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PLANSPONSOR NEWSDASH LOGO July 29th, 2022
Insight on Plan Design & Investment Strategy Every Weekday
Compliance
Senators Press Fidelity on Bitcoin Exposure
Senators Press Fidelity on Bitcoin Exposure
In a letter, the Senators question why Fidelity would allow retirement plan participants to be exposed to the ‘untested, highly volatile asset.’
Administration
What Workers Need to Know About Claiming Social Security
Plan sponsors and retirement plan advisers can help to bust the myths, misperceptions and misunderstandings surrounding Social Security.  
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 of July 14, up from last week when it averaged 5.30%, according to Freddie Mac. 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 23, the advance figure for seasonally adjusted initial claims for unemployment insurance was 256,000, a decrease of 5,000 from the previous week’s revised level, the Labor Department reported. The previous week’s level was revised up by 10,000 from 251,000 to 261,000. The four-week moving average was 249,250, an increase of 6,250 from the previous week’s revised average. The previous week’s average was revised up by 2,500 from 240,500 to 243,000.
MARKET MIRROR
Thursday, the Dow increased 332.04 points (1.03%) to close at 32,529.63, the Nasdaq gained 130.17 points (1.08%) to 12,162.59 and the S&P 500 extended 48.82 points (1.21%) to close at 4,072.43. The Russell 2000 boosted 24.69 points (1.34%) to 1,873.03 and the Wilshire 5000 gained 499.27 points (1.25%) to close at 40,557.78.

The price of the 10-year Treasury note was unchanged and the yield lowered to 2.672%. The price of the 30-year Treasury bond was unchanged and the yield lowered to 3.014%.
PRODUCTS
Investment Product and Service Launches
Edelman’s program seeks to support employees in their retirement readiness and when they experience a significant life event.
EVENTS
The Destination for Retirement Plan Innovators
Summary Are you a retirement plan adviser looking to expand your network and learn about the most innovative ideas for serving your retirement plan clients? If so, the 2022 PLANADVISER National Conference is the destination for you. Our comprehensive agenda includes networking events, educational panel discussions, an entertaining special guest and even a Fun Run. Don’t miss out!
SMALL TALK
ON THIS DATE: In 1786, the Pittsburgh Gazette became the first newspaper west of the Alleghenies to be published. The paper’s name was later changed to The Pittsburgh Post-Gazette. In 1836, the Arc de Triomphe, one of the largest triumphal arches in the world, was officially inaugurated in Paris. In 1872, Nathaniel P. Langford and James Stevenson made the first ascent of Grand Teton, the highest peak of the Teton Range in Wyoming. In 1890, Dutch painter Vincent van Gogh died in Auvers-sur-Oise, France, two days after shooting himself. In 1913, Albania was formally recognized by the major European powers as an independent principality. In 1921, Adolf Hitler became the leader of the Nazi Party. In 1954, the first part of J.R.R. Tolkien’s fantasy epic The Lord of the Rings, was published. In 1958, Congress passed legislation establishing the National Aeronautics and Space Administration, a civilian agency responsible for coordinating America’s activities in space. In 1981, Prince Charles and Lady Diana Spencer were married in St. Paul’s Cathedral in London. In 1996, track and field legend Carl Lewis won his fourth consecutive Olympic gold medal in the long jump. It was the ninth and final Olympic gold of his storied career.
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