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PLANSPONSOR NEWSDASH LOGO August 20th, 2021
Insight on Plan Design & Investment Strategy Every Weekday
Best Practices | Plan Management
The Right Provider Team
The Right Provider Team
Has your plan adapted to the changing provider ecosystem?
Products
Investment Product and Service Launches
Natixis Investment Managers combines businesses to single division; Morningstar Retirement Manager to support Allianz Life annuity products; and DriveWealth teams up with HSA provider.
Most Read
1
2021 Recordkeeping Survey
2
Defined Benefit vs. Defined Contribution: Understanding the Costs of Each
3
Considering the Arguments for and Against Actively Managed Funds in DC Plans
4
TRIVIAL PURSUITS: How Many Verses Does The Star-Spangled Banner Have?
5
TRIVIAL PURSUITS: How Many States Are in More Than One Time Zone?
Economic Events
Interest on a 30-year fixed-rate mortgage (FRM) averaged 2.86% for the week ending August 19, down slightly from last week when it averaged 2.87%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 2.99%. Interest on a 15-year FRM averaged 2.16%, up slightly from last week when it averaged 2.15%. A year ago at this time, the 15-year FRM averaged 2.54%.

In the week ending August 14, the advance figure for seasonally adjusted initial claims for unemployment insurance was 348,000, a decrease of 29,000 from the previous week’s revised level of 377,000, the Labor Department reported. This is the lowest level for initial claims since March 14, 2020, when it was 256,000. The four-week moving average was 377,750, a decrease of 19,000 from the previous week’s revised average of 396,750. This is the lowest level for this average since March 14, 2020, when it was 225,500.
Market Mirror
Thursday, the Dow decreased 66.57 points (0.19%) to 34,894.12, the Nasdaq was up 15.87 points (0.11%) at 14,541.79, and the S&P 500 increased 5.53 points (0.13%) to 4,405.80. The Russell 2000 closed 26.36 points (1.22%) lower at 2,132.42, and the Wilshire 5000 was down 58.20 points (0.13%) at 45,498.29.

The price of the 10-year Treasury note increased 23/32, bringing its yield down to 1.250%. The price of the 30-year Treasury bond was up 5/32, decreasing its yield to 1.876%.
Compliance
IRS Updates Issue Snapshot Regarding 403(b) Universal Availability Requirements
The agency highlights a common error in applying the requirements and makes self-audit suggestions.
Court in DST Systems Case Rejects Settlements While Certifying Class
The long-running case, in which investment adviser Ruane, Cunniff & Goldfarb is also a defendant, concerns investments of retirement plan assets in Valeant Pharmaceuticals stock.
Small Talk
ON THIS DATE: In 1619, the first enslaved Africans arrived in Jamestown, Virginia, setting the stage for slavery in North America. In 1939, the National Bowling Association was founded in Detroit. It was the first bowling association in the U.S. for African Americans. In 1945, Tommy Brown (Brooklyn Dodgers) became the youngest player to hit a home run in a major league ball game. Brown was 17 years, 8 months and 14 days old. In 1975, Viking 1, an unmanned U.S. planetary probe, was launched from Cape Canaveral, Florida, on a mission to Mars. In 2010, the last American combat brigade exited Iraq after more than seven years after the U.S.-led invasion began.

And now it’s time for some FRIDAY FUN!
The person in this portrait ages as you slowly walk past it.

Near Sydney, Australia, grocery shoppers got a surprise in the spice aisle.

In Eastbourne, England, a would-be bank robber fled empty-handed because he had bad handwriting. According to a Sussex Police news blog, an employee was unable to read the note he handed over, so he left. Staff at the bank later managed to read the note, which said “Your screen won’t stop what I’ve got, just hand over the 10s and the 20s. Think about the other customers.”. They called police, who were able to identify the suspect using CCTV footage from inside the bank.

Wishing everyone a safe and happy weekend!
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