| | Benefits & Administration | | Communicating About Multiple Retirement Plans | | A plan sponsor may have multiple defined
contribution (DC) plans due to mergers or acquisitions, it may have a qualified
plan for all employees and a nonqualified plan for executive, or it may have a
DC plan as well as a defined benefit (DB) plan. In the current retirement
landscape, a plan sponsor who has both a DB and DC plan has likely closed or
frozen the DB. How can plan sponsors communicate about their retirement benefit
programs so that participants understand why they are eligible for some
benefits but not others?Read more > | | | Economic Events | | In the week ending July 11, the advance
figure for seasonally adjusted initial claims for unemployment insurance was
281,000, a decrease of 15,000 from the previous week’s revised level, the Labor
Department reported. The four-week moving average was 282,500, an increase of
3,250 from the previous week’s revised average.
The average interest rate for a 30-year fixed-rate
mortgage is 4.09%, up from 4.04% one week ago, according to Freddie Mac. The
average interest rate for a 15-year fixed-rate mortgage is 3.25%, up from
3.20%.
| | | Sponsored message from PNC Retirement Solutions | Watch PNC’s Brad Bonno discuss employee retirement education strategies.
Get employee education tips from Brad Bonno, Vice President and Director of Employee Education at PNC Retirement Solutions in his interview with PLANSPONSOR Editor-in-Chief Alison Cooke-Mintzer.Read more > | | | Market Mirror | | Thursday, the
Dow was up 70.08 points (0.39%) at 18,120.25, the NASDAQ climbed 64.24 points
(1.26%) to 5,163.18, and the S&P 500 gained 16.89 points (0.80%) to finish
at 2,124.29. The Russell 2000 increased 8.31 points (0.66%) to 1,272.83, and
the Wilshire 5000 closed 164.08 points (0.74%) higher at 22,416.65.
On the NYSE,
3.2 billion shares changed hands, with a more than 2 to 1 lead for advancers.
On the NASDAQ, 2.9 billion shares changed hands, with advancing issues
outnumbering declining issues nearly 2 to 1.
The prices of the 10-year Treasury note and 30-year
Treasury bond each slipped 3/32, increasing their yields to 2.363% and 3.117%,
respectively.
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