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PLANSPONSOR NEWSDASH LOGO August 8th, 2022
Insight on Plan Design & Investment Strategy Every Weekday
INVESTING
Florida’s DeSantis Joins Other GOP Pols in Opposing ‘Woke Capital’
Florida’s DeSantis Joins Other GOP Pols in Opposing ‘Woke Capital’
Governor moves to bar the State Board of Administration from adopting ESG-investing tenets.
Compliance
Plan Sponsors Have More Time for Certain Plan Amendments
The IRS is extending deadlines for amending plans for certain provisions of the SECURE Act and other legislation.
Most Read
Benefits
Defined Benefit Plans May Have New Life
Ask the Experts
Can an Alternate Payee Designate a Beneficiary?
Data and Research
Retirement Plan Provider Technology Investments Show Success
ECONOMIC EVENTS
Total nonfarm payroll employment rose by 528,000 in July, and the unemployment rate edged down to 3.5%, according to the Bureau of Labor Statistics. Both total nonfarm employment and the unemployment rate have returned to their February 2020 pre-pandemic levels. Wednesday, the Bureau of Labor Statistics will reveal the consumer price index for July, and the Census Bureau will report about wholesale trade for June. Thursday, the Labor Department will issue its initial claims report, Freddie Mac will update average mortgage rates for the week, and the Bureau of Labor Statistics will reveal the producer price index for July. 
MARKET MIRROR
Friday, the Dow increased 76.65 points (0.23%) to 32,803.47, the Nasdaq closed 63.03 points (0.50%) lower at 12,657.56, and the S&P 500 decreased 6.75 points (0.16%) to 4,145.19. The Russell 2000 closed 15.37 points (0.81%) higher at 1,921.82, and the Wilshire 5000 was down 12.48 points (0.03%) at 41,439.30.

For the week ending August 5, the Dow was down 0.13%, the Nasdaq gained 2.15%, and the S&P 500 increased 0.36%. The Russell 2000 finished 1.94% higher, and the Wilshire 5000 climbed 2.17%.

The price of the 10-year Treasury note decreased 1 2/32, bringing its yield up to 2.842%. The price of the 30-year Treasury bond fell 1 30/32, increasing its yield to 3.067%. 
DEALS AND PEOPLE, EVENTS
Retirement Industry People Moves
Empower bolsters its brand with legacy name alignment; Pentegra combines with new Pinnacle Consulting Group; Strategic Investment Group adds to client portfolio management team; and more.
Plan Design Considerations to Boost Outcomes
Join PLANSPONSOR for a webinar on August 18, during which industry experts and a plan sponsor will discuss what retirement plan design features have been shown to boost outcomes for participants, innovative ideas for plan design and how attention to overall financial wellness can improve retirement security for employees. Speakers will also talk about what education is needed to best set participants up for success.   
SMALL TALK
ON THIS DATE: In 1899, the refrigerator was patented by A.T. Marshall. In 1945, the United Nations Charter was signed by President Harry Truman. In 1974, President Richard Nixon announced that he would resign the following day. In 1978, the U.S. launched Pioneer Venus II, which carried scientific probes to study the atmosphere of Venus. In 2009, Sonia Sotomayor was sworn in as an Associate Justice of the Supreme Court. She is the first Hispanic justice to serve on the nation’s highest court.
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