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May 24th, 2021
Insight on Plan Design & Investment Strategy Every Weekday
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Awards
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2021 Plan Sponsors of the Year
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We are pleased to announce the 2021 Plan Sponsor of the Year winner in the Corporate 401(k) <$25MM category: The Dime Bank. 
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| Economic Events |
Existing-home sales waned in April, marking three straight months of declines, according to the National Association of Realtors. All but one of the four major U.S. regions witnessed month-over-month drops in home sales, but each registered double-digit year-over-year gains for April. Total existing-home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, slipped 2.7% from March to a seasonally adjusted annual rate of 5.85 million in April. Sales overall jumped year-over-year—up 33.9% from a year ago (4.37 million in April 2020).
Tomorrow, the Conference Board will release its Consumer Confidence Index for May, and the Census Bureau will report about new home sales in April. Thursday, the Labor Department will issue its initial claims report, Freddie Mac will update average mortgage interest rates, and the Census Bureau will report about durable goods orders for April.
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| Market Mirror |
Friday, the Dow was up 123.69 points (0.36%) at 34,207.84, the Nasdaq closed 64.75 points (0.48%) lower at 13,470.99, and the Wilshire 5000 decreased 3.26 points (0.08%) to 4,155.86. The Russell 2000 increased 21.63 points (0.99%) to 2,215.27, and the Wilshire 5000 was down 21.47 points (0.05%) at 43,322.72.
The price of the 10-year Treasury note was up 1/32, decreasing its yield to 1.617%. The price of the 30-year Treasury bond increased 23/32, bringing its yield down to 2.323%.
For the week ending May 21, the Dow lost 0.51%, the Nasdaq was up 0.31%, and the S&P 500 finished 0.43% lower. The Russell 2000 decreased 0.42%, and the Wilshire 5000 was down 0.21%.
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Compliance
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Plan Progress: Lessons from Litigation
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Experts in a recent PLANSPONSOR webinar reviewed recent retirement plan litigation and what lessons plan sponsors can from cases and trends.
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Deals and People
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Retirement Industry People Moves
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Principal announces new hires in retirement and income solutions; LCG Associates promotes senior consultant to COO; LeafHouse announces new CIO; and more.
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ON THIS DATE: In 1738, the Methodist Church was established. In 1844, in a demonstration witnessed by members of Congress, American inventor Samuel F.B. Morse dispatched a telegraph message from the U.S. Capitol to Alfred Vail at a railroad station in Baltimore, Maryland. The message, “What Hath God Wrought?” was telegraphed back to the Capitol a moment later by Vail. In 1883, the Brooklyn Bridge opened. In 1935, the Cincinnati Reds beat the Philadelphia Phillies 2-1 in Major League Baseball’s first-ever night game, played courtesy of recently installed lights at Crosley Field in Cincinnati. In 1958, United Press International was formed through a merger of the United Press and the International News Service. In 1961, the Freedom Riders were arrested in Jackson, Mississippi. In 1994, the four men convicted of bombing the New York’s World Trade Center were each sentenced to 240 years in prison. In 2001, Temba Tsheri, 15, became the youngest person to reach the summit of Mount Everest.
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