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PLANSPONSOR NEWSDASH LOGO March 18th, 2024
Insight on Plan Design & Investment Strategy Every Weekday
Compliance
President Biden Budget Proposes Imposing RMDs on Large Retirement Accounts
President Biden Budget Proposes Imposing RMDs on Large Retirement Accounts
The proposal would apply to Roth sources in excess of $10 million for individuals earning $400,000 or more.
Compliance
Association of BellTel Retirees Points to Red Flags in Verizon PRT Deal
Advocates for the protection of retirees’ pensions and benefits say the telecom firm has ‘shamefully discarded 97,000 loyal retirees’ in pension risk transfers over the years. 
Most Read
Compliance
AT&T Sued Over 2023 Pension Risk Transfer with Athene Annuity and Life
Benefits
In PEPs, Attaining Economy of Scale Is Critical, Sometimes Illusive
Compliance
President Biden Budget Proposes Imposing RMDs on Large Retirement Accounts
ECONOMIC EVENTS
Tuesday, the Census Bureau will report new housing starts for February. Thursday, the Department of Labor will issue its initial jobless claims report, Freddie Mac will update average mortgage rates for the week and the National Association of Realtors will report existing home sales for February.
MARKET MIRROR
Friday, the Dow fell 190.89 points (0.49%) to close at 38,714.77, the Nasdaq fell 155.36 points (0.96%) to close at 15,973.17 and the S&P 500 fell 33.39 points (0.65%) to close at 5,117.09. The Russell 2000 rose 8.15 points (0.40%) to close at 2,039.32, and the FT Wilshire 5000 Index fell 289.79 points (0.56%) to close at 51,445.53.

The 10-year Treasury note fell 2/32, bringing the yield to 4.313. The 30-year Treasury bond rose 23/32, bringing the yield to 4.430%.

For the week ending March 15, the Dow fell 0.02%, the Nasdaq fell 0.70% and the S&P 500 fell 0.13%. The Russell 2000 fell 2.08%, and the FT Wilshire 5000 Index ended 0.33% lower.
Compliance
DOL Says Central States Must Repay $127M SFA Overpayment
Central States was granted $127 million that it was not entitled to because the PBGC counted over 3,000 deceased participants when calculating the size of the grant.
Data and Research
Data Informs Public-Sector Employers on How Workers 35 and Under Were Recruited
A MissionSquare Research Institute brief explores the sentiments of younger public sector workers by race and ethnicity and explores motivations for public employment.  
DEALS AND PEOPLE
Retirement Industry People Moves
Malone to lead protected retirement sales at Nationwide; Definiti appoints new sales and ERISA leadership; Principal hires Bender to large market strategy; and more. 
AWARDS
2024 Service Stars Announced
The PLANSPONSOR Service Star Awards program recognizes the retirement plan account representatives and relationship managers who, in the words of their plan sponsor clients, have demonstrated exemplary service.
SMALL TALK
ON THIS DATE: In 1902, Italian operatic tenor Enrico Caruso, one of the first musicians to document his voice on the gramophone, made his first phonograph recording. In 1906, the first monoplane, constructed by the Romanian inventor Trajan Vuia, made a flight of 40 feet. In 1932, writer John Updike—whose novels, short stories, and poems are known for their realistic but subtle depiction of “American, Protestant, small-town, middle-class” life—was born. In 1936, politician F.W. de Klerk—who, as president of South Africa from 1989 to 1994, brought the apartheid system of racial segregation to an end and negotiated a transition to majority rule in his country—was born. In 1964, speed skater Bonnie Blair, one of the most successful American women athletes in Olympic competition, was born in Cornwall, New York. In 1965, Soviet cosmonaut Aleksei Leonov, after passing through an air lock on the spacecraft Voskhod 2, became the first man to walk in space. In 1974, seven member countries of OPEC lifted a five-month oil embargo against the U.S. In 1990, two men pretending to be police officers stole 13 works, including paintings by Rembrandt and Johannes Vermeer, from the Isabella Stewart Gardner Museum in Boston; the stolen art was never recovered. In 2000, Chen Shui-bian, a leader of the pro-independence movement that sought statehood for the Republic of China (Taiwan), was elected president of Taiwan, breaking the Nationalist Party’s 55-year rule. In 2012, Tongan King Tupou V died and was succeeded by his younger brother, Crown Prince Lavaka, who took the name Tupou VI. In 2017, singer-songwriter and guitarist Chuck Berry, who was a leading and influential performer in rhythm-and-blues and rock-and-roll music, died at age 90.
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