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PLANSPONSOR NEWSDASH LOGO December 3rd, 2021
Insight on Plan Design & Investment Strategy Every Weekday
Data and Research
New Year Brings Both Novel and Familiar Industry Challenges
From accelerating provider consolidation to the persistent retirement plan coverage gap, there are no shortage of issues for the retirement plan industry to tackle in 2022.
Products
Investment Product and Service Launches
Vanguard announces plan to launch new China equity fund; Two Sigma and eVestment to partner through Venn; and Equitable announces new registered index-linked annuity.
Most Read
Research
2021 Recordkeeping Survey
Data and Research
Employees Cite Several Reasons for Not Participating in Financial Wellness Programs
Compliance
Plan Sponsors Might Mitigate ERISA Lawsuits With Defensive Provisions
Economic Events
Interest on a 30-year fixed-rate mortgage (FRM) averaged 3.11% for the week ending December 2, up slightly from last week when it averaged 3.10%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 2.71%. Interest on a 15-year FRM averaged 2.39%, down from last week when it averaged 2.42%. A year ago at this time, the 15-year FRM averaged 2.26%.

In the week ending November 27, the advance figure for seasonally adjusted initial claims for unemployment insurance was 222,000, an increase of 28,000 from the previous week’s revised level of 194,000, the Labor Department reported. The four-week moving average was 238,750, a decrease of 12,250 from the previous week’s revised average of 251,000. This is the lowest level for this average since March 14, 2020, when it was 225,500.
Market Mirror
Thursday, the Dow gained 617.75 points (1.82%) to finish at 34,639.79, the Nasdaq was up 127.27 points (0.83%) at 15,381.32, and the S&P 500 increased 64.06 points (1.42%) to 4,577.10. The Russell 2000 climbed 58.91 points (2.74%) to 2,206.33, and the Wilshire 5000 closed 727.12 points (1.57%) higher at 46,902.69.

The price of the 10-year Treasury note was down 4/32, increasing its yield to 1.449%. The price of the 30-year Treasury bond decreased 26/32, bringing its yield up to 1.760%.
Compliance,
Alight Ordered to Comply With DOL Subpoena Related to Cybersecurity Incidents
A Department of Labor investigation was prompted, in part, by its discovery that Alight had processed unauthorized distributions from retirement plan participant accounts.
2021’s Retirement Legislation Wishlist Left Unfulfilled
Retirement plan industry lobbyists and advocates hoped 2021 would deliver another much-needed round of reforms building on the SECURE Act of 2019, but so far, they have remained disappointed.
Small Talk
SURVEY SAYS: There’s no shortage of polarizing subjects in America and these topics can even divide families. To have peaceful holiday gatherings, certain subjects might be taboo. This week, I’d like to know, which subjects are best avoided at your holiday gatherings? As usual, responses are anonymous. If you haven’t already responded to this week’s survey, you may do so by 3:00 p.m. ET time today.
ON THIS DATE: In 1818, Illinois became the 21st state. In 1828, Andrew Jackson was elected president of the United States by the House of Representatives. In 1833, Oberlin College in Ohio opened as the first truly coeducational school of higher education in the United States. In 1931, Alka Seltzer was sold for the first time. In 1947, the Tennessee Williams play “A Streetcar Named Desire” opened at Broadway’s Ethel Barrymore Theater. In 1950, Paul Harvey began his national radio broadcast. In 1967, 53-year-old Louis Washkansky received the first human heart transplant at Groote Schuur Hospital in Cape Town, South Africa. In 1973, Pioneer 10 sent back the first close-up images of Jupiter. In 1997, Pierce Brosnan received a star on the Hollywood Walk of Fame. In 1999, Tori Murden became the first woman to row across the Atlantic Ocean alone. It took her 81 days to reach the French Caribbean island of Guadeloupe from the Canary Islands.

And now it’s time for FRIDAY FUN!
Idea to keep cats off the Christmas tree doesn’t work.

Lacking motivation to do necessary tasks or take steps to improve your life? Motivation doesn’t happen before you start.

In Bergheim, Germany, a man’s test to get his driver’s license is postponed. That’s because he drove himself to get the test. Police were called to the scene and now he is facing an investigation for driving without a license. The man said he drove himself there because he didn’t want to be late for the scheduled driving test.

In Westbrook, Maine, a roadrunner took at trip all the way from Las Vegas to main, but not on foot. It seemed it had hitched a ride on a moving van for a four-day trip. Once the bird was discovered, it was taken to a bird rehabilitation facility. The facility has the bird in a special, warm habitat until it can move the roadrunner back to Nevada.

Have a great weekend, everyone!
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