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August 31st, 2022
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
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The Conference Board Consumer Confidence Index increased in August, following three consecutive monthly declines. The Index now stands at 103.2, up from 95.3 in July. The Present Situation Index—based on consumers’ assessment of current business and labor market conditions—improved to 145.4 from 139.7 last month. The Expectations Index—based on consumers’ short-term outlook for income, business, and labor market conditions—increased to 75.1 from 65.6.
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| MARKET MIRROR |
Tuesday, the Dow dropped 308.12 points (0.96%) to close at 31,790.87, the Nasdaq lost 134.53 points (1.12%) to 11,883.14 and the S&P 500 sagged 44.46 points (1.10%)to close at 3,986.17. The Russell 2000 lost 27.35 points (1.45%) to 1,855.59 and the Wilshire 5000 was down 457.39 points (1.13%) to close at 39,855.86.
The price of the 10-year Treasury note decreased 1/32 bringing the yield up to 3.120%. The price of the 30-year Treasury bond increased 2/32 bringing the yield to 3.233%.
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ASK THE EXPERTS
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How Do We Treat Rehires in an Auto-Enrolled 403(b) Plan?
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“Our 403(b) plan is an automatic contribution arrangement (ACA), or auto-enrolled plan. However, our plan is NOT an Eligible Automatic Contribution Arrangement (EACA) or a Qualified Automatic Contribution Arrangement (QACA), primarily because we only enroll new hires, and not existing employees. My question is, how do we treat rehires in such an arrangement? Should we auto-enroll them as new hires, or treat them as existing employees who we would not auto enroll?” 
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SURVEYS
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DC Survey Now Open
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For more than 20 years, PLANSPONSOR’s annual Defined Contribution Survey has provided benchmarking data for nearly 50 industries/business sectors and for 401(k), 403(b), and other DC plans, as well as nonqualified plans. Represent your industry and plan type by participating, and you’ll receive a free benchmarking report.
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ON THIS DATE: In 1852, the first pre-stamped envelopes were created under federal law. In 1864, during the Civil War, the Confederate evacuation of Atlanta began, shortly before Union Army troops led by William Tecumseh Sherman occupied the city. In 1897, Thomas Edison received a patent for his movie camera, the Kinetograph. Edison had developed the camera and its viewer in the early 1890s and staged several demonstrations. In 1888, the body of Mary Ann Nichols was discovered in the Whitechapel district of London’s East End, and many believe she was the first victim of Jack the Ripper. In 1955, William G. Cobb of the General Motors Corp. demonstrated his 15-inch-long “Sunmobile,” the world’s first solar-powered automobile, at the General Motors Powerama auto show held in Chicago. In 1962, the Caribbean nation of Trinidad and Tobago declared independence from Britain. In 1991, Uzbekistan and Kyrgyzstan declared independence from the Soviet Union. In 1997, Diana, Princess of Wales—“the People’s Princess”—died in a car crash in Paris. In 2016, Brazilian President Dilma Rousseff was impeached and removed from office after the country’s Senate found her guilty of having used state bank funds to cover up a budget deficit in the run-up to her reelection in 2014.
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| Industry Intel Roundup— | | | | | | | | | | | |
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