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IRS Issues ‘Helpful’ Bulletin for Preapproved Plans
IRS Issues ‘Helpful’ Bulletin for Preapproved Plans
An IRS bulletin for preapproved plan sponsors warns of consequences for missing the restated adoption agreement deadline.
Social Security Solvency Update Adds One Year to Depletion Date
The new depletion date of the Old-Age and Survivors Insurance and Disability Trust Funds is 2035, when 80% of benefits will be payable.
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Interest on a 30-year fixed-rate mortgage averaged 5.09% for the week ending June 2, down from last week when it averaged 5.10%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 2.99%. Interest on a 15-year fixed-rate mortgage averaged 4.32%, up from last week when it averaged 4.31%. A year ago at this time, the 15-year FRM averaged 2.27%.

In the week ending May 28, the advance figure for seasonally adjusted initial claims for unemployment was 200,000, a decrease of 11,000 from the previous week’s revised level of 211,000, the Labor Department reported. The four-week moving average was 206,500, a decrease of 500 from the previous week’s revised average.
Thursday, the Dow gained 435.28 points (1.33%) to 33,248.28, the Nasdaq jumped 322.44 points (2.69%) to close at 12,316.90, and the S&P 500 increased 75.59 points (1.84%) to 4,176.82. The Russell 2000 was up 42.85 points (2.31%) to 1,897.67, and the Wilshire 5000 increased 837.61 points (2.05%) to 41,617.86.

The price of the 10-year Treasury note increased 1/32 bringing its yield down to 2.903%. The price of the 30-year Treasury bond decreased 2/32 bringing its yield up to 3.074%.
Investment Product and Service Launches
BlackRock updates multifactor ETF suite; iJoin launches individualized glide path solution; and Vontobel expands retirement plan offerings.
ON THIS DATE: In 1784, the U.S. Congress formally created the United States Army to replace the disbanded Continental Army. In 1800, John Adams moved to Washington, D.C. to become the first president to live in what later became the capital of the United States. In 1851, the New York Knickerbockers became the first baseball team to wear uniforms. In 1888, “Casey at the Bat” the poem by Ernest Lawrence Thayer was first published. In 1932, Lou Gehrig set a Major League Baseball record when with four consecutive home runs. In 1965, 120 miles above the Earth, Major Edward H. White II opened the hatch of the Gemini 4 and stepped out of the capsule and became the first American astronaut to walk in space. In 2017, eight people were killed as a band of terrorists drove a van through a pedestrian walkway on the London Bridge. In 2017, the Amazing World of Dr. Seuss Museum opened in Springfield, Massachusetts.
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