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April 20th, 2022
Insight on Plan Design & Investment Strategy Every Weekday
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Ask the Experts
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Receipt of a Power of Attorney for a Plan Participant
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“We just received a request from our 403(b) plan recordkeeper for a Power of Attorney to be reviewed and approved by an authorized representative of the plan. It is for the daughter of one of our former employees, and the former employee does indeed have an account balance in the plan. Should we just review it for accuracy and approve it or have outside counsel for our retirement plan look at it?” 
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| ECONOMIC EVENTS |
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Privately-owned housing starts in March were at a seasonally adjusted annual rate of 1,793,000, the Census Bureau announced. This is 0.3% above the revised February estimate of 1,788,000 and is 3.9% above the March 2021 rate of 1,725,000. Single‐family housing starts in March were at a rate of 1,200,000; this is 1.7% below the revised February figure of 1,221,000. The March rate for units in buildings with five units or more was 574,000.
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| Market Mirror |
Tuesday, the Dow gained 499.51 points (1.45%) to close at 34,911.20, the Nasdaq was up 287.30 points (2.15%) to 13,619.66, and the S&P 500 increased 70.52 points (1.61%) to 4,462.21. The Russell 2000 climbed 40.63 points (2.04%) to 2,030.77, and the Wilshire 5000 gained 882.53 points (2.00%) to 44,969.13.
The price of the 10-year Treasury note decreased 29/32 bringing its yield up to 2.943%. The price of the 30-year Treasury note fell 1 1/32 increasing its yield to 3.007%.
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ON THIS DATE: In 1775, American troops began the siege of British-held Boston. In 1809, Napoleon defeated Austria at Battle of Abensberg, Bavaria. In 1841, in Philadelphia, Edgar Allen Poe’s first detective story, “The Murders in the Rue Morgue,” was published. In 1879, the first horse drawn mobile home was used in a journey from London to Cyprus. In 1902, scientists Marie and Pierre Curie isolated the radioactive element radium. In 1912, Fenway Park opened as the home of the Boston Red Sox. In 1945, Soviet troops began their attack on Berlin. In 1984, Britain announced that its administration of Hong Kong would cease in 1997. In 1986, the Chicago Bulls’ Michael Jordan scored 63 points in an NBA playoff game against the Boston Celtics, to set a post-season scoring record. In 1999, two teenage gunmen killed 13 people in a mass shooting spree at Columbine High School in Littleton, Colorado, south of Denver. In 2008, Danica Patrick won the Indy Japan 300 at Twin Ring Motegi in Motegi, Japan, to become the first female winner in IndyCar racing history.
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| Industry Intel Roundup—Featured White Paper | | PLANSPONSOR is pleased to present the next edition of our Industry Intelligence roundup. This week, we are featuring white papers offering key insights and analysis about the industry. The content was created to educate, inform and offer ideas for plan sponsors regarding plan design, investing, administration and compliance. |
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