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PLANSPONSOR NEWSDASH LOGO October 4th, 2021
Insight on Plan Design & Investment Strategy Every Weekday
UpFront
What Advisers Wish Plan Sponsors Knew
What Advisers Wish Plan Sponsors Knew
Experts say sponsors should focus on their fiduciary roles, as well as investment lineups and plan success.
Deals and People
Retirement Industry People Moves
The Wagner Law Group acquires Idaho-based firm; Allianz Life names chief growth officer; K&L Gates LLP adds new partner to benefits, ESOPs and executive compensation practice; and more.
Most Read
Compliance
New Financial Audit Rule Increases Requirements for Plan Sponsors
Data and Research
Participants Missing the Full Match Remains a Big Problem
Compliance
Parties in Church Plan Lawsuit Finally Get Preliminary Approval of Settlement
SPONSORED BY: PIMCO
Explore the Top Trends in the DC Marketplace
Get key insights on the views and trends in DC from the largest plan consultants and advisors in the 2021 PIMCO US Defined Contribution Consulting Study.
Economic Events
Construction spending during August was estimated at a seasonally adjusted annual rate of $1,584.1 billion, virtually unchanged from the revised July estimate of $1,584.0 billion, the Census Bureau announced. The August figure is 8.9% above the August 2020 estimate of $1,455.0 billion. During the first eight months of this year, construction spending amounted to $1,034.5 billion, 7.0% above the $966.7 billion for the same period in 2020.

Today, the Census Bureau will report about factory orders for August. Thursday, the Labor Department will issue its initial 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 September.
Market Mirror
Friday, the Dow gained 482.54 points (1.43%) to finish at 34,326.46, the Nasdaq closed 118.12 points (0.82%) higher at 14,566.70, and the S&P 500 increased 49.50 points (1.15%) to 4,357.04. The Russell 2000 was up 37.26 points (1.69%) at 2,241.63, and the Wilshire 5000 climbed 511.31 points (1.14%) to 45,361.33.

The price of the 10-year Treasury note increased 24/32, bringing its yield down to 1.468%. The price of the 30-year Treasury bond was up 2/32, decreasing its yield to 2.035%.

For the week ending October 1, the Dow decreased 1.36%, the Nasdaq fell 3.20%, and the S&P 500 lost 2.21%. The Russell 2000 was down 0.29%, and the Wilshire 5000 finished 2.16% lower.
Compliance
Long-Running AT&T ERISA Dispute Sees Summary Dismissal
The court concluded that the defendants present extensive evidence that they acted prudently in monitoring the plan’s recordkeeping expenses.
IRS Issues Reminder About Special 415 Limit Rule for Certain 403(b) Plan Participants
If a 403(b) plan participant also sponsors a plan to which he contributes, the plans must satisfy the annual additions limitation on an aggregate basis.
Small Talk
ON THIS DATE: In 1535, the first complete English translation of the Bible was printed in Zurich, Switzerland. In 1648, the first volunteer fire department was established in New York by Peter Stuyvesant. In 1933, “Esquire” magazine was published for the first time. In 1957, the Soviet Union launched Sputnik, the world’s first artificial satellite. In 1970, Janis Joplin died of a heroin overdose at the age of 27. In 1976, Barbara Walters joined Harry Reasoner at the anchor desk of the “ABC Evening News” for the first time. In 1990, the German parliament had its first meeting since reunification.
SURVEY SAYS RESPONSES: Last week, I asked NewsDash readers, “Do you feel social media can be a source for reliable financial help?” I also asked, “Have you ever used something on social media to help you make a financial decision?”
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