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Data and Research
Black Americans Report Changing Financial Habits Due to COVID-19
Black Americans Report Changing Financial Habits Due to COVID-19
The racial wealth gap underscores a need for financial education and access to advice—something retirement plan sponsors can provide.
Portfolio Investment Mix Made a Difference in January DB Plan Funded Status
Companies that measure defined benefit plan funded status also point out that legislation has been introduced that would provide more relief for plan sponsors.
Most Read
Vanguard Partners With Candidly For Student Loan Repayment Program
Data and Research
Women’s Financial Confidence Is Lower for Retirement Than for Day-to-Day
Data and Research
Retirement Security Is Higher for Veteran Teachers Than for New Entrants
Economic Events
December 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 $503.8 billion, up 1.2% from the revised November level and up 1.7% from the revised December 2019 level, the Census Bureau reported.

In January, the Consumer Price Index for All Urban Consumers (CPI-U) rose 0.3% on a seasonally adjusted (SA) basis; rising 1.4% over the last 12 months, not seasonally adjusted (NSA), according to the Bureau of Labor Statistics. The index for all items less food and energy was unchanged in January, SA; up 1.4% over the year, NSA.

Real average hourly earnings for all employees were unchanged over the month in January, SA. Average hourly earnings increased 0.2% and CPI-U increased 0.3%. Real average weekly earnings increased 0.8% over the month.
Market Mirror
Wednesday, the Dow increased 61.97 points (0.20%) to 31,437.80, the Nasdaq closed 35.16 points (0.25%) lower at 13,972.53, and the S&P 500 was down 1.35 points (0.03%) at 3,909.88. The Russell 2000 lost 7.31 points (0.32%) to finish at 2,282.44, and the Wilshire 5000 decreased 13.77 points (0.03%) to 41,833.28.

The price of the 10-year Treasury note was up 3/32, decreasing its yield to 1.128%. The price of the 30-year Treasury bond increased 29/32, bringing its yield down to 1.915%.
Complying With New Regulations/Legislation
Join PLANSPONSOR for a webinar in which industry sources will review provisions of the SECURE Act; review new regulations and legislation that will affect retirement plan sponsors; anddiscuss steps to comply with new regulations and legislation.
Abbott Defendants Again Escape ERISA Cybersecurity Lawsuit
The court rejected claims in the amended complaint that Abbott’s decision to hire Alight Solutions, another defendant in the case, was a breach of the fiduciary duties of prudence and the duty to monitor.
Wage Hike Meets Support and Opposition From Employers
Opponents say small business could suffer and cut benefits, such as employer contributions to retirement plans, as a result of a $15 minimum wage.
Small Talk
ON THIS DATE: In 1812, the term “gerrymandering” had its beginning when the governor of Massachusetts, Elbridge Gerry, signed a redistricting law that favored his party. In 1937, General Motors agreed to recognize the United Automobile Workers Union, which ended the sit-down strike against it. In 1943, General Dwight David Eisenhower was selected to command the allied armies in Europe. In 1957, the NHL Players Association was formed in New York City. In 1989, Rev. Barbara C. Harris became the first woman to be consecrated as a bishop in the Episcopal Church. In 1990, Nelson Mandela, leader of the movement to end South African apartheid, was released from prison after 27 years. In 1993, Janet Reno was appointed to the position of attorney general by President Bill Clinton. She was the first female to hold the position. In 2012, Whitney Houston, one of the world’s top-selling singers from the mid-1980s to late 1990s, was found dead in the bathtub of her suite at the Beverly Hilton Hotel in Beverly Hills, California.
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