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PLANSPONSOR NEWSDASH LOGO June 7th, 2021
Insight on Plan Design & Investment Strategy Every Weekday
Awards
2021 Service Stars
2021 Service Stars
Five individuals and five teams from the retirement plan provider community have been selected as 2021 PLANSPONSOR Service Stars.
Benefits
ESOPs a Win-Win for Workers and Employers
Not only do they build employees’ wealth at a faster rate than retirement plans, but they contribute to business performance and resilience.
Most Read
Research
2021 Target-Date Fund Survey
Compliance
The DOL Has Begun Retirement Plan Cybersecurity Audits
Compliance
Rush of Litigation Against Retirement Plans Expected to Continue
SPONSORED BY: American Century Investments
The Transition Risk Zone
Where retirement perception and reality diverge.
Economic Events
New orders for manufactured durable goods in April decreased $3.2 billion or 1.3% to $246.2 billion, the U.S. Census Bureau announced. This decrease, down following 11 consecutive monthly increases, followed a 1.3% March increase. Excluding transportation, new orders increased 1.0%. Excluding defense, new orders were virtually unchanged. Transportation equipment, down two consecutive months, drove the decrease, $4.9 billion or 6.7% to $68.9 billion.

Total nonfarm payroll employment rose by 559,000 in May, and the unemployment rate declined by 0.3 percentage point to 5.8%, according to the Bureau of Labor Statistics. Notable job gains occurred in leisure and hospitality, in public and private education, and in health care and social assistance.

Wednesday, the Census Bureau will report about wholesale trade for April. Thursday, the Labor Department will issue its initial claims report, Freddie Mac will update average mortgage rates for the week, and the Bureau of Labor Statistics will reveal the consumer price index for May.
Market Mirror
Friday, the Dow increased 179.35 points (0.52%) to 34,756.39, the Nasdaq climbed 199.98 points (1.47%) to 13,814.49, and the S&P 500 closed 37.04 points (0.88%) higher at 4,229.89. The Russell 2000 was up 7.16 points (0.31%) at 2,286.41, and the Wilshire 5000 gained 393.80 points (0.90%) to finish at 44,239.75.

The price of the 10-year Treasury note was up 7/32, lowering its yield to 1.548%, and the price of the 30-year Treasury bond was up 1 26/32, lowering its yield to 2.236%.

For the week ending June 4, the Dow gained 0.66%, the Nasdaq was up 0.48%, and the S&P 500 increased 0.61%. The Russell 2000 climbed 0.77%, and the Wilshire 5000 finished 0.62% higher.
Data and Research
Annuity Interest Grows Among Workers
Plan sponsors are also feeling a sense of responsibility in offering guaranteed lifetime income products.
Deals and People,
PE Firm to Acquire Aon’s U.S. Retirement Business
Aon says its newly revealed plan to sell its U.S. retirement business to Aquiline Partners is in part meant to address antitrust concerns related to its own merger with Willis Towers Watson.  
Retirement Industry People Moves
State Street Global Advisers CIO announces retirement; John Hancock Retirement selects CEO for retirement and recordkeeping business; Morningstar selects managing director; and more.
Small Talk
ON THIS DATE: In 1893, in an event that would have dramatic repercussions for the people of India, Mohandas K. Gandhi, a young Indian lawyer working in South Africa, refused to comply with racial segregation rules on a South African train and was forcibly ejected at Pietermaritzburg. In 1913, Hudson Stuck, an Alaskan missionary, led the first successful ascent of Denali (formerly known as Mt. McKinley), the highest point on the American continent at 20,320 feet. In 1939, King George VI and his wife, Queen Elizabeth, arrived in the U.S. It was the first visit to the U.S. by a reigning British monarch. In 1976, “The NBC Nightly News”, with John Chancellor and David Brinkley, aired for the first time. In 2000, U.S. Federal Judge Thomas Penfield Jackson ordered the breakup of Microsoft Corporation.
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