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May 3rd, 2022
Insight on Plan Design & Investment Strategy Every Weekday
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Job Opening
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Join Our Team!
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PLANSPONSOR is looking to add a reporter to our team. We’re seeking someone who is personable enough to hold court with a room full of executives, and savvy enough to spot trends and news in the retirement plan industry and accompanying marketplace. The right person will work with industry sources to deliver daily news stories, scoops and larger trend pieces on top retirement plans, recordkeepers, investment firms, etc.—all backed with excellent writing skills. Click here to learn more. 
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| Economic Events |
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Construction spending during March was estimated at a seasonally adjusted annual rate of $1,730.5 billion, 0.1% above the revised February estimate of $1,728.6 billion, the Census Bureau announced. The March figure is 11.7% above the March 2021 estimate of $1,548.6 billion. During the first three months of this year, construction spending amounted to $376.6 billion, 12.0% above the $336.3 billion for the same period in 2021.
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| Market Mirror |
Yesterday, the Dow closed 84.29 points (0.26%) at 33,061.50, the Nasdaq gained 201.38 points (1.63%) to finish at 12,536.02, and the S&P 500 increased 23.45 points (0.57%) to 4,155.38. The Russell 2000 was up 18.81 points (1.01%) at 1,882.91, and the Wilshire 5000 climbed 291.27 points (0.70%) to 41,635.24.
The price of the 10-year Treasury note decreased 25/32, bringing its yield up to 2.980%. The price of the 30-year Treasury bond fell 28/32, increasing its yield to 3.036%.
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Compliance
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Plaintiffs Retry UPS Annuity Conversion Lawsuit
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The refiled lawsuit argues that the defendants are failing to provide alternative forms of pension benefits that are ‘actuarially equivalent’ to the standard single life annuities that participants earn.
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Data and Research
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Retirement Plan Appreciation Remains High
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However, survey data shows there are some areas where employers could improve their communication strategies to optimize plan utilization and understanding.
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ON THIS DATE: In 1802, Washington, D.C., was incorporated as a city. In 1855, Macon B. Allen became the first African American to be admitted to the Bar in Massachusetts. In 1952, a ski-modified U.S. Air Force C-47 piloted by Lieutenant Colonel Joseph O. Fletcher of Oklahoma and Lieutenant Colonel William P. Benedict of California became the first aircraft to land on the North Pole. In 1954, in Hernandez v. Texas, the Supreme Court unanimously ruled that the Fourteenth Amendment applied to all racial and ethnic groups facing discrimination, effectively broadening civil rights laws to include Hispanics and all other non-whites. In 1971, National Public Radio broadcast for the first time. In 2006, in Alexandria, Virginia, Al-Quaida conspirator Zacarias Moussaoui was given a sentence of life in prison for his role in the terrorist attack on the U.S. on September 11, 2001.
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