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PLANSPONSOR NEWSDASH LOGO July 18th, 2022
Insight on Plan Design & Investment Strategy Every Weekday
Investing
In-Plan DC Annuities and the Existential Plan Sponsor Question
In-Plan DC Annuities and the Existential Plan Sponsor Question
Plan sponsors must consider life expectancy at retirement rather than what is projected at birth.
Compliance
DOL Sues Multiple Employer Plan Administrator
Labor Secretary Marty Walsh has alleged several ERISA breaches.   
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
Advance estimates of U.S. retail and food services sales for June, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $680.6 billion, an increase of 1.0% from the previous month and 8.4% above June 2021, the Census Bureau reported. Total sales for the April through June period were up 8.1% from the same period a year ago. The April to May percent change was revised from down 0.3% to down 0.1%. Retail trade sales were up 1.0% from May and up 7.7% above last year. Gasoline stations were up 49.1% from June 2021, while food services and drinking places were up 13.4% from last year.

U.S. total business end-of-month inventories for May were $2,381.9 billion, up 1.4% from last month, the Census Bureau reported. U.S. total business sales were $1,829.1 billion, up 0.7% from last month
MARKET MIRROR
Friday, the Dow increased 658.09 points (2.15%) to 31,288.26, the Nasdaq gained 201.24 points (1.79%) to finish at 11,452.42 and the S&P 500 rose 72.15 points (1.91%) to close at 3,862.89. The Russell 2000 jumped 36.86 points (2.16%) to 1,744.37 and the Wilshire 5000 closed 725.96 points (1.93%) higher at 38,399.43.

The price of the 10-year Treasury note increased 4/32, lowering its yield to 2.923%. The price of the 30-year Treasury bond was up 4/32, decreasing its yield to 3.091%.

For the week ending July 15, the Dow decreased 0.16%, the Nasdaq fell 1.57%, and the S&P 500 lost 0.94%. The Russell 2000 was down 1.41%, and the Wilshire 5000 finished 1.16% lower.
DEALS AND PEOPLE
Retirement Industry People Moves
Ascensus announces new state-facilitated retirement program leader; Principal Financial Group names workplace retirement business leader; Global Atlantic hires investment office COO; and more.
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.
SMALL TALK
ON THIS DATE: In 1743, the New York Weekly Journal published the first half-page newspaper ad. In 1792, Revolutionary War Naval hero John Paul Jones died in his Paris apartment, where a commission as the United States consul to Algiers awaited. In 1817, the English novelist Jane Austen, who wrote “Sense and Sensibility” and “Pride and Prejudice,” died at age 41. In 1892, Doris Fleischman Bernays, the first married woman to gain a U.S. passport in her maiden name in 1925, and a writer and editor for the New York Tribune, was born. In 1918, Black nationalist and the first Black president of South Africa, Nelson Mandela, was born. In 1927, Ty Cobb set a Major League Baseball record with his 4,000th career hit. He hit 4,191 before he retired in 1928. In 1936, the Spanish Civil War began as a revolt by right-wing Spanish military officers in Spanish Morocco and spread to mainland Spain. In 1940, Franklin Delano Roosevelt, who first took office in 1933 as America’s 32nd president, was nominated for an unprecedented third term. In 1976, for her performance in the uneven parallel bars at the Olympic Games in Montreal, Nadia Comăneci of Romania became the first gymnast to be awarded a perfect score of 10 in an Olympic gymnastics event. In 2013, Detroit submitted a claim for Chapter 9 bankruptcy protection, the largest such filing for a U.S. city ever. The city officially emerged from bankruptcy the following year.
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