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Audit Rule Drives New Duties for Sponsors
Audit Rule Drives New Duties for Sponsors
What was the limited-scope audit has been expanded, with more thorough questions, to improve quality that was ‘all over the place.’
Plan Progress Webinar: Measuring the Success of Your DC Plan
Join PLANSPONSOR and industry sources for a discussion about metrics plan sponsors should use to gauge the success of their DC plans; ways to measure participant outcomes, or retirement readiness; and information available to help plan sponsors measure DC plan success.
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2021 Recordkeeping Survey
Data and Research
Employees Cite Several Reasons for Not Participating in Financial Wellness Programs
Plan Sponsors Might Mitigate ERISA Lawsuits With Defensive Provisions
Economic Events
In November, the Consumer Price Index for All Urban Consumers (CPI-U) rose 0.8% on a seasonally adjusted (SA) basis; rising 6.8% over the last 12 months, not seasonally adjusted (NSA), the Bureau of Labor Statistics reported. The index for all items less food and energy increased 0.5% in November, SA; up 4.9% over the year, NSA.

Real average hourly earnings for all employees decreased 0.4% in November, SA. Average hourly earnings increased 0.3% and CPI-U increased 0.8%. Real average weekly earnings decreased 0.2% over the month.

Tomorrow, the Bureau of Labor Statistics will report about the producer price index for November. Wednesday, the Census Bureau will report about retail sales for November and business trade for October. Thursday, the Labor Department will issue its initial claims report, Freddie Mac will update average mortgage rates for the week, and the Census Bureau will report about housing starts for November.
Market Mirror
Friday, the Dow increased 216.30 points (0.61%) to 35,970.99, the Nasdaq gained 113.23 points (0.73%) to finish at 15,630.60, and the S&P 500 climbed 44.57 points (0.95%) to 4,712.02. The Russell 200 was down 8.40 points (0.38%) at 2,211.81, and the Wilshire 5000 closed 325.92 points (0.68%) higher at 47,962.04.

The price of the 10-year Treasury note was up 2/32, decreasing its yield to 1.484%. The price of the 30-year Treasury bond was down 2/32, increasing its yield to 1.883%.

For the week ending December 10, the Dow gained 4.02%, the Nasdaq finished 3.61% higher, and the S&P 500 climbed 4.05%. The Russell 2000 was up 2.43%, and the Wilshire 5000 increased 3.45%.
Senators Ask IRS to Examine Policies on Survivors’ Pension Benefits
They say current regulatory guidance has led to members of the LGBTQIA+ community being denied survivor benefits after losing their life partner. 
Data and Research
Equity and Fixed-Income Investments Were No Help for DB Plan Funded Status in November
Defined benefit plan funded status is still up for the year, but there are several factors plan sponsors should consider as they set their risk tolerance for the rest of the year and into 2022.
Financial Advisers Boost Business Owners’ Retirement Confidence
Business owners are more confident in their retirement plans after working with a financial adviser, and many are starting to increase their communications with them.
Deals and People
Retirement Industry People Moves
Amundi U.S. appoints head of ESG; Faegre Drinker names new partner; Aon hires global analytics and actuarial leader; and more.
Small Talk
ON THIS DATE: In 1769, Dartmouth College, in New Hampshire, received its charter. In 1913, the Federal Reserve System was established. In 1961, American folk artist Anna Mary Robertson Moses, “Grandma Moses,” passed away at the age of 101. In 1978, the Philadelphia Mint began stamping the Susan B. Anthony U.S. dollar. The coin began circulation the following July. In 1982, the Sentry Armored Car Company in New York discovered that $11 million had been stolen from its headquarters overnight. It was the biggest cash theft in U.S. history. In 1991, North Korea and South Korea signed an historic non-aggression agreement. In 1998, Puerto Rican voters rejected U.S. statehood in a non-binding referendum. In 2000, Vice President Al Gore conceded defeat to George W. Bush in his bid for the presidency, following weeks of legal battles over the recounting of votes in Florida. In 2003, after spending nine months on the run, former Iraqi dictator Saddam Hussein was captured by U.S. forces.
SURVEY SAYS RESPONSES: Last week, I asked NewsDash readers, “What is your favorite holiday movie/show?” For the first time since 2007, we have a new No. 1 choice.
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