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May 25th, 2022
Insight on Plan Design & Investment Strategy Every Weekday
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Data and Research
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More Concern on the Doorstep of Retirement
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Last year, the percentage of working Americans nearing retirement age who felt financially prepared for retirement was 26%; this year, that number has declined to just 22%. 
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| ECONOMIC EVENTS |
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Sales of new single‐family houses in April were at a seasonally adjusted annual rate of 591,000, according to estimates released jointly by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 16.6% below the revised March rate of 709,000 and is 26.9% below the April 2021 estimate of 809,000.
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| MARKET MIRROR |
Tuesday, the Dow increased 43.38 points (0.15%) to 31,928.62, the Nasdaq fell 270.83 points (2.35%) to close at 11,264.45, and the S&P lost 32.27 points (0.81%) to 3,941.48. The Russell 2000 decreased 27.94 points (1.56%) to 1,764.83, and the Wilshire 5000 was down 461.13 points (1.17%) to 39,035.28.
The price of the 10-year Treasury note increased 31/32 lowering its yield down to 2.751%. The price of the 30-year Treasury bond was up 1 30/32 lowering its yield down to 2.966%.
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Ask the Experts
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At What Rate Should Rehires Be Auto-Enrolled
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“We sponsor an automatically enrolled 403(b) plan that is a qualified automatic contribution arrangement. We also utilize an automatic escalation feature, with the deferral amount increasing by 1% from the auto-enrolled minimum of 3% each plan year, which is the calendar year in our case. We recently had a rehired participant who, when she left three years ago, was automatically enrolled at an auto-escalated 4% deferral rate. Upon rehire, should she be auto-enrolled at that 4% deferral rate, or would she revert to the 3% default deferral rate for new hires?”
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| SMALLL TALK |
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ON THIS DATE: In 1660, under invitation by leaders of the English Commonwealth, Charles II, the exiled king of England, landed at Dover, England, to assume the throne and end 11 years of military rule. In 1787, 55 state delegates, including George Washington, James Madison, and Benjamin Franklin, convened in Philadelphia to compose a new U.S. constitution. In 1844, the gasoline engine was patented by Stuart Perry. In 1935, Babe Ruth hit his last home run at Forbes Field in Pittsburgh, Pennsylvania. In 1977, “Star Wars Episode IV: A New Hope” opened and became the largest grossing film to date. In 1992, Jay Leno debuted as the new permanent host of NBC’s “Tonight Show.” In 2001, Erik Weihenmayer, 32, of Golden, Colorado, became the first blind climber to reach the summit of Mount Everest. In 2008, NASA’s Phoenix Mars Lander landed in the arctic plains of Mars.
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