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PLANSPONSOR NEWSDASH LOGO November 29th, 2021
Insight on Plan Design & Investment Strategy Every Weekday
Research
2021 DC Plan Benchmarking Survey
2021 DC Plan Benchmarking Survey
Plan design and administration data from thousands of plan sponsors, for the purpose of providing industry benchmarks.
Data and Research
2022 Retirement Industry Trends to Follow
As the retirement plan industry looks ahead to the coming year, financial wellness is increasingly seen as a critical solution to help workers and retirees meet their goals.
Most Read
Research
2021 Recordkeeping Survey
Data and Research
Employees Cite Several Reasons for Not Participating in Financial Wellness Programs
Compliance
Plan Sponsors Might Mitigate ERISA Lawsuits With Defensive Provisions
Economic Events
Sales of new single‐family houses in October were at a seasonally adjusted annual rate of 745,000, according to estimates released jointly by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 0.4% above the revised September rate of 742,000, but is 23.1% below the October 2020 estimate of 969,000.

Interest on a 30-year fixed-rate mortgage (FRM) averaged 3.10% for the week ending November 24, unchanged from last week, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 2.72%. Interest on a 15-year FRM averaged 2.42%, up from last week when it averaged 2.39%. A year ago at this time, the 15-year FRM averaged 2.28%.

New orders for manufactured durable goods in October decreased $1.2 billion or 0.5% to $260.1 billion, the U.S. Census Bureau announced. This decrease, down two consecutive months, followed a 0.4% September decrease. Excluding transportation, new orders increased 0.5%. Excluding defense, new orders increased 0.8%. Transportation equipment, down three of the last four months, drove the decrease, 2.0 billion or 2.6% to $75.3 billion.

In the week ending November 20, the advance figure for seasonally adjusted initial claims for unemployment insurance was 199,000, a decrease of 71,000 from the previous week’s revised level of 270,000, the Labor Department reported. This is the lowest level for initial claims since November 15, 1969, when it was 197,000. The four-week moving average was 252,250, a decrease of 21,000 from the previous week’s revised average of 273,250. This is the lowest level for this average since March 14, 2020, when it was 225,500.

Tomorrow, the Conference Board will release its Consumer Confidence Index for November. Wednesday, the Census Bureau will report about construction spending in October. Thursday, the Labor Department will issue its weekly claims report, and Freddie Mac will update average mortgage rates for the week. Friday, the Bureau of Labor Statistics will reveal the unemployment rate for November, and the Census Bureau will report about factory orders for October.
Market Mirror
Friday, the Dow dropped 905.04 points (2.53%) to 34,899.34, the Nasdaq lost 353.57 points (2.23%) to finish at 15,491.66, and the S&P 500 closed 106.84 points (2.27%) lower at 4,594.62. The Russell 2000 fell 101.00 points (4.31%) to 2,245.94, and the Wilshire 5000 plunged 1,089.99 points (2.25%) to 47,377.65.

The price of the 10-year Treasury note increased 1 27/32, bringing its yield down to 1.479%. The price of the 30-year Treasury bond climbed 3 23/32, decreasing its yield to 1.829%.

For the week ending November 26, the Dow decreased 1.97%, the Nasdaq fell 3.52%, and the S&P 500 finished 2.20% lower. The Russell 2000 dropped 4.15%, and the Wilshire 5000 lost 2.50%.
Compliance
MarylandSaves State-Run Retirement Program to Launch Next Summer
The plan focuses on helping employees build emergency savings before saving for retirement.
Latest ERISA Excessive Fee Lawsuit Filed Against VCA
The plaintiffs argue the $500 million retirement plan’s fiduciaries failed to leverage the plan’s substantial bargaining power to benefit participants and beneficiaries.
Ask the Experts
Difference Between Annuities and Mutual Funds
“I just started working in employee benefits at a private university and am new to 403(b) plans. I understand that the only permissible investments un 403(b) plans are annuities and mutual funds, but can you explain the difference between the two?”
Deals and People
Retirement Industry People Moves
Portfolio Evaluations adds senior fiduciary consultant, and Voya Investment Management to acquire Tygh Capital Management.
Small Talk
ON THIS DATE: In 1890, Navy defeated Army by a score of 24-0 in the first Army-Navy football game. The game was played at West Point, New York. In 1892, a patent was issued to Almon Brown Strowger for the rotary dial. In 1929, American explorer Richard Byrd and three companions made the first flight over the South Pole, flying from their base on the Ross Ice Shelf to the pole and back in 18 hours and 41 minutes. In 1963, President Lyndon B. Johnson appointed a special commission to investigate the assassination of President John F. Kennedy, which had occurred a week earlier. In 1975, Bill Gates adopted the name Microsoft for the company he and Paul Allen had formed to write the BASIC computer language for the Altair. In 1986, actor Cary Grant died at the age of 82. In 2001, George Harrison, lead guitarist for the Beatles, died at the age of 58. In 2004, Godzilla received a star on the Hollywood Walk of Fame. In 2011, Conrad Murray, the physician convicted of involuntary manslaughter in the 2009 death of singer Michael Jackson, was sentenced in a Los Angeles County courtroom to four years behind bars.
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