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Persistent Myths About Automatic Features Hurt Retirement Savers
Persistent Myths About Automatic Features Hurt Retirement Savers
Misunderstandings, mistakes and myths concerning auto-features persist among plan sponsors, argues a senior retirement strategist at Capital Group.
Plaintiffs’ Firms Must Pay $1.5 Million for ‘Vexatious’ Litigation
An order against the firms, which were involved in lengthy litigation against Great-West, states that they behaved recklessly and unfairly in the pursuit of their claims.
Most Read
Delay on Catch-Up Provision Allows Employers to Explore Optional SECURE 2.0 Features
Pension Plans of Kellogg, Kohler and FedEx Sued For Outdated Calculations   
Federal Judge Rejects One of Two Challenges to DOL ESG Rule
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 $682.8 billion, virtually unchanged from the previous month, but 10.3% above July 2021, the Census Bureau reported. Total sales for May through July were up 9.2% from the same period a year ago. The May to June percent change was revised from up 1.0% to up 0.8%. Retail trade sales were virtually unchanged from June 2022, but up 10.1% above last year. Gasoline stations were up 39.9% from July 2021, while non-store retailers were up 20.2% from last year.

U.S. total business end-of-month inventories for June were $2,419.5 billion, up 1.4% from last month, according to the Census Bureau. U.S. total business sales were $1,858.1 billion, up 1.3% from last month.
Wednesday, the Dow sagged 171.69 points (0.50%) to close at 33,980.32, the Nasdaq fell 164.43 points (1.25%) to 12,938.12 and the S&P 500 lost 31.16 points (0.72%) to close at 4,274.04. The Russell 2000 slipped 33.22 points (1.64%) to 1,987.31 and the Wilshire 5000 was down 403.84 points (0.94%) to 42,704.82.

The price of the 10-year Treasury note decreased 30/32 bringing the yield up to 2.903%. The price of the 30-year Treasury bond decreased 1 1/32 bringing the yield up to 3.152%.
Appeals Court Upholds Decision in Boeing Stock-Drop Case
Judges reaffirm the role of third-party fiduciaries in stock plans.
Data and Research
Inflation Worries Cause Participants to Adjust Retirement Savings
More than half of the respondents in an Empower survey plan to put more money into retirement savings as inflation and recession fears strike workers.
ON THIS DATE: In 1735, the “Evening Post” of Boston, was published for the first time. In 1795, President George Washington signed the Jay (or “Jay’s”) Treaty with Great Britain—officially the “Treaty of Amity Commerce and Navigation, between His Britannic Majesty; and The United States of America”— that attempted to diffuse the tensions between England and the United States that had risen to renewed heights since the end of the Revolutionary War. In 1920, women in the U.S. won the right to vote—144 years after the Declaration of Independence was signed and 130 years after the U.S. Constitution established voting is a right. Supporters of voting rights for women, suffragettes, battled in the Tennessee House of Representatives for the state to ratify the 19th Amendment to the Constitution. Following decades of struggle and protest across the country, the decisive vote was cast by a 24-year-old representative who reputedly changed his vote after receiving a note from his mother. In 1963, James Meredith graduated from the University of Mississippi. He was the first black man to accomplish this feat. In 1966, the first pictures of earth taken from moon orbit were sent back to the U.S. In 1982, the volume on the New York Stock Exchange topped the 100-million level for the first time at 132.69 million shares traded. In 2004, Donald Trump unveiled his board game (TRUMP the Game) where players bid on real estate, buy big ticket items and make billion-dollar business deals.
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