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October 5th, 2020
Insight on Plan Design & Investment Strategy Every Weekday
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Events
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The Importance of Social Security Education for Participants
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According to the Social Security Administration’s website, Social Security will replace about 40% of an employee’s pre-retirement income after retirement, so it is an important part of retirement planning. To educate employees, plan sponsors must understand Social Security themselves. Join PLANSPONSOR and retirement industry experts during a webinar October 29 as they discuss: What plan sponsors need to know about Social Security; How plan sponsors can offer Social Security education to employees; and The importance of personalized Social Security planning for employees. 
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| Economic Events |
New orders for manufactured durable goods in August increased $1.0 billion or 0.4% to $232.8 billion, the U.S. Census Bureau announced. This increase, up four consecutive months, followed an 11.7% July increase. Excluding transportation, new orders increased 0.4%. Excluding defense, new orders increased 0.7%. Machinery, also up four consecutive months, led the increase, $0.5 billion or 1.5% to $31.2 billion.
Total nonfarm payroll employment rose by 661,000 in September, and the unemployment rate declined to 7.9%, the Bureau of Labor Statistics reported.
Thursday, the Labor Department will issue its initial claims report. Friday, the Census Bureau will report about wholesale trade for August.
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| Market Mirror |
Friday, the Dow decreased 134.09 points (0.48%) to 27,682.81, the NASDAQ fell 251.49 points (2.22%) to 11,075.02, and the S&P 500 lost 32.36 points (0.96%) to finish at 3,348.44. The Russell 2000 was up 8.09 points (0.53%) at 1,539.30, and the Wilshire 5000 closed 296.84 points (0.85%) lower at 34,470.82.
The price of the 10-year Treasury note was down 2/32, increasing its yield to 0.694%. The price of the 30-year Treasury bond decreased 5/32, bringing its yield up to 1.481%.
For the week ending October 2, the Dow finished 1.87% higher, the NASDAQ was up 1.48%, and the S&P 500 increased 1.52%. The Russell 2000 climbed 4.37%, and the Wilshire 5000 gained 1.94%.
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Awards
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Get Notified When Nominations Open
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Each fall, PLANSPONSOR opens nominations for our annual Plan Sponsor of the Year and Retirement Plan Adviser of the Year awards. The best place to learn when the nominations open for these or any other awards programs is via our daily NewsDash and PLANADVISERDash email newsletters. However, if you would like to receive an email notifying you when nominations are open, please provide your information.
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Deals and People
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Retirement Industry People Moves
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Nova 401(k) Associates names new attorney and consultant; Lockton Pacific adds employee benefits VP and producer; and CC Capital and Motive acquire Wilshire Associates.
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ON THIS DATE: In 1947, President Harry Truman made the first-ever televised presidential address from the White House. In 1974, American Dave Kunst completed the first round-the-world journey on foot, taking four years and 21 pairs of shoes to complete the 14,500-mile journey across the land masses of four continents. In 1989, the Dalai Lama (Lhama Dhondrub, Tenzin Gyatso), the exiled religious and political leader of Tibet, was awarded the Nobel Peace Prize in recognition of his nonviolent campaign to end the Chinese domination of Tibet. Gyatso was the 15th Dalai Lama. In 1999, Kevin Spacey received a star on the Hollywood Walk of Fame. In 2011, Steve Jobs, the visionary co-founder of Apple Inc., died at age 56 of complications from pancreatic cancer.
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