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DuPont Plan Participants Claim Arbitrary Interpretation Reduced Their Pension Benefits
DuPont Plan Participants Claim Arbitrary Interpretation Reduced Their Pension Benefits
The complaint says Corteva Inc.’s ‘sleight of hand’ when determining when to label employees that were part of a spinoff as ‘terminated’ allowed it to deny promised benefits.
Investment Product and Service Launches
J.P. Morgan AM launches lifetime income solution; Allianz Life partners with iJoin and IPX to offer guaranteed income option; Janus Henderson launches five actively managed sustainable exchange-traded funds; and more.
Most Read
TRIVIAL PURSUITS: Which are the most northern, southern, eastern and western U.S. States?
2021 Recordkeeping Survey
TRIVIAL PURSUITS: Meaning and Origin of the Idiom “Watershed Moment?”
Participants Will Need Support to Understand Lifetime Income Projections
DB Plans Retain Cost Advantage Over DC Plans
Economic Events
Interest on a 30-year fixed-rate mortgage (FRM) averaged 2.88% for the week ending September 9, up slightly from last week when it averaged 2.87%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 2.86%. Interest on a 15-year fixed-rate mortgage averaged 2.19%, up slightly from last week when it averaged 2.18%. A year ago at this time, the 15-year FRM averaged 2.37%.

In the week ending September 4, the advance figure for seasonally adjusted initial claims for unemployment insurance was 310,000, a decrease of 35,000 from the previous week’s revised level of 345,000, 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 339,500, a decrease of 16,750 from the previous week’s revised average of 356,250. This is the lowest level for this average since March 14, 2020, when it was 225,500.
Market Mirror
Thursday, the Dow closed 151.69 points (0.43%) lower at 34,879.38, the Nasdaq was down 38.38 points (0.25%) at 15,248.25, and the S&P 500 lost 20.79 points (0.46%) to finish at 4,493.28. The Russell 2000 was virtually unchanged at 2,249.13, and the Wilshire 5000 decreased 153.72 points (0.33%) to 46,705.43.

The price of the 10-year Treasury note was up 4/32, decreasing its yield to 1.299%. The price of the 30-year Treasury bond climbed 1 28/32, bringing its yield down to 1.890%.
IRS Issues Procedures for 403(b) Plan Remedial Amendment Cycle 2
The IRS says it is modifying the procedures for the 403(b) pre-approved plan program to be more similar to those under the Internal Revenue Code (IRC) Section 401(a) pre-approved plan program.
Small Talk
ON THIS DATE: In 1608, English adventurer John Smith was elected council president of Jamestown, Virginia—the first permanent English settlement in North America. In 1794, America’s first non-denominational college was chartered. Blount College later became the University of Tennessee. In 1813, in the first unqualified defeat of a British naval squadron in history, U.S. Captain Oliver Hazard Perry led a fleet of nine American ships to victory over a squadron of six British warships at the Battle of Lake Erie during the War of 1812. In 1846, Elias Howe received a patent for his sewing machine. In 1913, the Lincoln Highway opened. It was the first paved coast-to-coast highway in the U.S. In 1921, the Ayus Autobahn in Germany opened near Berlin. The road is known for its nonexistent speed limit. In 1948, Mildred “Axis Sally” Gillars was indicted for treason in Washington, D.C. Gillars was a Nazi radio propagandist during World War II. She was convicted and spent 12 years in prison. In 1953, Swanson began selling its first “TV dinner.” In 1961, Mickey Mantle tied a major league baseball record for home runs when he hit the 400th of his career. In 1963, 20 black students entered public schools in Alabama at the end of a standoff between federal authorities and Alabama governor George C. Wallace. In 1998, Mac Davis received a star on the Hollywood Walk of Fame. In 2002, the “September 11: Bearing Witness to History” exhibit opened at the Smithsonian’s National Museum of American History. In 2008, scientists successfully flipped the switch for the first time on the Large Hadron Collider (LHC) at the European Organization for Nuclear Research (CERN) lab in Geneva, kicking off what many called history’s biggest science experiment. Testing particle physics theories, the $8 billion LHC is the largest particle accelerator in the world, made up of superconducting magnets that allow engineers and physicists to study subatomic particles including protons, electrons, quarks and photons. The LHC can create 600 million collisions per second.

And now it’s time for some FRIDAY FUN!
An exciting day for the dogs—not so much for the Fed Ex driver.

Not a good time to be late for work.

Who knew goats had such an amazing skill?

Wishing everyone a safe and happy weekend!
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