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October 10th, 2022
Insight on Plan Design & Investment Strategy Every Weekday
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Administration
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How Plan Sponsors Can Combat Cybercrime
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A panel hosted by the National Institute on Retirement Security explained that all pension plans are at increased risk, especially plans for public employees, and discussed ways that plan sponsors can mitigate their risk. 
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| ECONOMIC EVENTS |
Total nonfarm payroll employment increased by 263,000 in September, and the unemployment rate edged down to 3.5%, the U.S. Bureau of Labor Statistics reported. Notable job gains occurred in leisure and hospitality and in health care.
Wednesday, the Bureau of Labor Statistics will report the producer price index for September. Thursday, the Labor Department will issue its initial jobless claims report, Freddie Mac will update average mortgage rates for the week and the Bureau of Labor statistics will report the consumer price index for September. Friday, the Census Bureau will report retail sales for September and business inventories for August.
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| MARKET MIRROR |
Friday, the Dow lost 630.15 points (2.11%) to close at 29,296.79, the Nasdaq decreased 420.91 points (3.80%) to close at 10,652.40 and the S&P 500 lost 104.86 (2.80%) to finish trading at 3,639.66. The Russell 2000 decreased 50.36 points (2.87%) to close at 1,702.15 and the Wilshire 5000 lost 1,071.71 points (2.86%) to close at 36,420.53.
The price of the 10-year Treasury note decreased 26/32 bringing the yield up to 3.884%. The price of the 30-year Treasury note decreased 9/32 bringing the yield up to 3.843%.
For the week ending October 7, the Dow gained 1.99%, the Nasdaq increased 0.73% and the S&P 500 gained 1.51%. The Russell 2000 was up 2.25%, and the Wilshire 5000 finished 1.50% higher.
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ERISA Lawsuit Brought Against Mutual of America
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The plaintiffs have alleged Mutual of America plan fiduciaries using a closed-architecture recordkeeping platform caused plan participants to pay excessive fees for recordkeeping and administrative services.
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DEALS AND PEOPLE
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Retirement Industry People Moves
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Lockton launches new people solutions practice; Groom Law Group expands health practice with new principal; Multnomah Group acquires Pacific Retirement Partners; and more.
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EVENTS
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Webinar: Your HSA Questions Answered
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Join PLANSPONSOR and industry experts for a webinar October 13 during which you will increase your understanding of health savings accounts by comparing features to those of defined contribution plans, learn how to position HSAs on your menu of benefits, and hear tips for increasing employee engagement with HSAs. Register today
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SURVEYS
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DC Survey Now Open
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For more than 20 years, PLANSPONSOR’s annual Defined Contribution Survey has provided benchmarking data for nearly 50 industries/business sectors and for 401(k), 403(b), and other DC plans, as well as nonqualified plans. Represent your industry and plan type by participating, and you’ll receive a free benchmarking report.
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ON THIS DATE: In 1845, the United States Naval Academy opened in Annapolis, MD. In 1887, Thomas Edison organized the Edison Phonograph Company. In 1935, George Gershwin’s opera Porgy and Bess opened on Broadway. In 1900, actress Helen Hayes, whose career spanned 80 years, was born. She received the nickname “First Lady of American Theatre” and is one of 17 people who have won an Emmy, a Grammy, an Oscar and a Tony Award. In 1959, Pan American World Airways announced the beginning of the first global airline service. In 1970, Fiji gained independence from Great Britain. In 1985, filmmaker Orson Welles—who wrote, directed, produced and acted in Citizen Kane (1941)—died at age 70. In 2004, ‘Superman’ actor Christopher Reeve died, from heart failure, at age 52.
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