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PLANSPONSOR NEWSDASH LOGO February 25th, 2022
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Awards
2021 DC Survey Standouts
2021 DC Survey Standouts
Eleven providers received the highest marks when, nationwide, sponsors of defined contribution plans of all sizes answered questions about their satisfaction with recordkeeping providers, in the 2021 PLANSPONSOR Defined Contribution Survey.
Awards
2020 DC Survey Standouts
Thirteen providers received the highest marks when, nationwide, sponsors of defined contribution plans of all sizes answered questions about their satisfaction with recordkeeping providers, in the 2020 PLANSPONSOR Defined Contribution Survey.
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
Sales of new single‐family houses in January were at a seasonally adjusted annual rate of 801,000, according to estimates released jointly by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 4.5% below the revised December rate of 839,000 and is 19.3% below the January 2021 estimate of 993,000.

In the week ending February 19, the advance figure for seasonally adjusted initial claims for unemployment insurance was 232,000, a decrease of 17,000 from the previous week’s revised level of 249,000, the Labor Department reported. The four-week moving average was 236,250, a decrease of 7,250 from the previous week’s revised average of 243,500.

Interest on a 30-year fixed-rate mortgage averaged 3.89% for the week ending February 24, down from last week when it averaged 3.92%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 2.97%. Interest on a 15-year fixed-rate mortgage averaged 3.14%, down slightly from last week when it averaged 3.15%. A year ago at this time, the 15-year FRM averaged 2.34%.
Market Mirror
Thursday, the Dow closed 92.07 points (0.28%) higher at 33,223.83, the Nasdaq gained 436.10 points (3.35%) to finish at 13,473.59, and the S&P 500 increased 63.20 points (1.50%) to 4,288.70. The Russell 2000 added 51.26 points (2.64%) to close at 1,995.36, and the Wilshire 5000 climbed 786.84 points (1.85%) to 43,296.28.

The price of the 10-year Treasury note increased 25/32, bringing its yield down to 1.963%. The price of the 30-year Treasury bond climbed 26/32, decreasing its yield to 2.280%.
Compliance
Ricoh USA Faces Lawsuit Over 401(k) Plan Fees
The complaint says the company used a revenue-sharing model that harmed particpants by charging excessive fees for a plan of its size.
$3.5M Settlement Reached in Coca-Cola Consolidated ERISA Suit
The settlement also includes ‘meaningful non-monetary relief’ related to the ongoing management and administration of the company’s defined contribution plan.
Participants
Comfort With Annuities Could Help With Spending in Retirement
One study finds few participants are likely to annuitize their retirement savings, while another suggests those who take a withdrawal deplete their funds in an average of five years.
Small Talk
ON THIS DATE: In 1791, First Bank of the United States was chartered by Congress, and the charter was signed by President George Washington. In 1793, the department heads of the U.S. government met with President George Washington for the first Cabinet meeting on record. In 1870, Hiram Rhodes Revels, a Republican from Natchez, Mississippi, was sworn into the U.S. Senate, becoming the first African American ever to sit in Congress. In 1901, the United States Steel Corp. was incorporated by J.P. Morgan. In 1913, the 16th Amendment to the U.S. Constitution was ratified. It authorized a graduated federal income tax. In 1964, 22-year-old Cassius Clay dethroned world heavyweight boxing champ Sonny Liston in a seventh-round technical knockout. In 2020, in Seattle, Washington, Amazon opened its first Amazon Go Grocery store.

And now it’s time for some FRIDAY FUN!
You’re never too old to break dance, or something like it.

Bowling can be so fun(ny).

In Burlington, North Carolina, the number 2 will be considered one little girl’s lucky number. Alamance Regional Medical Center reports that a baby girl was born at 2:22 p.m. on 2/22/22 in delivery room 2. The hospital said the mother’s pregnancy was already considered extra special by the family because the treatments she underwent for Hodgkin’s lymphoma made conceiving unlikely.

Have a safe and happy weekend!
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