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Social Security Replaces More Retirement Income for Low-Income Participants
Social Security Replaces More Retirement Income for Low-Income Participants
Plan sponsors can assist low- and moderate-income workers’ retirement readiness by educating them about the benefits of delaying Social Security until full retirement age.
Court Rejects Plaintiff Claims in Yum! Brands ERISA Lawsuit
The complaint alleged that the plaintiff met the test for employee status per prior case law, but that Yum! impermissibly misclassified him as an independent contractor.
Most Read
ERISA Lawsuit Against O’Reilly Automotive Dismissed
Employers Plan to Cut Back on Benefits Amid Recession Fears
Deals and People
Smart Bolsters Tech Solutions With Acquisition of ProManage
Economic Events
New orders for manufactured durable goods in December decreased $2.4 billion or 0.9% to $267.6 billion, the U.S. Census Bureau announced. This decrease, down following two consecutive monthly increases, followed a 3.2% November increase. Excluding transportation, new orders increased 0.4%. Excluding defense, new orders increased 0.1%. Transportation equipment, down three of the last four months, drove the decrease, $3.3 billion or 3.9% to $80.1 billion.

Interest on a 30-year fixed-rate mortgage (FRM) averaged 3.55% for the week ending February 3, unchanged from last week, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 2.73%. Interest on a 15-year FRM averaged 2.77%, down from last week when it averaged 2.80%. A year ago at this time, the 15-year FRM averaged 2.21%.

In the week ending January 29, the advance figure for seasonally adjusted initial claims for unemployment insurance was 238,000, a decrease of 23,000 from the previous week’s revised level of 261,000, the Labor Department reported. The four-week moving average was 255,000, an increase of 7,750 from the previous week’s revised average of 247,250.
Market Mirror
Thursday, the Dow lost 518.17 points (1.45%) to finish at 35,111.16, the Nasdaq fell 538.73 points (3.74%) to 13,878.82, and the S&P 500 closed 111.94 points (2.44%) lower at 4,477.44. The Russell 2000 decreased 38.48 points (1.90%) to 1,991.03, and the Wilshire 5000 plunged 1,160.15 points (2.52%) to 44,884.86.

The price of the 10-year Treasury note decreased 27/32, bringing its yield up to 1.840%. The price of the 30-year Treasury bond fell 1 1/32, increasing its yield to 2.164%.
Public Sector 403(b) Plans Have a Participation Problem
Nonetheless, there are ways governments can create more engaged employees and encourage workers to join defined contribution plan programs.
Investment Product and Service Launches
GaiaLens launches real-time ESG news service; AllianceBernstein and Vestmark unveil custom municipal solutions platform; DCALTA partners with PivotalPath to launch hedge fund benchmarks; and more.
American Trust Partners With iJoin on Retirement Solutions
The alliance will offer participants a personalized enrollment, investment and education experience.
Small Talk
ON THIS DATE: In 1783, Britain declared a formal cessation of hostilities with its former colonies, the United States of America. In 1789, George Washington, the commander of the Continental Army during the Revolutionary War, was unanimously elected the first president of the United States by all 69 presidential electors who cast their votes. In 1824, J.W. Goodrich introduced rubber galoshes to the public. In 1861, In Montgomery, Alabama, delegates from South Carolina, Mississippi, Florida, Alabama, Georgia and Louisiana convened to establish the Confederate States of America. In 1932, the first Winter Olympics were held in the United States at Lake Placid, New York. In 1952, Jackie Robinson was named Director of Communication for NBC. He was the first black executive of a major radio-TV network. In 1964, the Administrator of General Services announced that the 24th Amendment to the U.S. Constitution had been ratified. The amendment banned the poll tax. In 2003, Yugoslavia was formally dissolved by lawmakers. The country was replaced with a loose union of its remaining two republics, Serbia and Montenegro. In 2004, a Harvard sophomore named Mark Zuckerberg launched The Facebook, a social media website he had built to connect Harvard students with one another.

And now it’s time for some FRIDAY FUN!
A monkey’s mind is blown.

Taking in stride a fall through a broken chair.

Failure to launch. A man attempting to launch his boat into a lake using a ramp ended up with his boat, trailer and pickup truck submerged in the water. [pic]

In Boise, Idaho, a family made a surprising discovery while remodeling their home. When they removed roof shingles that were covering a bedroom wall, they found about 1,600 baseball cards from the 1970s and 1980s glued to the plaster. UPI reports that the new owners of the home contacted the son of the original owners who said the cards are unlikely to be of any value, even if they weren’t glued. The new owners said the cards are affixed to the wall too strongly to remove, and they are willing to allow someone to take the wall away, if interested.

In Arlington, Virginia, the Pentagon recently had an unusual national security situation. According to UPI, the Animal Welfare League of Arlington were summoned to the U.S. Department of Defense headquarters when a “chicken was caught sneaking around the security area at the Pentagon.” The crisis was averted, and the chicken has a new permanent home at a Virginia animal sanctuary.

Wishing everyone a safe and happy weekend!
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