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Data and Research
Public Retirement Benefits Not What They Used to Be
Public Retirement Benefits Not What They Used to Be
Changes to public pensions following the Great Recession make them less than adequate for most employees now, and some of the best public plans are DC plans, a study suggests.
Mid-Year Investment Review
Join PLANSPONSOR and investment experts July 15 for a webinar in which they discuss the performance of equity and fixed income investments in the first half of the year and what is expected in the second half; investment types that are needed in retirement plans and/or target-date funds (TDFs) for participants to create/have proper diversification; and meaningful metrics to use for monitoring and selecting/deselecting investments for retirement plans.
Most Read
Participants Will Need Support to Understand Lifetime Income Projections
Data and Research
DB Plans Retain Cost Advantage Over DC Plans
Milliman Accused of Failing to Prune Bad Investments From 401(k)
Economic Events
Construction spending during May was estimated at a seasonally adjusted annual rate of $1,545.3 billion, 0.3% below the revised April estimate of $1,549.5 billion, the Census Bureau announced. The May figure is 7.5% above the May 2020 estimate of $1,437.7 billion. During the first five months of this year, construction spending amounted to $594.8 billion, 4.6% above the $568.5 billion for the same period in 2020.

Interest on a 30-year fixed-rate mortgage (FRM) averaged 2.98% for the week ending July 1, down from last week when it averaged 3.02%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 3.07%. Interest on a 15-year FRM averaged 2.26%, down from last week when it averaged 2.34%. A year ago at this time, the 15-year FRM averaged 2.56%.

In the week ending June 26, the advance figure for seasonally adjusted initial claims for unemployment insurance was 364,000, a decrease of 51,000 from the previous week’s revised level of 415,000, the Labor Department reported. This is the lowest level for initial claims since March 14, 2020, when it was256,000. The four-week moving average was 392,750, a decrease of 6,000 from the previous week’s revised average of 398.750. This is the lowest level for this average since March 14, 2020, when it was 225,500.
Market Mirror
Thursday, the Dow increased 131.02 points (0.38%) to 34,633.53, the Nasdaq was up 18.42 points (0.13%) at 14,522.38, and the S&P 500 gained 22.44 points (0.52%) to finish at 4,319.94. The Russell 2000 climbed 18.80 points (0.81%) to 2,329.34, and the Wilshire 5000 closed 199.90 points (0.44%) higher at 45,313.76.

The price of the 10-year Treasury note was up 1/32, decreasing its yield to 1.458%. The price of the 30-year Treasury bond increased 5/32, bringing its yield down to 2.070%.
Employees of Religiously Affiliated Organizations Qualify for Student Loan Forgiveness Program
Employers can educate employees about new regulations issued in response to a Supreme Court decision.
PSNC 2021: Communications That Connect — Getting Through to Participants
Experts say specific communication strategies can help engage participants and lead to better outcomes.
Investment Product and Service Launches
Northern Trust announces latest digital document capture feature; Adaptive Investments partners with WealthShield to manage portfolios; and Equitable adds managed accounts and cash balance plan to solutions for small businesses.
Small Talk
ON THIS DATE: In 1776, Richard Henry Lee’s resolution that the American colonies “are, and of right ought to be, free and independent States” was adopted by the Continental Congress. In 1839, enslaved Africans on the Cuban schooner Amistad rose up against their captors, killing two crewmembers and seizing control of the ship, which had been transporting them to a life of slavery on a sugar plantation at Puerto Principe, Cuba. In 1881, Charles J. Guiteau fatally wounded President James A. Garfield in Washington, D.C. In 1926, Congress established the Army Air Corps. In 1937, the Lockheed aircraft carrying American aviator Amelia Earhart and navigator Frederick Noonan was reported missing near Howland Island in the Pacific. No trace of Earhart or Noonan was ever found. 1939 – At Mount Rushmore, Theodore Roosevelt’s face was dedicated. In 1947, an object crashed near Roswell, New Mexico, that led to speculation that it might have been an alien spacecraft. In 1962, Wal-Mart Discount City opened in Rogers, Arkansas. It was the first Walmart store. In 1964, President Lyndon B. Johnson signed into law the historic Civil Rights Act. In 1976, the U.S. Supreme Court ruled the death penalty was not inherently cruel or unusual. In 1980, President Jimmy Carter reinstated draft registration for males 18 years of age.

And now it’s time for some FRIDAY FUN!
The difference between good and bad delivery drivers.

Animals play peekaboo.

The quick way to unload a truck.

In Waterboro, Maine, deputies responding to a report of a stolen vehicle stopped a man walking nearby. They determined that he was not involved but arrested him on an outstanding warrant for theft from a Walmart, Sheriff William King said, according to the Associated Press. The man said he had enough money to post $200 in bail, but when the bail commissioner arrived, he tried to pay with two counterfeit $100 bills. He was denied bail and was returned to jail with the additional charge of forgery.

In Washington, D.C., a woman thought it would be funny to prank coworkers by wearing the same shirt at every Zoom meeting. When no one noticed right away, she decided to keep doing it until someone did. She wore the shirt to 264 meetings between April 2, 2020, and June 16. On her last day at work, she told her team what she had done, but they didn’t react—except for one intern who asked, “On purpose?”

In Khakiv, Ukraine, it was reported in March,, that a couple was attempting to mend their relationship by handcuffing themselves to each other. At the time, the couple said, “some tension has come up,” but that they found new ways of dealing with discord. After 123 days handcuffed together, the couple has split up, having the handcuffs removed on national TV and saying the experiment “brought home uncomfortable truths,” Reuters reports.

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