July 20th, 2022 Insight on Plan Design & Investment Strategy Every Weekday Data and Research Workforce Challenges for State and Local Employers State and local governments’ workforce challenges have been worsened by the COVID-19 pandemic and the Great Resignation, a survey shows. Benefits Helping Employees Prepare for Current and Future Health Care Costs Similar to the shift from defined benefit to defined contribution retirement plans, employees and retirees now need a plan for addressing health care costs. Most Read Benefits Schlichter: Significant Pleading Standard Will Not Slow Lawsuits Compliance Pension Plans of Kellogg, Kohler and FedEx Sued For Outdated Calculations    Compliance Federal Judge Rejects One of Two Challenges to DOL ESG Rule Economic Events Privately‐owned housing starts in June were at a seasonally adjusted annual rate of 1,559,000, the Census Bureau announced. This is 2.0% below the revised May estimate of 1,591,000 and is 6.3% below the June 2021 rate of 1,664,000.  Single‐family housing starts in June were at a rate of 982,000; this is 8.1% below the revised May figure of 1,068,000. The June rate for units in buildings with five units or more was 568,000. Market Mirror Tuesday, the Dow jumped 754.44 points (2.43%) to 31,827.05, the Nasdaq gained 353.10 points (3.11%) to close at 11,713.15, and the S&P 500 increased 105.84 points (2.76%) to 3,936.69. The Russell 2000 gained 60.91 points (3.50%) to finish at 1,799.32, and the Wilshire 5000 increased 1,070.25 points (2.81%) to 39,216.61. The price of the 10-year Treasury note decreased 25/32 bringing its yield up to 3.027%. The price of the 30-year Treasury bond decreased 5/32 bringing its yield up to 3.183%. Ask the Experts Can the Cost of an RFP for Selecting a New Recordkeeper Be Paid From Plan Assets? “We are a museum who recently selected a new recordkeeper as a result of a request for proposals process. Can this expense be paid from plan assets, assuming such expenses are reasonable, and the plan permits?” Compliance SEC Secures Sizable Settlement From Equitable Financial According to an SEC announcement, Equitable gave investors the false impression that their quarterly account statements listed all fees paid during the period. Small Talk ON THIS DATE: In 1810, Colombia declared independence from Spain. In 1861, the insurrectionist Congress of the Confederate States began holding sessions in Richmond, Virginia. In 1871, British Columbia became the sixth province to join the Canada Confederation. In 1881, five years after Lieutenant Colonel George A. Custer’s defeat at the Battle of the Little Bighorn, Hunkpapa Teton Sioux leader Sitting Bull surrendered to the U.S. Army. In 1969, American astronaut Neil Armstrong became the first human to walk on the moon. He spoke these words to more than a billion people listening at home: “That’s one small step for a man, one giant leap for mankind.” In 1973, actor and martial-arts expert Bruce Lee died in Hong Kong at age 32 from a brain edema possibly caused by a reaction to a prescription painkiller. In 1976, on the seventh anniversary of the Apollo 11 lunar landing, the Viking 1 lander, an unmanned U.S. planetary probe, successfully landed on the surface of Mars. In 2012, a mass shooting occurred at a movie theater in Aurora, a Denver suburb, killing 12 people and injuring at least 70 others. In 2013, journalist Helen Thomas, who broke through a number of barriers for women reporters and was known especially for her coverage of U.S. presidents, died at age 92. Did someone forward you this newsletter? Sign up here to get NEWSDash directly in your mailbox!

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