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PLANSPONSOR NEWSDASH LOGO December 16th, 2022
Insight on Plan Design & Investment Strategy Every Weekday
Compliance
Two More Struggling Union Plans Receive PBGC Assistance
Two More Struggling Union Plans Receive PBGC Assistance
The plans combine to cover more than 10,000 participants, and their aggregate PBGC assistance adds up to more than $700 million.
PRODUCTS
Investment Products and Service Launches
Vanguard announces plans to launch ultra-short bond ETF and Annexus Retirement Solutions releases Lifetime Income Builder.
Most Read
Compliance
EBSA Head Lisa Gomez Says DOL Continues Honing Retirement Security Rule
Data and Research
Early Withdrawals Found to Exacerbate 401(k) Account Disparities Across Race, Gender
Compliance
Final Fiduciary Rule Expected Soon
ECONOMIC EVENTS
In the week ending December 10, the advance figure for seasonally adjusted initial claims for unemployment insurance was 211,000, a decrease of 20,000 from the previous week’s revised level, the Labor Department reported. The previous week’s level was revised up by 1,000 from 230,000 to 231,000. The four-week moving average was 227,250, a decrease of 3,000 from the previous week’s revised average. The previous week’s average was revised up by 250 from 230,000 to 230,250.

Interest on a 30-year fixed-rate mortgage averaged 6.31% for the week ending December 15, down from last week when it averaged 6.33%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 3.12%. Interest on a 15-year fixed-rate mortgage averaged 5.54%, down from last week when it averaged 5.67%. A year ago at this time, the 15-year FRM averaged 2.34%.

Advance estimates of U.S. retail and food services sales for November, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $689.4 billion, down 0.6% from the previous month, but up 6.5% above November 2021, the Census Bureau reported. Total sales for the September through November period were up 7.7% from the same period a year ago. The September  to October percent change was unrevised from up 1.3%. Retail trade sales were down 0.8% from October, but up 5.4% above last year. Gasoline stations were up 16.2% from November 2021, while food services and drinking places were up 14.1% from last year.

U.S. total business end-of-month inventories for October were $2,468.3 billion, up 0.3% from last month, the Census Bureau reported. U.S. total business sales were $1,859.5 billion, up 0.8% from last month.
MARKET MIRROR
Thursday, the Dow decreased 764.13 points (2.25%) to close at 33,202.22, the Nasdaq decreased 360.36 points (3.23%) to 10,801.53 and the S&P 500 lost 99.57 points (2.49%) to close at 3,895.75. The Russell 2000 decreased 45.85 points (2.52%) to close at 1,774.61 and the Wilshire 5000 decreased 991.47 points (2.50%) to close at 38,627.55.

The price of the 10-year Treasury note decreased 2/32 and the yield was down to 3.448%. The price of the 30-year Treasury bond decreased 1/32 and the yield was down to to 3.499%.
Cover
Gauging Managed Accounts
Will the trade-off in price really benefit participants?
AWARDS
Think Your Retirement Plan Adviser Should Be Recognized?
We need your help in identifying the best retirement plan advisers in the country. If you work with a great plan adviser or plan adviser team, nominate them to be recognized in the 2023 PLANADVISER Retirement Plan Adviser of the Year awards program. Nominations for the Plan Sponsor Service and Plan Adviser Service categories can only come from plan sponsor clients, so it is up to you to make their excellence known.
SURVEYS
CIO’s Transition Management Survey
Are you a provider of transition management services and want to make your services known to institutional investors? If so, you are invited to respond to CIO’s Transition Management Survey.
SMALL TALK
ON THIS DATE: In 1773, nearly 350 chests of tea were dumped into Boston Harbor off British ships by Colonial patriots thereafter known as the “Boston Tea Party”. In 1901, “The Tale of Peter Rabbit,” by Beatrix Potter, was printed for the first time. In 1972, the Miami Dolphins became the first N.F.L. team to go unbeaten and untied in a 14-game regular season. The Dolphins defeated Washington in Super Bowl VII in 1973 to complete the only undefeated season in N.F.L. history. In 1944, during World War II, the Battle of the Bulge began in Belgium. In 1985, organized crime figure Paul Castellano, reportedly the “boss of bosses” of the Five Families of the Mafia, was fatally shot; John Gotti was later convicted of arranging the murder. In 2000, President-elect George W. Bush selected Colin Powell as the first African American secretary of state.
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