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March 25th, 2022
Insight on Plan Design & Investment Strategy Every Weekday
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Compliance
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Plaintiffs Must Replead Case in Kimberly-Clark ERISA Suit
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A federal court order rejects the defendants’ motion to dismiss the lawsuit, which argues plan fiduciaries permitted the payment of excessive fees, but it also determines that the plaintiffs in the case have not sufficiently pled their claims. 
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| Economic Events |
New orders for manufactured durable goods in February decreased $6.0 billion or 2.2% to $271.5 billion, the U.S. Census Bureau announced. This decrease, down following four consecutive monthly increases, followed a 1.6% January increase. Excluding transportation, new orders decreased 0.6%. Excluding defense, new orders decreased 2.7%. Transportation equipment, down following three consecutive monthly increases, led the decrease, $4.9 billion or 5.6% to $82.6 billion.
Interest on a 30-year fixed-rate mortgage averaged 4.42% for the week ending March 24, up from last week when it averaged 4.16%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 3.17%. Interest on a 15-year fixed-rate mortgage averaged 3.63%, up from last week when it averaged 3.39%. A year ago at this time, the 15-year FRM averaged 2.45%.
In the week ending March 19, the advance figure for seasonally adjusted initial claims for unemployment insurance was 187,000, a decrease of 28,000 from the previous week’s revised level of 215,000, the Labor Department reported. This is the lowest level for initial claims since September 6, 1969, when itwas 182,000. The four-week moving average was 211,750, a decrease of 11,500 from the previous week’s revised average of 223,250.
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| Market Mirror |
Thursday, the Dow gain 349.44 points (1.02%) to finish at 34,707.94, the Nasdaq closed 269.24 points (1.93%) higher at 14,191.84, and the S&P 500 increased 63.92 points (1.43%) to 4,520.16. The Russell 2000 was up 23.24 points (1.13%) at 2,075.44, and the Wilshire 5000 climbed 626.26 points (1.39%) to 45,551.33.
The price of the 10-year Treasury note decreased 28/32, bringing its yield up to 2.370%. The price of the 30-year Treasury bond fell 31/32, increasing its yield to 2.532%.
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Editor’s Note
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Don’t Miss an Edition of NewsDash!
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PLANSPONSOR’s newsletters and notifications about events and magazine issues will be coming from new domains starting next week. Please whitelist the following domains: newsletters.plansponsor.com, industry-intel.plansponsor.com, info.issmediasolutions.com and subscriptions.issmediasolutions.com.
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Employers Use SDBAs to Give Employees Choice
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Self-directed brokerage accounts can also help keep participants in the plan and be an avenue for offering not-so-standard investment options, but they’re not right for every plan.
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Products
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Investment Product and Service Launches
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KraneShares introduces active global carbon transformation ETF; Dimensional lists four new international equity ETFs; Nasdaq Fund Network welcomes BlackRock’s Target Allocation ETF models; and more.
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ON THIS DATE: In 1901, the Mercedes was introduced by Daimler at the five-day “Week of Nice” in Nice, France. In 1911, the Triangle Shirtwaist Company factory in New York City burned down, killing 146 workers. The tragedy led to the development of a series of laws and regulations that better protected the safety of factory workers. In 1947, John D. Rockefeller III presented a check for $8.5 million to the United Nations for the purchase of land for the site of the U.N. center. In 1954, RCA manufactured its first color TV set and began mass production. In 1957, the European Economic Community was established with the signing of the Treaty of Rome. In 1967, the Reverend Martin Luther King Jr. led a march of 5,000 antiwar demonstrators in Chicago. In 1996, the U.S. issued a newly redesigned $100 bill for circulation.
And now it’s time for some FRIDAY FUN!
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This dog does not want to leave the park.
Some new, handy uses for rubber bands.
In Brittany, France, a message in a bottle that was thrown into the Atlantic Ocean in 1995 was recently discovered. The bottle had traveled from somewhere near Puerto Rico. In the note, Jonathan ‘Ivan’ Saunders, who was working as the engineer on a fishing boat from Gloucester, Massachusetts, described the boat he was on, listed its crew and his coordinates and asked whoever found it to respond back to him with the date and location where the bottle was recovered, according to UPI.
In Oldham, England, a concerned citizen called police about a loose tiger resting near a neighborhood garden. UPI reports that the police quickly responded and discovered it was a stuffed toy. They booked the tiger into property at the police station.
In Venice, Italy, apparently the seagulls are aggressive, so a hotel has armed its guests… with water guns. “They really work, they’re also colored orange, which those birds don’t like,” Paolo Lorenzoni , director of the historic Gritti Hotel near the Grand Canal, told ANSA, a press agency in the country. He said the birds are already learning to avoid anyone brandishing a water gun.
Have a safe and happy weekend!
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