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Insight on Plan Design & Investment Strategy Every Weekday
Data and Research
Plan Sponsors Interested in Some New Plan Design Ideas
Plan Sponsors Interested in Some New Plan Design Ideas
Respondents to a Principal survey also shared what they believe has contributed to plan and participant success.
Deals and People
Retirement Industry People Moves
Retirement plan consultant joins SageView and Broadridge hires CIT funds director.
Most Read
2021 Best in Class DC Providers
2021 Recordkeeping Survey
Participants Will Need Support to Understand Lifetime Income Projections
Economic Events
June sales of merchant wholesalers, except manufacturers’ sales branches and offices, after adjustment for seasonal variations and trading day differences but not for price changes, were $588.1 billion, up 2.0% from the revised May level and up 27.5% from the revised June 2020 level, the Census Bureau announced. The April to May percent change was unrevised from the preliminary estimate of up 0.8%.

Total nonfarm payroll employment rose by 943,000 in July, and the unemployment rate declined by 0.5 percentage point to 5.4, the Bureau of Labor Statistic reported. Notable job gains occurred in leisure and hospitality, in local government education, and in professional and business services.

Wednesday, the Bureau of Labor Statistics will reveal the consumer price index for July. Thursday, the Labor Department will issue its initial claims report, Freddie Mac will update average interest rates for the week, and the Bureau of Labor Statistics will reveal the producer price index for July.
Market Mirror
Friday, the Dow closed 144.26 points (0.41%) higher at 35,208.51, the Nasdaq closed 59.36 points (0.40%) lower at 14,835.76, and the S&P 500 increased 7.42 points (0.17%) to 4,436.52. The Russell 2000 gained 11.75 points (0.53%) to finish at 2,247.76, and the Wilshire 5000 was up 37.69 points (0.08%) at 46,143.37.

The price of the 10-year Treasury note decreased 30/32, bringing its yield up to 1.308%. The price of the 30-year Treasury bond fell 2 1/32, increasing its yield to 1.954%.

For the week ending August 6, the Dow was up 0.78%, the Nasdaq climbed 1.11%, and the S&P 500 increased 0.94%. The Russell 2000 gained 0.97%, and the Wilshire 5000 finished 0.95% higher.
Citgo Annuity Conversions Challenged in ERISA Lawsuit
Echoing similar complaints filed against other large employers, the plaintiffs claim Citgo is failing to pay the full promised value of alternative annuity benefits defined by the company’s pension plan.
IRS Issues Guidance on Single-Employer DB Plan Funding Relief Under ARPA
It addresses to what purposes newly allowed segment rates apply, how plan sponsors can make elections for which segment rates to use and the effect of the law on hybrid plan interest crediting rates.
Small Talk
ON THIS DATE: In 1831, the first steam locomotive began its first trip between Schenectady and Albany, New York. In 1848, Martin Van Buren was nominated for president by the Free-Soil Party in Buffalo, New York. In 1854, Henry David Thoreau’s “Walden” was published. In 1859, the escalator was patented by Nathan Ames. In 1892, Thomas Edison received a patent for a two-way telegraph. In 1910, A.J. Fisher received a patent for the electric washing machine. In 1936, at the Berlin Olympics, African American track star Jesse Owens won his fourth gold medal of the Games in the 4×100-meter relay. He was the first American to win four medals in one Olympics. In 1944, the Forest Service and Wartime Advertising Council created “Smokey the Bear” for public service announcements that urged caution to prevent forest fires. In 1945, the U.S. dropped an atomic bomb on Nagasaki. The bombing came three days after the bombing of Hiroshima. About 74,000 people were killed. In 1974, Gerald Ford became president after Richard Nixon resigned. In 1975, the New Orleans Superdome as officially opened when the Saints played the Houston Oilers in exhibition football. In 2004, Donald Duck received the 2,257th star on the Hollywood Walk of Fame.
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