NewsDash – August 2, 2023

August 2nd, 2023
Insight on Plan Design & Investment Strategy Every Weekday

Data and Research

Women Addressing Lifetime Income More Than Men

More women than men ages 61 to 65 are interested in securing guaranteed lifetime income sources, presenting an opportunity for retirement plan sponsors and advisers, research shows.

SPECIAL COVERAGE

DC Investment Menu

How are plan sponsors evaluating the options for inclusion in defined contribution plan investment lineups?

Most Read

Compliance
DOL Backs Companies on 401(k) Plan Forfeiture Complaints

Compliance
District Court Partially Strikes Down DOL’s Fiduciary Rule

Opinions
What Do Hidden Fees Really Mean in Your Health Plan? A Wake-Up Call for Employers

ECONOMIC EVENTS

Construction spending during June was estimated at a seasonally adjusted annual rate of $1,938.4 billion, 0.5% above the revised May estimate of $1,929.6 billion, the Census Bureau reported. The June figure is 3.5% above the June 2022 estimate of $1,873.2 billion. During the first six months of this year, construction spending amounted to $917.4 billion, 3.0% above the $890.4 billion for the same period in 2022.

MARKET MIRROR

Tuesday, the Dow gained 41.15 points (0.20%) to close at 35,630.68, the Nasdaq lost 62.11 points (0.43%) to close at 14,283.91, and the S&P 500 lost 12.23 points (0.27%) to close at 4,576.73. The Russell 2000 fell 9.01 points (0.45%) to close at 1,994.17, and the FT Wilshire 5000 Index fell 136.68 points (0.29%) to close at 46,313.54.

The 10-year Treasury note rose 2/32, bringing the yield to 4.032%. The 30-year Treasury bond rose 2/32, bringing the yield to 4.095%.

Deals and People

Northern Trust Promotes Bob Parise to Head of North America Institutional Unit

Parise had been the asset manager’s practice lead for public retirement funds and Taft-Hartley DC plan business.

Ask the Experts

When Can Creditors Make a Claim Against a Retirement Account?

Experts from Groom Law Group and CAPTRUST answer questions concerning retirement plan administration and regulations.

SMALL TALK

ON THIS DATE: In 1876, “Wild” Bill Hickok—a frontiersman, marksman, gambler and legend of the American West—was murdered in the city of Deadwood, in what is now South Dakota. In 1920, Marcus Garvey, a Jamaican activist and founder of the Universal Negro Improvement Association, reached the height of his power as he presided at an international convention in New York City. In 1924, essayist, novelist and playwright James Baldwin, known for works such as “Giovanni’s Room” and “If Beale Street Could Talk,” was born in Harlem, New York. In 1943, PT-109, a U.S. Navy torpedo boat under John F. Kennedy’s command, was sunk by a Japanese destroyer during World War II. In 1990, Iraq invaded Kuwait, and Saddam Hussein’s subsequent refusal to withdraw his troops sparked the first Persian Gulf War, in which an international force led by the U.S. quickly defeated Iraq. In 1992, at the Summer Olympics in Barcelona, American athlete Jackie Joyner-Kersee won the heptathlon, becoming the first person to win the event in consecutive Games. In 2016, chemist Ahmed H. Zewail, who in 1999 became the first Egyptian and the first Arab to win a Nobel Prize in a science category, died at age 70.

Industry Intel Roundup—Thought Leadership

PLANSPONSOR is pleased to present the next edition of our Industry Intelligence roundup. This week, we are featuring content from thought leadership authorities. The content was created to educate, inform and offer ideas for plan sponsors regarding plan design, investing, administration and compliance.