NewsDash – September 6, 2023

September 6th, 2023
Insight on Plan Design & Investment Strategy Every Weekday

Benefits

Customized Benefits, Financial Literacy Are Key to Closing the Racial Retirement Savings Gap

It is in plan sponsors’ best interest to improve the financial health of workers and address disparities, researchers say.

Deals and People

Principal, Mercer Hire New CIOs

Principal Asset Management appointed a CIO and global head of equities and Mercer named a leader for its US outsourced CIO practice, the companies announced on Tuesday.

Most Read

Deals and People
Voya Announces Acquisition of OneAmerica's Retirement Plan Business

Benefits
ERISA Advisory Council Delves Into QDIA Retirement Income Offerings

Benefits
Social Security COLA for 2025 Projected at 2.5%

ECONOMIC EVENTS

New orders for manufactured durable goods in July, down following four consecutive monthly increases, decreased $15.7 billion or 5.2% to $285.5 billion, unchanged from the previously published decrease, the Census Bureau reported. This followed a 4.3% June increase. Transportation equipment, also down following four consecutive monthly increases, drove the decrease, $16.5 billion or 14.3% to $98.6 billion. New orders for manufactured nondurable goods increased $3.1 billion or 1.1% to $293.9 billion.

MARKET MIRROR

Tuesday, the Dow fell 195.74 points (0.56%) to close at 34,641.97, the Nasdaq fell 10.86 points (0.08%) to close at 14,020.95 and the S&P 500 fell 18.94 points (0.42%) to close at 4,496.83. The Russell 2000 lost 40.38 points (2.10%) to close at 1,880.45, and the FT Wilshire 5000 Index lost 259.62 points (0.57%) to close at 45,346.54.

The 10-year Treasury note decreased 28/32, bringing the yield to 4.259%. The 30-year Treasury bond decreased 1 24/32, bringing the yield to 4.372%.

Data and Research

More Small, Medium-Sized Employers Offer Self-Insured Health Plans

Employers hope to offer consistent benefits packages, resulting in easier administration and lower expenses, according to a new EBRI report.

Opinions

Is Income the No. 1 Driver of Retirement Outcomes?

A new joint initiative aims to leverage retirement plan data to foster inclusive wealth creation.

SMALL TALK

ON THIS DATE: In 1860, social reformer and pacifist Jane Addams, co-winner of the Nobel Prize for Peace in 1931, was born. In 1901, Republican William McKinley, the 25th president of the U.S., was shot by Leon Czolgosz, an anarchist, at the Pan-American Exposition in Buffalo, New York, and died eight days later. In 1914, French and British forces launched an offensive against advancing Germans in the First Battle of the Marne during World War I. In 1944, Germany fired the first long-range V-2 missile at an Allied target during World War II. In 1966, South African Prime Minister Hendrik Verwoerd, who developed and rigorously applied the theory of apartheid, was stabbed to death by a temporary parliamentary messenger. In 1991, the Soviet Union recognized the independence of the Baltic states—Estonia, Latvia and Lithuania. In 1997, about a week after her death in a car accident, a funeral was held for Princess Diana, and an estimated 2.5 billion watched the television ceremony, which included a performance by Elton John. In 2007, Italian operatic lyric tenor Luciano Pavarotti, considered one of the finest bel canto opera singers of the 20th century, died at age 71. In 2019, Zimbabwean politician Robert Mugabe—the longtime ruler of Zimbabwe, first as prime minister, then as president—died at age 95; he had been deposed two years earlier.

Industry Intel Roundup—Thought Leadership

PLANSPONSOR is pleased to present the next edition of our Industry Intelligence roundup. This week, we are featuring content from thought leadership authorities. The content was created to educate, inform and offer ideas for plan sponsors regarding plan design, investing, administration and compliance.