, a U.S. lunar spacecraft that suffered a severe malfunction on its journey to the moon, safely returned to Earth. In 1993, a federal jury in Los Angeles convicted two former police officers of violating the civil rights of beaten motorist Rodney King. Two other officers were acquitted. In 1996, Erik and Lyle Menendez were sentenced to life in prison without parole for killing their parents.

And now it’s time for some FRIDAY FUN!
Dogs are probably getting extra walks these days. This one must be tired of it.

In Madrid, Spain, a man who had to cancel a ski vacation created the experience in his home.

In Rome, Italy, a woman was fined for being outside her home without a “justifiable reason.” Walking your dog is considered a justifiable reason in Italy, but apparently, walking your turtle is not. “The woman was walking with a turtle,” the police statement said. Roman police spokesman Nunzio Carbone told AFP that the woman was fined 400 euros because it was “not a justifiable excuse.”

In Fort Lauderdale, Florida, some attorneys apparently think showing up for court meetings via Zoom means they can use a very relaxed dress code. Broward Circuit Judge Dennis Bailey made a plea in a letter published by the Weston Bar Association, news outlets reported. “It is remarkable how many ATTORNEYS appear inappropriately on camera,” Bailey said in the letter. “One male lawyer appeared shirtless and one female attorney appeared still in bed, still under the covers.” Bailey isn’t making any exceptions for lawyers lounging in the Florida sunshine. “Putting on a beach cover-up won’t cover up you’re poolside in a bathing suit,” he wrote.

Wishing everyone a happy, safe and healthy weekend!
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