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May 19th, 2022
Insight on Plan Design & Investment Strategy Every Weekday
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| Economic Events |
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Privately‐owned housing starts in April were at a seasonally adjusted annual rate of 1,724,000, the Census Bureau announced. This is 0.2% below the revised March estimate of 1,728,000, but is 14.6% above the April 2021 rate of 1,505,000. Single‐family housing starts in April were at a rate of 1,100,000; this is 7.3% below the revised March figure of 1,187,000. The April rate for units in buildings with five units or more was 612,000.
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| Market Mirror |
Wednesday, the Dow lost 1,164.52 points (3.57%) to finish at 31,490.07, the Nasdaq plunged 566.37 points (4.73%) to 11,418.15, and the S&P 500 dropped 165.17 points (4.04%) to 3,923.68. The Russell 2000 closed 65.45 points (3.56%) lower at 1,774.85, and the Wilshire 5000 fell 1,634.18 points (4.02%) to 38,983.42.
The price of the 10-year Treasury note increased 9/32, bringing its yield down to 2.887%. The price of the 30-year Treasury bond climbed 2 2/32, decreasing its yield to 3.064%.
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PLANSPONSOR National Conference
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Help Us Craft the Agenda for the PSNC Town Hall
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The 2022 PLANSPONSOR National Conference kicks off with a Town Hall-type discussion with industry executives and researchers. It is an opportunity to hear about retirement plan trends and plan sponsor concerns, as well as to get your questions answered. We want the Town Hall to be as interactive as possible, and we’re asking for your help in crafting the agenda. Please take a few minutes to complete this short survey to let us know what you want to hear about and what questions you have for our Town Hall panelists. 
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Compliance
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New ERISA Lawsuit Targets NFP
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The allegations in the case are filed on behalf of the same plaintiffs who have already sued their employer, Molina Healthcare, for alleged fiduciary breaches in the delivery of retirement plan benefits.
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ON THIS DATE: In 1935, T.E. Lawrence “Lawrence of Arabia” died from injuries sustained in a motorcycle crash in England. In 1935, the National Football League adopted an annual college draft to begin in 1936. In 1943, British Prime Minister Winston Churchill and U.S. President Franklin Roosevelt planned the cross-Channel landing that would become D-Day—May 1, 1944—later pushed back because of bad weather. In 1981, the Empire State Building was designated a New York City Landmark. In 1999, “Star Wars Episode I: The Phantom Menace” was released in the U.S. In 2003, Worldcom Inc. announced the company planned to pay investors a $500 million settlement for civil fraud charges over an $11 billion accounting scandal.
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