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Plan Sponsors Should Eliminate Jargon in Their Communications
Plan Sponsors Should Eliminate Jargon in Their Communications
Participants shared with Empower the simple, direct retirement plan terminology they would prefer.
Social Security to Run Out of Money Sooner Than Previously Expected
To avoid depletion, payroll taxes will need to be increased, benefits cut or both, and waiting will mean larger changes will be necessary, the Social Security Board of Trustees warns in an annual report.
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Participants Will Need Support to Understand Lifetime Income Projections
Data and Research
DB Plans Retain Cost Advantage Over DC Plans
Milliman Accused of Failing to Prune Bad Investments From 401(k)
Economic Events
Construction spending during July was estimated at a seasonally adjusted annual rate of $1,568.8 billion, 0.3% above the revised June estimate of $1,563.4 billion, the Census Bureau announced. The July figure is 9.0% above the July 2020 estimate of $1,439.6 billion. During the first seven months of this year, construction spending amounted to $883.2 billion, 6.2% above the $831.5 billion for the same period in 2020.
Market Mirror
Wednesday, the Dow decreased 48.20 points (0.14%) to 35,312.53, the Nasdaq closed 50.15 points (0.33%) higher at 15,309.38, and the S&P 500 was up 1.41 points (0.03%) at 4,524.09. The Russell 2000 gained 13.28 points (0.58%) to finish at 2,287.06, and the Wilshire 5000 increased 65.07 points (0.14%) to 47,044.71.

The price of the 10-year Treasury note was up 1/32, decreasing its yield to 1.300%. The price of the 30-year Treasury bond increased 5/32, bringing its yield down to 1.913%.
Newer Retirement Plan Providers Tout Their Value Proposition
Using cost-effective digital platforms, a new generation of retirement plan providers strives to offer big-plan service to sponsors of small plans and those without a plan.
Small Talk
ON THIS DATE: In 1789, the U.S. Treasury Department was established. In 1864, during the U.S. Civil War Union forces led by Gen. William T. Sherman occupied Atlanta following the retreat of the Confederates. In 1945, aboard the USS Missouri in Tokyo Bay, Japan formally surrendered to the Allies, bringing an end to World War II. In 1963, the integration of Tuskegee High School was prevented by state troopers assigned by Alabama Gov. George Wallace. Wallace had the building surrounded by state troopers. In 1969, America’s first automatic teller machine (ATM) made its public debut, dispensing cash to customers at Chemical Bank in Rockville Centre, New York. In 1992, the U.S. and Russia agreed to a joint venture to build a space station. In 2013, 64-year-old Diana Nyad became the first person to swim from Cuba to Florida without the use of a shark cage for protection.
SURVEY SAYS: Cryptocurrency is gaining in popularity in some circles, with major retailers now accepting Bitcoin as payment and at least one defined contribution (DC) plan provider announcing it is allowing for investments in cryptocurrency. This week, I’d like to know, do you think DC plan participants should be allowed to invest in cryptocurrency? You may respond to this week’s survey by 6 p.m. Pacific time today.
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