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PLANSPONSOR NEWSDASH LOGO June 29th, 2022
Insight on Plan Design & Investment Strategy Every Weekday
Data and Research
Retirement Security Is Higher for Veteran Teachers Than for New Entrants
Retirement Security Is Higher for Veteran Teachers Than for New Entrants
More than 63% of new teachers will likely leave the classroom before they reach a decade of service in the same state.
BENEFITS
Inflation and Interest Rates Jeopardize Retirement for Canadian Millennials
Survey finds the economy threatens retirement security, especially for those under 35.
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Compliance
More TDF Underperformance Lawsuits Emerge Across US
Data and Research
Plan Sponsors and Participants Cite Different ‘Important’ Benefits
Compliance
Managed Account Fees Challenged in Latest ERISA Lawsuit
ECONOMIC EVENTS
The Conference Board Consumer Confidence Index decreased in June, following a decline in May. The Index fell to 98.7—down 4.5 points from 103.2 in May—and now stands at its lowest level since February 2021. The Present Situation Index—based on consumers’ assessment of current business and labor market conditions—declined marginally to 147.1 from 147.4 last month. The Expectations Index—based on consumers’ short-term outlook for income, business and labor market conditions—decreased sharply to 66.4 from 73.7 and is at its lowest level since March 2013.
MARKET MIRROR
Tuesday, the Dow decreased 491.27 points (1.56%) to 30,946.99, the Nasdaq lost 343.01 points (2.98%) to 11,181.54, and the S&P 500 was down 78.56 points (2.01%) to 3,821.55. The Russell 2000 fell 32.90 points (1.86%) to 1,738.84, and the Wilshire 5000 decreased 794.50 points (2.05%) to 38,027.57.

The price of the 10-year Treasury note increased 2/32, bringing its yield down to 3.193%. The price of the 30-year Treasury bond increased 27/32, lowering its yield down to 3.292%.
Products
Vanguard Partners With Candidly For Student Loan Repayment Program
An estimated 44 million Americans owe $1.75 trillion total in student debt, according to 2020 Federal Reserve figures.  
ASK THE EXPERTS
Are There Restrictions on 457(b) Plan Investments?
“We are a public university that maintains a 403(b) plan and a 457(b) plan. We realize that plan investments in our 403(b) are generally restricted to annuities and mutual funds. Are 457(b) investments similarly restricted?”
SMALL TALK
ON THIS DATE: In 1613, during a performance of William Shakespeare’s Henry VIII, the Globe Theatre was destroyed within an hour after its thatch was accidentally set aflame by a cannon marking the king’s entrance onstage. In 1652, Massachusetts declared itself an independent commonwealth. In 1776, the Virginia constitution was adopted and Patrick Henry was made governor. In 1917, Ukraine proclaimed independence from Russia. In 1953, the Federal Highway Act authorized the construction of 42,500 miles of freeway from coast to coast. In 1958, Pelé led Brazil to the country’s first World Cup title. In 1969, a crowd of people from the nearby area packed Harlem’s Mt. Morris Park–now Marcus Garvey Park—as Black performers from many different genres and eras appeared on the park’s stage in a series of shows known as the Harlem Cultural Festival. In 1972, the U.S. Supreme Court ruled in Furman v. Georgia, by a vote of 5-4, that capital punishment, as used on the state and federal level, was unconstitutional. In 2007, Apple Inc.’s first mobile “smartphone,” the iPhone, went on sale. In 2009, hedge-fund investment manager Bernie Madoff received a sentence of up to 150 years in prison for operating the largest Ponzi scheme in history.
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