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PLANSPONSOR NEWSDASH LOGO October 7th, 2022
Insight on Plan Design & Investment Strategy Every Weekday
Deals and People
Retirement Clearinghouse Announces Auto-Portability Network with Fidelity, Vanguard and Alight
Retirement Clearinghouse Announces Auto-Portability Network with Fidelity, Vanguard and Alight
The Portability Services Network seeks help mitigate cash-out leakage and accelerate the nationwide adoption of auto-portability.
Compliance
Associated Bank ERISA Lawsuit Dismissed
The plaintiffs’ fiduciary breach claims were dismissed, with prejudice, in United States District Court for the Eastern district of Wisconsin
Most Read
Compliance
Senator Cardin Worried SECURE 2.0 Won’t Pass This Year
Investing
Morgan Stanley Expands Robo-Advising Tech with Blooom Purchase
Compliance
Republicans Move to Prevent SEC Climate Disclosure Requirements
ECONOMIC EVENTS
In the week ending October 1, the advance figure for seasonally adjusted initial claims for unemployment insurance was 219,000, an increase of 29,000 from the previous week’s revised level. The previous week’s level was revised down by 3,000 from 193,000 to 190,000. The four-week moving average was 206,500, an increase of 250 from the previous week’s revised average. The previous week’s average was revised down by 750 from 207,000 to 206,250.

Interest on a 30-year fixed-rate mortgage averaged 6.66% for the week ending October 6, down from last week when it averaged 6.70%. A year ago at this time, the 30-year FRM averaged 2.99%. Interest on a 15-year fixed-rate mortgage averaged 5.90%, down from last week when it averaged 5.96%. A year ago at this time, the 15-year FRM averaged 2.23%. 
MARKET MIRROR
Thursday, the Dow lost 346.93 points (1.15%) to close at 29,926.94, the Nasdaq decreased 75.33 points (0.68%) to finish at 11,073.311 and the S&P 500 was down 38.76 points (1.02%) to close at 3,744.52. The Russell 2000 lost 10.18 points (0.58%) to finish trading at 1,752.51 and the Wilshire 5000 decreased 352.87 points (0.93%) to close at 37,492.26.

The price of the 10-year Treasury note decreased 6/32 bringing the yield up to 3.828%. The price of the 30-year Treasury note decreased 27/32 bringing the yield up to 3.791%.
EVENTS
Webinar: Your HSA Questions Answered
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.
SURVEYS
DC Survey Now Open
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.
SMALL TALK
ON THIS DATE: In 1765, the Stamp Act Congress convened in New York City to frame resolutions of “rights and grievances” of the American colonies. In 1826, the Granite Railway, the first chartered railroad in the U.S., began service. In 1949, the German Democratic Republic—East Germany—was formed, in the zone of Soviet occupation. In 1982, a record was set, at the time, when 147,000,000 shares were exchanged on the New York Stock Exchange. In 1985, Lynette Woodard became the first female Harlem Globetrotters player. In 1996, the Fox News Channel satellite and cable news network, created by Roger Ailes for Rupert Murdoch’s News Corporation, launched in the U.S. In 1998, the U.S. government filed an antitrust suit that alleged Visa and MasterCard inhibited competition by preventing banks from offering other cards. In 2001, a U.S.-led coalition began attacks on Taliban-controlled Afghanistan with an intense bombing campaign by American and British forces.
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