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Data and Research
State Pensions’ Funded Status Jumped in 2021
State Pensions’ Funded Status Jumped in 2021
While state pensions reached their highest funded status in six years, market volatility and declining markets signal potential difficulty ahead.
District Court Tosses John Hancock ERISA Lawsuit
The plaintiffs alleged John Hancock breached the Employee Retirement Income Security Act fiduciary duty of loyalty by receiving and retaining foreign tax credits generated by certain international investment offerings.  
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Deals and People
Voya Keeps Building Government Markets Team With Rehire
Housing Expenses Drive Spending Volatility in Retirement
Data and Research
Unplanned Financial Challenges Continue to Plague US Workers’ Retirement Savings
Economic Events
In the week ending May 7, the advance figure for seasonally adjusted initial claims for unemployment insurance was 203,000, an increase of 1,000 from the previous week’s revised level of 202,000, the Labor Department reported. The four-week moving average was 192,750, an increase of 4,250 from the previous week’s revised average of 188,500.

Interest on a 30-year fixed-rate mortgage averaged 5.30% for the week ending May 12, up from last week when it averaged 5.27%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 2.94%. Interest on a 15-year fixed-rate mortgage averaged 4.48%, down from last week when it averaged 4.52%. A year ago at this time, the 15-year FRM averaged 2.26%.

The Producer Price Index for final demand increased 0.5% in April, seasonally adjusted, the Bureau of Labor Statistics reported. This rise followed advances of 1.6% in March and 1.1% in February. On an unadjusted basis, final demand prices moved up 11.0% for the 12 months ended in April.
Market Mirror
Thursday, the Dow lost 103.81 points (0.33%) to close at 31,730.30, the Nasdaq gained 6.73 points (0.06%) to finish at 11,370.96, and the S&P 500 was down 5.10 points (0.13%) at 3,930.08. The Russell 2000 increased 21.24 points (1.24%) to 1,739.38, and the Wilshire 5000 was up 64.44 points (0.17%) at 38,954.37.

The price of the 10-year Treasury note increased 11/32, lowering its yield to 2.862%. The price of the 30-year Treasury bond increased 4/32, lowering its yield to 3.027%.
Data and Research
401(k) vs. 403(b): Different Paths to Retirement Readiness
Studies find differences in 403(b) and 401(k) plan design and participant behavior, but both plan types are increasing in importance for employees.
Investment Product and Service Launches
Dimensional lists new ETF and completes mutual-fund-to-ETF conversion; Northern Trust partners with Enfusion as part of whole office strategy; Nuveen introduces retirement investing group; and more.
Small Talk
ON THIS DATE: In 1607, 100 English colonists arrived along the east bank of the James River in Virginia to found Jamestown, the first permanent English settlement in North America. In 1821, the first practical printing press was patented in the U.S. by Samuel Rust. In 1846, Congress voted in favor of President James K. Polk declaring war on Mexico. In 1911, the New York Giants set a Major League Baseball record by scoring ten runs before the first out of the game was recorded. In 1973, tennis stars Bobby Riggs and Margaret Court faced off in a $10,000 winner-take-all challenge match. In 1981, in Rome’s St. Peter’s Square, Pope John Paul II was shot and seriously wounded while passing through the square in an open car. In 2003, the U.S. government unveiled a newly designed version of the $20 bill.
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