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PLANSPONSOR NEWSDASH LOGO February 14th, 2022
Insight on Plan Design & Investment Strategy Every Weekday
Compliance
DOL Seeks Public Comments on Protecting Savings From Climate Change
DOL Seeks Public Comments on Protecting Savings From Climate Change
The agency is looking to identify actions it can take under ERISA and other relevant laws to safeguard employees’ savings and pensions from the threats of climate-related financial risk.
Deals and People
Retirement Industry People Moves
J.P. Morgan announces insurance and annuities head; Verity Asset Management names chief governance officer; River and Mercantile consulting business announces rebrand; and more.
Most Read
Data and Research
Health Care in Retirement Will Cost an Average of $315,000
Deals and People
Retirement Industry People Moves
Data and Research
401(k) vs. 403(b): Different Paths to Retirement Readiness
Economic Events
Tomorrow, the Bureau of Labor Statistics will reveal the producer price index for January. Wednesday, the Census Bureau will report about retail sales for January and business trade for December. 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 January. Friday, the National Association of Realtors will issue its report of existing home sales for January.
Market Mirror
Friday, the Dow lost 503.53 points (1.43%) to finish at 34,738.06, the Nasdaq closed 394.49 points (2.78%) lower at 13,791.15, and the S&P 500 decreased 85.44 points (1.90%) to 4,418.64. The Russell 2000 was down 21.02 points (1.02%) at 2,030.15, and the Wilshire 5000 fell 857.91 points (1.88%) to 44,660.30.

The price of the 10-year Treasury note increased 32/32, bringing its yield down to 1.921%. The price of the 30-year Treasury bond climbed 1 8/32, decreasing its yield to 2.233%.

For the week ending February 11, the Dow was down 1.00%, the Nasdaq fell 2.18%, and the S&P 500 lost 1.82%. The Russell 2000 finished 1.39% higher, and the Wilshire 5000 decreased 1.29%.
Compliance
ERISA Advisory Council Recommends Reviewing Penalties for Plan Leakage
Its report suggested ways the DOL can expand retirement plan access and provides novel recommendations to close retirement savings gaps for women and minorities.
Investing
Fiduciary Diligence Demanded as CITs Shine
A significant regulatory concern is that banks should not simply “rent their charters” to third-party registered investment advisers seeking to use the bank’s status as a fiduciary to sponsor one or more funds on their behalf.  
How Institutional Investors Can Rate-Proof Their Portfolios
Northern Trust Asset Management suggests that institutional investors take a look at junk bonds and natural resources stocks.
Small Talk
ON THIS DATE: In 1779, Captain James Cook, the great English explorer and navigator, was killed by natives of Hawaii during his third visit to the Pacific island group. In 1849, the first photograph of a U.S. President, while in office, was taken by Matthew Brady in New York City. President James Polk was the subject of the picture. In 1859, Oregon became the 33rd member of the Union. In 1899, Congress approved voting machines for use in federal elections. In 1903, the U.S. Department of Commerce and Labor was established. In 1912, Arizona was admitted as the 48th U.S. state. In 1920, the League of Women Voters was founded in Chicago. The first president of the organization was Maude Wood Park. In 1946, ENIAC (Electronic Numerical Integrator and Computer) was unveiled. The device, built at the University of Pennsylvania, was the world’s first general purpose electronic computer. In 1966, Wilt Chamberlain of the Philadelphia 76ers set a National Basketball Association (NBA) record as he reached a career high of 20,884 points after seven seasons. In 2005, the video-sharing website YouTube was activated.
SURVEY SAYS RESPONSES: Last week, NewsDash readers shared how important it is for people in relationships to be financially ‘in sync’ and the way they think is best for couples to avoid financial conflict. Common themes among readers who provided additional comments in the survey were that couples need to communicate, trust is important, and couples should decide on and understand their overall goals and approach to finances. There were opposing views of whether one person should take the lead on finances, and a couple of readers feel each person in a relationship should have some discretionary money to spend as they wish. Editor’s Choice goes to the reader who said: “If the big picture is in alignment, the smaller differences are more easily managed.” A big thank you to all who participated in the survey.
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