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PLANSPONSOR NEWSDASH LOGO October 15th, 2021
Insight on Plan Design & Investment Strategy Every Weekday
Compliance
2021 HSA Review: Plan Sponsor Duties With Regard to HSAs
2021 HSA Review: Plan Sponsor Duties With Regard to HSAs
Experts shared what responsibilities employers have for their HSA benefit and what actions can trigger ERISA governance of it.
Compliance
Aon Wins Lawsuit Over Investments in Lowe’s Cos. 401(k)
A judge found Aon didn’t violate ERISA when encouraging Lowe’s to change the plan’s investment menu or by selecting and maintaining a proprietary fund for the plan that underperformed.
Most Read
Research
2021 DC Plan Benchmarking Survey
Data and Research
Working Past Age 65 May Seem Like a Great Idea …
Data and Research
2022 Retirement Industry Trends to Follow
Economic Events
Interest on a 30-year fixed-rate mortgage (FRM) averaged 3.05% for the week ending October 14, up from last week when it averaged 2.99%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 2.81%. Interest on a 15-year FRM averaged 2.30%, up from last week when it averaged 2.23%. A year ago at this time, the 15-year FRM averaged 2.35%.

The Producer Price Index for final demand increased 0.5% in September, as prices for final demand goods rose 1.3% and the index for final demand services moved up 0.2%, according to the Bureau of Labor Statistics. The final demand index rose 8.6% for the 12 months ended in September.

In the week ending October 9, the advance figure for seasonally adjusted initial claims for unemployment insurance was 293,000, a decrease of 36,000 from the previous week’s revised level of 329,000, the Labor Department reported. This is the lowest level for initial claims since March 14, 2020, when it was 256,000. The four-week moving average was 334,250, a decrease of 10,500 from the previous week’s revised average of 344,750. This is the lowest level for this average since March 14, 2020, when it was 225,500.
Market Mirror
Thursday, the Dow gained 534.75 points (1.56%) to finish at 34,912.56, the Nasdaq closed 251.79 points (1.73%) higher at 14,823.43, and the S&P 500 increased 74.46 points (1.71%) to 4,438.26. The Russell 2000 was up 32.21 points (1.44%) at 2,274.18, and the Wilshire 5000 climbed 739.78 points (1.62%) to 46,270.78.

The price of the 10-year Treasury note was up 2/32, decreasing its yield to 1.515%. The price of the 30-year Treasury bond increased 4/32, bringing its yield down to 2.014%.
Products,
Firms Announce Intent to Launch ESG Pooled Employer Plan
PAi Trust Co. will be the pooled plan provider, and Morningstar Investment Management will select and manage the investment lineup.
Investment Product and Service Launches
BlackRock announces option to include annuities in target-date strategies; Vanguard expands active roster with Core-Plus Bond Fund; Willis Towers Watson, Qontigo launch climate transition indexes; and more.
Small Talk
ON THIS DATE: In 1965, in a demonstration staged by the student-run National Coordinating Committee to End the War in Vietnam, some of the first public burnings of draft cards in the United States took place. These demonstrations drew 100,000 people in 40 cities across the country. In 1966, President Lyndon B. Johnson signed a bill creating the Department of Transportation. In 1984, the Freedom of Information Act was passed. In 1989, Wayne Gretzky, with the Los Angeles Kings hockey team, broke Gordie Howe’s points record (1,850) in the final period of a game against the Edmonton Oilers. In 1993, South Africa’s President F.W. de Klerk and African National Congress President Nelson Mandela won the Nobel Peace Prize for their efforts to end the apartheid system in South Africa. In 1997, British Royal Air Force pilot Andy Green broke the land-speed record by driving a jet-powered car faster than the speed of sound.

And now it’s time for some FRIDAY FUN!
Have you ever wondered what sound effects would go with your life?

This child can’t wait to get baptized.

In Srbac, Bosnia, a man built a house to satisfy what his wife would like to see when she looks out the windows. The Associated Press reports that when the couple married, the man had built another, typical house for them. At the time, his wife wanted their bedrooms to face the sun, so they did. However, she started complaining that their living room faced away from the road and she could not see people entering the front yard. So the man remodeled the house to please her. Then six years ago, the couple decided to let one of their sons and his wife live on the top floor of their family house while the parents moved to the ground floor. The man started to remodel, but anticipating changing desires of his wife, he decided to build a new, rotating house that she can spin “as she pleases,” the man said. The news report says he joked, “Now, our front door also rotates, so if she spots unwanted guests heading our way, she can spin the house and make them turn away.”

Wishing everyone a safe and happy weekend!
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