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March 2nd, 2022
Insight on Plan Design & Investment Strategy Every Weekday
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Ask the Experts
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Is a Plan Administrator Required for ERISA and non-ERISA Plans?
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“I read your Ask the Experts column on the definition of a plan administrator under ERISA Section 3(16) with great interest as I was unfamiliar with the term. Is it an optional provision of ERISA, or are ALL ERISA retirement plans required to have a plan administrator under ERISA Section 3(16)? And what about non-ERISA plans?” 
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| Economic Events |
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Construction spending during January was estimated at a seasonally adjusted annual rate of $1,677.2 billion, 1.3% above the revised December estimate of $1,655.8 billion, the Census Bureau reported. The January figure is 8.2% above the January 2021 estimate of $1,549.8 billion.
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| Market Mirror |
Tuesday, the Dow dropped 597.65 points (1.76%) to 33,294.95, the Nasdaq lost 218.94 points (1.59%) to finish at 13,532.46, and the S&P 500 closed 67.68 points (1.55%) lower at 4,306.26. The Russell 2000 decreased 39.58 points (1.93%) to 2,008.51, and the Wilshire 5000 fell 678.40 points (1.53%) to 43,580.81.
The price of the 10-year Treasury note increased 32/32, bringing its yield down to 1.720%. The price of the 30-year Treasury bond climbed 1 25/32, decreasing its yield to 2.108%.
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ON THIS DATE: In 1807, Congress passed an act to “prohibit the importation of slaves into any port or place within the jurisdiction of the United States…from any foreign kingdom, place, or country.” In 1861, Congress created the Territory of Nevada. In 1877, Rutherford B. Hayes was declared the winner of the 1876 presidential election by Congress. Samuel J. Tilden, however, had won the popular vote on November 7, 1876. In 1899, Mount Rainier National Park in Washington was established by Congress. In 1899, President William McKinley signed a measure that created the rank of Admiral for the U.S. Navy. The first admiral was George Dewey. In 1904, Theodor Geisel, better known to the world as Dr. Seuss, the author and illustrator of such children’s books as “The Cat in the Hat” and “Green Eggs and Ham,” was born in Springfield, Massachusetts. In 1917, President Woodrow Wilson signed the Jones-Shafroth Act, under which Puerto Rico became a U.S. territory and Puerto Ricans were granted statutory citizenship, meaning that citizenship was granted by an act of Congress and not by the Constitution (thus it was not guaranteed by the Constitution). The act also created a bill of rights for the territory, separated its government into executive, legislative and judicial branches, and declared Puerto Rico’s official language to be English. In 1925, state and federal highway officials developed a nationwide route-numbering system and adopted the familiar U.S. shield-shaped, numbered marker. In 1933, the motion picture “King Kong” had its world premiere in New York. In 1972, Pioneer 10, the world’s first outer-planetary probe, was launched from Cape Canaveral, Florida, on a mission to Jupiter, the solar system’s largest planet. In 2004, NASA announced that the Mars rover Opportunity had discovered evidence that water had existed on Mars in the past.
WEDNESDAY WISDOM: “Don’t cry because it’s over. Smile because it happened.”—Dr. Seuss
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