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PLANSPONSOR NEWSDASH LOGO February 18th, 2022
Insight on Plan Design & Investment Strategy Every Weekday
Administration
Managing Participants’ Interest in Guaranteed Lifetime Income Investments
Managing Participants’ Interest in Guaranteed Lifetime Income Investments
The number of U.S. workers who are open to putting money into investments that guarantee a portion of retirement income fell in 2021 from the previous year, a new survey shows. But experts say that doesn’t tell the whole story.
Compliance
The Process for Issuing RMDs When Participants Are ‘Missing’
Failing to issue required minimum distributions can be costly, so sponsors must follow exact steps from the IRS and DOL to locate missing participants.
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
Interest on a 30-year fixed-rate mortgage averaged 3.92% for the week ending February 17, up from last week when it averaged 3.69%. A year ago at this time, the 30-year FRM averaged 2.81%. Interest on a 15-year fixed-rate mortgage averaged 3.15%, up from last week when it averaged 2.93%. A year ago at this time, the 15-year FRM averaged 2.21%.

Privately‐owned housing starts in January were at a seasonally adjusted annual rate of 1,638,000, the Census Bureau announced. This is 4.1% below the revised December estimate of 1,708,000 but is 0.8% above the January 2021 rate of 1,625,000. Single‐family housing starts in January were at a rate of 1,116,000; this is 5.6% below the revised December figure of 1,182,000. The January rate for units in buildings with five units or more was 510,000.

In the week ending February 12, the advance figure for seasonally adjusted initial claims for unemployment insurance was 248,000, an increase of 23,000 from the previous week’s revised level of 225,000, the Labor Department reported. The four-week moving average was 243,250, a decrease of 10,500 from the previous week’s revised average of 253,750.
Market Mirror
Thursday, the Dow fell 622.24 points (1.78%) to 34,312.03, the Nasdaq lost 407.38 points (2.88%) to finish at 13,716.72, and the S&P 500 closed 94.75 points (2.12%) lower at 4,380.26. The Russell 2000 decreased 51.22 points (2.46%) to 2,028.09, and the Wilshire 5000 plunged 1,033.57 points (2.28%) to 44,251.66.

The price of the 10-year Treasury note increased 28/32, bringing its yield down to 1.968%. The price of the 30-year Treasury bond climbed 32/32, decreasing its yield to 2.300%.
Event
Conference: Understanding PRT
Without thoughtful preparation, offloading pension liabilities can be a costly and time-consuming endeavor. Whether you are currently on a timeline for transferring your DB plan risk or considering doing so, “Understanding PRT: A Pension Risk Transfer Trend and Market Dialogue” will provide information to help with your decisions. Join us for this virtual event March 3.
Products
Investment Product and Service Launches
Retirement Plan Advisors expands solutions to include adviser managed accounts; State Street Global Advisors announces high-yield debt ETF; Morningstar and Hueler offer integrated lifetime income service; and more.
Small Talk
ON THIS DATE: In 1564, the artist Michelangelo died in Rome. In 1861, in Montgomery, Alabama, Jefferson Davis was inaugurated as the President of the Confederate States. In 1885, Mark Twain published his famous—and famously controversial—novel “The Adventures of Huckleberry Finn.” In 1930, Pluto, once believed to be the ninth planet, was discovered at the Lowell Observatory in Flagstaff, Arizona, by astronomer Clyde W. Tombaugh. In 1972, the California Supreme Court struck down the state’s death penalty. In 2001, NASCAR driver Dale Earnhardt, Sr., was killed in a crash during the Daytona 500 race. In 2006, Shani Davis became the first Black athlete to win an individual gold medal in Winter Olympics history, capturing the men’s 1,000-meter speedskating race.

And now it’s time for some FRIDAY FUN!
Seen any unicorns clearing the sidewalk lately?

In Fairview, Oregon, city officials are seeking confirmation of the designation of world’s tallest fork from Guinness World Records. A fork that is nearly 40 feet tall has been recently erected in front of the soon-to-be-opened Fairview Food Plaza.

And speaking of world records, in Kadima-Zoran, Israel, a farmer has earned a Guinness World Record designation for a strawberry that weighs 10.19 ounces. [pic]

In Cold Springs Township, Michigan, a cabin owner has learned about a downside of having a tiny home. According to UPI, owners of the 12-foot by 28-foot cabin recently reported it missing, and it is presumed to be stolen.

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