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PLANSPONSOR NEWSDASH LOGO July 5th, 2022
Insight on Plan Design & Investment Strategy Every Weekday
Data and Research
Emerging Generation Demands More From Workplace
Emerging Generation Demands More From Workplace
The ‘Zillennial’ worker generation has grown by more than 5 million over the last five years, and fewer than half plan to stay at a company without a clear and positive company purpose.
Compliance
High Managed Account Fees Alleged in Kellogg ERISA Lawsuit
The plaintiffs say the defendants failed to leverage the size of Kellogg’s plan to secure reasonable fees for recordkeeping and managed account services.
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
Construction spending during May 2022 was estimated at a seasonally adjusted annual rate of $1,779.8 billion, 0.1% below the revised April estimate of $1,782.5 billion, the Census Bureau reported. The May figure is 9.7% above the May 2021 estimate of $1,621.9 billion. During the first five months of this year, construction spending amounted to $686.9 billion, 11.0% above the $619.0 billion for the same period in 2021.

Today, the Census Bureau will report about factory orders for June. Thursday, Freddie Mac will report average interest on 15-year and 30-year fixed-rate mortgages and the Department of Labor will report about claims for unemployment insurance. Friday, the Bureau of Labor Statistics will reveal the unemployment rate for June.  
MARKET MIRROR
Friday, the Dow gained 321.83 points (1.05%) to 31,097.26, the Nasdaq increased 99.11 points (0.90%) to 11,127.85 and the S&P 500 was up 39.98 points (1.06%) to close at 3,825.36. The Russell 2000 climbed 19.77 points (1.16%) to 1,727.76 and the Wilshire 5000 increased 434.02 points (1.16%) to 37,998.25.

The price of the 10-year Treasury note was unchanged and the yield decreased to 2.894%. The price of the 30-year Treasury bond increased 1 32/32, lowering the yield to 3.117%.

For the week ending July 1, the Dow slipped 1.28%, the Nasdaq fell 4.13%, and the S&P 500 lost 2.21%. The Russell 2000 was down 2.15% and the Wilshire 5000 finished 2.40% lower.
PLAN DESIGN
The ESG Decision
Plan sponsors have several options for offering sustainable investments.
DEALS AND PEOPLE
Retirement Industry People Moves
Mesirow names new CEO; Austin Capital Retirement Plan Services rebrands to RetireBetter; Lockton hires new director of compliance services; and more.
SMALL TALK
ON THIS DATE:  In 1775, the Continental Congress adopted the Olive Branch Petition, written by John Dickinson, which appealed directly to King George III and expressed hope for reconciliation between the colonies and Great Britain. In 1810, American showman P.T. Barnum was born. In 1811, Venezuela became the first South American country to declare independence from Spain. In 1865, the U.S. Secret Service began operation under the Treasury Department to aid in the prevention of counterfeiting. In 1899, Anna Hedgeman, a civil rights activist and educator and the first African American woman to serve in the cabinet of the New York mayor, was born. In 1935, President Roosevelt signed the National Labor Relations Act into law. The act authorized labor to organize for the purpose of collective bargaining. In 1975, Arthur Ashe defeated the heavily favored Jimmy Connors to become the first Black man ever to win the Wimbledon Championship. In 1989, the first episode of “Seinfeld”—then called “The Seinfeld Chronicles”—aired on NBC. In 1996, Dolly, a female Finn Dorset sheep, was born near Edinburgh, becoming the first successfully cloned mammal. In 2002, American baseball player Ted Williams, who was the last player to hit .400 in Major League Baseball—.406 in 1941—died in Inverness, Florida. In 2009, Swiss tennis player Roger Federer won a record-setting 15th Grand Slam singles title as he defeated Andy Roddick at the Wimbledon Championships.
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