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Musician Union Pension Benefit Cut Likely to Be Denied
The financial hardship faced by the American Federation of Musicians and Employers’ Pension Fund is characteristic of a broader problem—one that Congress is divided on how to address.
Data and Research
Unemployed Older Workers May Not Be Able to Find New Jobs
Retirement Equity Lab says nearly 3 million older workers, those between the ages of 55 and 70, have left the labor force since March.
Most Read
2021 Recordkeeping Survey
Defined Benefit vs. Defined Contribution: Understanding the Costs of Each
Considering the Arguments for and Against Actively Managed Funds in DC Plans
SPONSORED BY: Newport Group
Executive Benefit Plan Trends: The Top 8 Things You Should Know
Economic Events
In the week ending August 1, the advance figure for seasonally adjusted initial claims for unemployment insurance was 1,186,000, a decrease of 249,000 from the previous week’s revised level of 1,435,000, the Labor Department reported. The four-week moving average was 1,337,750, a decrease of 31,000 from the previous week’s revised average of 1,368,750.
Market Mirror
Thursday, the Dow was up 185.46 points (0.68%) for a 27,386.98 close, the NASDAQ gained 109.67 points (1.00%) to reach 11,108.07, and the S&P 500 was up by 21.39 points (0.64%) for a 3,349.16 close. The Russell 2000 inched downward by 1.61 points (0.10%) to fall to 1,544.62, and the Wilshire 5000 gained 178.67 points (0.52%) to end at 34,255.55.

The 10-year Treasury note was up by 1/32, lowering its yield to 0.543%, and the price of the 30-year Treasury bond was up 27/32, lowering its yield to 1.203%.
DOL Fiduciary Rule Debate Continues in Public Comments
Some argue the fiduciary proposal is being rushed, while others broadly support the Department of Labor’s aim to align its regulations with the Securities and Exchange Commission.
Investment Product and Service Launches
ISS ESG releases new ESG fund rating and EPIC Retirement releases managed account feature to service providers.
ON THIS DATE: In 1789, the U.S. War Department was established by Congress. In 1782, George Washington created the Order of the Purple Heart. In 1888, Theophilus Van Kannel received a patent for the revolving door. In 1942, U.S. forces landed at Guadalcanal, marking the start of the first major allied offensive in the Pacific during World War II. In 1959, the U.S. launched Explorer 6, which sent back a picture of the Earth. In 1964, Congress passed the Gulf of Tonkin resolution, which gave President Johnson broad powers in dealing with reported North Vietnamese attacks on U.S. forces. In 2003, in California, Arnold Schwarzenegger announced that he would run for the office of governor.
And now its time for FRIDAY FUN!

A study published this week in the journal Science used a scanning electron microscope to track a razor blade as it sliced through strands of hair. It found that, under the right conditions, the soft hairs can produce tiny chips in the blade, which cumulatively cause the blade to dull quickly. The rate of dulling significantly exceeded researchers’ expectations.

A fisherman in Utah broke a three-decade old state record when he pulled in a lake trout weighing 53 pounds. The Utah Division of Wildlife Resources says the fish was caught at Flaming Gorge. It measured 44.1 inches long and 34.7 inches around.

Jill Karofsky was recently elected to the Wisconsin Supreme Court, and was sworn in over the weekend, in an unconventional location. Karofsky was participating in a 100-mile ultramarathon and State Supreme Court Justice Rebecca Dallet administered the oath of office in south-central Wisconsin while the new Wisconsin Supreme Court justice was at the 35-mile marker.

Bob Sportal of Minnesota purchased his 1957 Chevy pickup from a retiring farmer for $75 and, after driving it for 44 years, decided it was time to sell it. The purchase price? $75. The purchaser? The grandson of the farmer that sold it to Sportal in the first place. “It’s going in the family, so that’s the most important thing,” Sportal said, according to the AP, of why he didn’t sell it for its antique value.
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