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PLANSPONSOR NEWSDASH LOGO June 25th, 2021
Insight on Plan Design & Investment Strategy Every Weekday
Investing
PSNC 2021: Understanding Options for Investment Selection
PSNC 2021: Understanding Options for Investment Selection
Panelists discussed what fiduciaries should consider when rounding out their investment selections and how to determine whether the investment fees their participants are paying are reasonable.
Administration
PSNC 2021: Plan Design Elements to Improve Outcomes
Now that the worst of the coronavirus pandemic has lifted and work has largely returned to normalcy, so too has retirement plan sponsors’ commitment to finessing plan design.
Most Read
Research
2021 Recordkeeping Survey
Benefits
Giving Employees the Financial Wellness Help They Want
Compliance
DOL Clears Up Timing for Lifetime Income Illustrations
SPONSORED BY: BOK Financial
Financial Wellness Programs Empower Employees
Companies are embracing an educational approach as half of adults report feeling “financially anxious.” As employees grapple with financial stress being amplified by the pandemic, employers are responding by taking a holistic look at supporting their workforce’s entire financial picture.
Economic Events
New orders for manufactured durable goods in May increased $5.7 billion or 2.3% to $253.3 billion, the U.S. Census Bureau announced. This increase, up 12 of the last 13 months, followed a 0.8% April decrease. Excluding transportation, new orders increased 0.3%. Excluding defense, new orders increased 1.7%. Transportation equipment, up following two consecutive monthly decreases, led the increase, $5.2 billion or 7.6% to $74.2 billion.

Interest on a 30-year fixed-rate mortgage (FRM) averaged 3.02% for the week ending June 24, up from last week when it averaged 2.93%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 3.13%. Interest on a 15-year FRM averaged 2.34%, up from last week when it averaged 2.24%. A year ago at this time, the 15-year FRM averaged 2.59%.

In the week ending June 19, the advance figure for seasonally adjusted initial claims for unemployment insurance was 411,000, a decrease of 7,000 from the previous week’s revised level of 418,000, the Labor Department reported. The four-week moving average was 397,750, an increase of 1,500 from the previous week’s revised average of 396,250.
Market Mirror
Wednesday, the Dow closed 322.58 points (0.95%) higher at 34,196.82, the Nasdaq was up 97.98 points (0.69%) at 14,369.71, and the S&P 500 increased 24.65 points (0.58%) to 4,266.49. The Russell 2000 increased 30.15 points (1.31%) to 2,333.62, and the Wilshire 5000 was up 294.24 points (0.66%) at 44,886.66.

The price of the 10-year Treasury note was down 1/32, increasing its yield to 1.492%. The 30-year Treasury bond increased 24/32, bringing its yield down to 2.100%.
Compliance
Transamerica Agrees to Settle ERISA Suit
The settlement agreement includes both a $5.4 million payment and non-monetary relief.
Court Finds Executive Made a Valid Claim for SERP Benefits
A judge found that an email requesting information about obtaining benefits constituted a ‘written request’ as required by the plan document and that Nissan didn’t respond within the required 90-day window.
Products
Investment Product and Service Launches
Nationwide partners with AB to offer in-plan income guarantees; Voya’s new stable value solution offers manager diversity; Bloomberg and MSCI launch emerging markets ESG index suite; and more.
Small Talk
ON THIS DATE: In 1788, Virginia ratified the U.S. Constitution and became the 10th state of the United States. In 1868, Congress enacted legislation granting an eight-hour day to workers employed by the Federal government. In 1876, Native American forces led by Crazy Horse and Sitting Bull defeated the U.S. Army troops of General George Armstrong Custer in the Battle of the Little Bighorn near southern Montana’s Little Bighorn River. In 1942, following his arrival in London, Major General Dwight D. Eisenhower took command of U.S. forces in Europe. In 1950, North Korea invaded South Korea initiating the Korean War. In 1950, an American team composed largely of amateurs defeated its more polished English opponents at the World Cup, held in Belo Horizonte, Brazil. Dubbed the “Miracle on Green,” the game is considered one of the greatest soccer upsets of all time. In 1981, the U.S. Supreme Court decided that male-only draft registration was constitutional. In 1990, the Supreme Court upheld the right of an individual, whose wishes are clearly made, to refuse life-sustaining medical treatment. “The right to die” decision was made in the Curzan vs. Missouri case. In 1993, Kim Campbell was sworn in as Canada’s 19th prime minister, becoming the first woman to hold the country’s highest office. In 1998, the Supreme Court rejected the line-item veto thereby striking down presidential power to cancel specific items in tax and spending legislation. In 2000, U.S. and British researchers announced that they had completed a rough draft of a map of the genetic makeup of human beings. The project was 10 years old at the time of the announcement.

No FRIDAY FUN this week. Have a great weekend, everyone!
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