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PLANSPONSOR NEWSDASH LOGO July 15th, 2022
Insight on Plan Design & Investment Strategy Every Weekday
Compliance
Defense Attorneys Can Put Up a Fight in Excessive Fee Lawsuits
Defense Attorneys Can Put Up a Fight in Excessive Fee Lawsuits
An insurer speaks out about why the majority of excessive recordkeeping fee claims are ‘bogus.’
EVENTS
Webinar: Elements to Help Participants Prepare for Retirement
Join PLANSPONSOR and a panel of experts for the July installment of the Plan Progress webinar series during which the elements to help participants prepare for retirement will be discussed.
Most Read
Benefits
Defined Benefit Plans May Have New Life
Ask the Experts
Can an Alternate Payee Designate a Beneficiary?
Data and Research
Retirement Plan Provider Technology Investments Show Success
ECONOMIC EVENTS
Interest on a 30-year fixed-rate mortgage averaged 5.51% for the week ending July 14, up from last week when it averaged 5.30%, Freddie Mac reported. A year ago at this time, the 30-year FRM averaged 2.88%. Interest on a 15-year fixed-rate mortgage averaged 4.67%, up from last week when it averaged 4.45%. A year ago at this time, the 15-year FRM averaged 2.22%.

In the week ending July 9, the advance figure for seasonally adjusted initial claims for unemployment insurance was 244,000, an increase of 9,000 from the previous week’s unrevised level of 235,000, the Department of Labor reported. The four-week moving average was 235,750, an increase of 3,250 from the previous week’s unrevised average of 232,500.

The Producer Price Index for final demand increased 1.1% in June, the Bureau of Labor Statistics reported. This rise followed advances of 0.9% in May and 0.4% in April. Final demand prices moved up 11.3% for the 12 months ended in June.
MARKET MIRROR
Thursday, the Dow sagged 142.62 points (0.46%) to close at 30,630.17, the Nasdaq gained 3.60 points (0.03%) to 11,251.19 and the S&P 500 slipped 11.53 points (0.30%) to 3,790.95. The Russell 2000 decreased 18.53 points (1.07%) to 1,707.51 and the Wilshire 5000 slipped 174.51 points (0.46%) to 37,673.52.

The price of the 10-year Treasury note decreased 2/32 increasing the yield to 2.962%. The price of the 30-year Treasury bond increased 3/32 lowering the yield down to 3.107%.
Products,
Hub SmartView Platform Supports Plan Benchmarking
As employers continue to view benefits as a critical incentive to attract and retain talent, the new Hub Benefits SmartView platform analyzes what a client offers their employees today and plans in the future.
Investment Product and Service Launches
Northern Trust Front Office Solutions enhance liquidity management solutions for asset owners and Wilshire brings to market third-gen factor index series.
SMALL TALK
ON THIS DATE: In 1789, only one day after the fall of the Bastille marked the beginning of a new revolutionary regime in France, the French aristocrat and hero of the American War for Independence, Marie-Joseph Paul Roch Yves Gilbert du Motier, Marquis de Lafayette, became the colonel-general of the National Guard of Paris by acclamation. In 1806, Zebulon Pike, the U.S. Army officer who in 1805 led an exploring party in search of the source of the Mississippi River, set off with a new expedition to explore the American Southwest. In 1903, the newly formed Ford Motor Company received its first order from Chicago dentist Ernst Pfenning: an $850 two-cylinder Model A automobile with a tonneau (or backseat). In 1952, Ileana Ros-Lehtinen, a politician and lobbyist from Miami, Florida, and  the first Cuban American and Latina elected to Congress—in 1989—was born. Ros-Lehtinen gave the first Republican response to the State of the Union Address in Spanish in 2011 then again in 2014. In 1965, the unmanned NASA spacecraft Mariner 4 passed over Mars at an altitude of 6,000 feet and sent back to Earth the first close-up images of the red planet. In 1997, Italian fashion designer Gianni Versace was murdered by serial killer Andrew Cunanan. In 2006, cofounders Jack Dorsey, Evan Williams, and Biz Stone publicly launched their online microblogging service Twitter, and within the following decade it had more than 300 million users.
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