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PLANSPONSOR NEWSDASH LOGO June 27th, 2022
Insight on Plan Design & Investment Strategy Every Weekday
Compliance
State Bill Would Require Multiple 403(b) Providers
State Bill Would Require Multiple 403(b) Providers
For certain 403(b) plan participants at New Jersey school districts, more choices could facilitate additional retirement strategy personalization, one bill supporter says.    
Compliance
Latest ERISA Lawsuit Filed Against MITRE Corp.
The arguments in the new lawsuit closely resemble those in cases previously filed by plaintiffs represented by the highly active law firm Capozzi Adler.
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
Sales of new single-family houses in May were at a seasonally adjusted annual rate of 696,000, according to estimates released jointly by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 10.7% above the revised April 2022 estimate of 629,000.

Tuesday, the Conference Board will report the Consumer Confidence Index 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 Census Bureau will report about construction spending for May.
MARKET MIRROR
Friday, the Dow gained 823.32 points (2.68%) to 31,500.68, the Nasdaq increased 375.43 points (3.34%) to 11,607.62, and the S&P 500 was up 116.10 points (3.06%) to close at 3,911.82. The Russell 2000 gained 54.06 points (3.16%) to 1,765.74, and the Wilshire 5000 increased 1,180.82 points (3.13%) to 38,933.70.

The price of the 10-year Treasury note fell 25/32, bringing its yield up to 3.133%. The price of the 30-year Treasury bond decreased 1 1/32, bringing its yield up to 3.266%.

For the week ending June 24, the Dow was up 5.39%, the Nasdaq gained 7.49%, and the S&P 500 was up 6.46%. The Russell 2000 increased 6.00%, and the Wilshire climbed 6.58%.
PRODUCTS
Investment Product and Service Launches
LeafHouse Financial Services announces new DCIO service; Schwab Asset Management reduces fees on 10 funds; and Russell Investments expands personalized managed accounts.
DEALS AND PEOPLE
Retirement Industry People Moves
Morgan Stanley at Work to acquire American Financial Systems; The Standard hires stable value sales director; Lincoln Financial Group unites investments, risk and sustainability teams; and more.
SMALL TALK
ON THIS DATE: In 1693, “The Ladies’ Mercury” was published by John Dunton in London. It was the first regularly published women’s magazine and contained a “question and answer” column. In 1829, English scientist James Smithson established the Smithsonian Institution. In 1844, Joseph Smith, the founder and leader of the Church of Jesus Christ of Latter-day Saints, was murdered along with his brother Hyrum when a mob broke into a jail where they were held in Carthage, Illinois. In 1847, New York and Boston were linked by telegraph wires. In 1871, the yen became the new form of currency in Japan. In 1893, the New York stock market collapsed, and by the end of the year 600 banks and 74 railroads shuttered. In 1950, President Harry S. Truman announced ordering U.S. air and naval forces to South Korea to aid the democratic nation in repulsing an invasion by communist North Korea. In 1985, after 59 years, the iconic Route 66 entered the realm of history, when the American Association of State Highway and Transportation Officials decertified the road and voted to remove all its highway signs. In 2002, the Securities and Exchange Commission required companies with annual sales of more than $1.2 billion to submit sworn statements backing up the accuracy of their financial reports.
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