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States Stepping Up With Private Retirement Savings Plans
States Stepping Up With Private Retirement Savings Plans
New offerings aim to benefit the estimated 57 million U.S. workers who do not have access to employer-sponsored plans.
Department of Labor Announces Final Form 5500 Changes
The changes to Form 5500 for defined contribution and defined benefit plans are modest.
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Employers Plan to Cut Back on Benefits Amid Recession Fears
Deals and People
Franklin to Add Retirement AUM With Putnam Acquisition
PPG Agrees to $309M Pension Risk Transfer Deal
In the week ending May 21, the advance figure for seasonally adjusted initial claims for unemployment insurance was 210,000, a decrease of 8,000 from the previous week’s unrevised level of 218,000, the Labor Department reported. The four-week moving average was 206,750, an increase of 7,250 from the previous week’s unrevised average of 199,500.

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 percent. Interest on a 15-year fixed-rate mortgage averaged 4.48%, up from last week when it averaged 4.52%. A year ago at this time, the 15-year FRM averaged 2.94%.
Thursday, the Dow increased 516.91 points (1.61%) to 32,637.19, the Nasdaq gained 305.91 points (2.68%) to close at 11,740.65, and the S&P increased 79.11 points (1.99%) to 4,057.84. The Russell 2000 gained 39.07 points (2.17%) to reach 1,838.24, and the Wilshire 5000 was up 832.72 points (2.11%) to end at 40,348.01.

The price of the 10-year Treasury note was up 1/32 with its yield decreasing to 2.741%. The price of the 30-year Treasury bond was virtually unchanged with its yield at 2.975%. 
SecureSave and Milliman Partner on Emergency Savings Solution
Employees with access to the solution can set up free emergency personal savings accounts through the ease of payroll deductions and receive matched contributions from their employer.
Investment Product and Service Launches
Putnam Investments to develop suite of sustainable retirement target-date funds; PGIM Investments expands actively managed fixed income ETF lineup; Nationwide adds new solution to address market volatility; and more.
ON THIS DATE: In 1703, Czar Peter I founded the city of St. Petersburg as the new Russian capital. In 1813, Americans captured Fort George, Canada, in the War of 1812. In 1919, a U.S. Navy seaplane completed the first transatlantic flight, from Newfoundland to the Azores. In 1931, Auguste Piccard and Paul Kipfer made the first flight into the stratosphere, by balloon. In 1937, San Francisco’s Golden Gate Bridge opened to the public after five years of construction. In 1943, a B-24 carrying U.S. airman and former Olympic runner Louis Zamperini crashed into the Pacific Ocean. In 1972, Soviet President Leonid Brezhnev and U.S. President Richard Nixon, met in Moscow, and signed the Strategic Arms Limitation Talks (SALT) agreements. In 1995, Christopher Reeve was paralyzed after being thrown from his horse during a jumping event.
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