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PLANSPONSOR NEWSDASH LOGO August 2nd, 2021
Insight on Plan Design & Investment Strategy Every Weekday
Administration
Addressing Forgotten Accounts Can Improve Retirement Savings Outcomes
Addressing Forgotten Accounts Can Improve Retirement Savings Outcomes
A better investment mix and increased savings are just two advantages participants who have disengaged with prior plan accounts gain by consolidating them, and plan sponsors can also benefit from helping them do so.
Deals and People
Retirement Industry People Moves
IPS acquires CPA firm’s pension services group; Morgan Stanley at Work and Vestwell announce partnership; FPS Group rebrands as IPX Retirement; and more.
Most Read
Research
2021 Recordkeeping Survey
Benefits
Defined Benefit vs. Defined Contribution: Understanding the Costs of Each
Investing
Considering the Arguments for and Against Actively Managed Funds in DC Plans
Economic Events
Today, the Census Bureau will report about construction spending for June, and tomorrow, it will report about factory orders for June. Thursday, the Labor Department will issue its initial claims report, and Freddie Mac will update average mortgage rates. Friday, the Bureau of Labor Statistics will reveal the unemployment rate for July, and the Census Bureau will report about wholesale trade for June.
Market Mirror
Friday, the Dow lost 149.06 points (0.42%) to finish at 34,935.47, the Nasdaq closed 105.59 points (0.71%) higher at 14,672.68, and the S&P 500 decreased 23.89 points (0.54%) to 4,395.26. The Russell 2000 was down 13.78 points (0.62%) at 2,226.25, and the Wilshire 5000 fell 295.00 points (0.64%) to 45,707.99.

The price of the 10-year Treasury note was up 4/32, decreasing its yield to 1.230%. The price of the 30-year Treasury bond increased 6/32, bringing its yield down to 1.897%.

For the week ending July 30, the Dow was down 0.36%, the Nasdaq fell 1.11%, and the S&P 500 decreased 0.37%. The Russell 2000 gained 0.75%, and the Wilshire 5000 finished 0.51% lower.
Compliance
Great-West Defendants Prevail in Appeal of Fee Challenge
Affirming a lower court ruling in its entirety, the 10th Circuit found that plaintiffs neither present evidence establishing the outer bounds of arm’s-length bargaining, nor show why defendants’ fees are outside that range. 
Lawmakers Urged to Act on Bills to Improve Retirement Savings
In addition to how to improve retirement savings opportunities for employees, the discussion addressed broader financial security and efforts to make the offering of plans less burdensome for employers.
Small Talk
ON THIS DATE: In 1858, in Boston and New York City the first mailboxes were installed along streets. In 1892, Charles A. Wheeler patented the first escalator. In 1923, in a hotel in San Francisco, President Warren G. Harding died of a stroke at the age of 58. In 1964, the Pentagon reported the first of two North Vietnamese attacks on U.S. destroyers in the Gulf of Tonkin. In 1990, Iraqi forces invaded Kuwait, setting off events that would lead to the Persian Gulf War. In 1992, Jackie Joyner-Kersee became the first woman ever to win two consecutive Olympic gold medals in the heptathlon, an event that consists of the 100-meter hurdles, high jump, shot put, 200-meter sprint, long jump, javelin throw, and 800-meter run.
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