April 22nd, 2022 Insight on Plan Design & Investment Strategy Every Weekday Compliance Appellate Panel Sends Trader Joe’s ERISA Case Back to District Court The court found that the plaintiffs plausibly alleged that 401(k) plan fiduciaries failed to control fees by offering retail share classes of investments in the plan. Data and Research Finding Success in a Tight Labor Market One study suggests business leaders must focus on increasing public-private collaborative training efforts and embrace competency-based hiring and promotion models based on skills rather than degrees. Most Read Administration From Auto-IRAs to PEPs: How Small Employers Can Offer Retirement Savings Compliance Bristol-Myers Squibb, State Street Targeted in Lawsuit Over PRT Administration No Matter How Small, Businesses Have Retirement Plan Options ECONOMIC EVENTS Interest on a 30-year fixed-rate mortgage averaged 5.11% as of April 21, up from last week when it averaged 5.00%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 2.97%. Interest on a 15-year fixed-rate mortgage averaged 4.38%, up from last week when it averaged 4.17%. A year ago at this time, the 15-year FRM averaged 2.29%. In the week ending April 16, the advance figure for seasonally adjusted initial claims for unemployment insurance was 184,000, a decrease of 2,000 from the previous week’s revised level of 186,000, the Labor Department reported. The four-week moving average was 177,250, an increase of 4,500 from the previous week’s revised average of 172,750. MARKET MIRROR Thursday, the Dow fell 368.03 points (1.05%) to close at 34,792.76, the Nasdaq was down 278.41 points (2.07%) to finish at 13,174.65, and the S&P 500 fell 65.79 points (1.48%) to 4,393.66. The Russell 2000 fell 46.72 points (2.29%) to 1,991.46, and the Wilshire 5000 dropped 772.79 points (1.73%) to 44,002.18. The price of the 10-year Treasury note fell 5/32 while its yield settled at 2.905%. The price of the 30-year Treasury bond dropped 30/32 with its yield reaching 2.927%. Compliance Xerox’s Motion to Dismiss ERISA Lawsuit Is Denied The court order states that plaintiffs plausibly stated a claim for breach of fiduciary duty. USI Wins Dismissal of ERISA Lawsuit The complaint was dismissed in its entirety for failure to state a claim. SMALL TALK ON THIS DATE: In 1792, U.S. President George Washington proclaimed American neutrality in the war in Europe. In 1864, Congress passed legislation that allowed the inscription “In God We Trust” to be included on one-cent and two-cent coins. In 1876, the Boston Red Caps beat the Philadelphia Athletics, 6-5, in the first official National League baseball game. In 1889, at precisely high noon, thousands of would-be settlers make a mad dash into the newly opened Oklahoma Territory to claim cheap land. In 1914, Babe Ruth made his pitching debut with the Baltimore Orioles. In 1970, the first “Earth Day” was observed by millions of Americans. In 1976, Barbara Walters became the first female nightly network news anchor. In 2004, Pat Tillman, who gave up his pro football career to enlist in the U.S. Army after the terrorist attacks of September 11. He was killed by friendly fire in Afghanistan. In 2010, the Boeing X-37 began its first orbital mission of the Earth. Did someone forward you this newsletter? Sign up here to get NEWSDash directly in your mailbox! Unsubscribe | Manage Subscriptions | Contact Us Copyright ©2024 Asset International, Inc. All rights reserved. No reproduction without prior authorization. Modern Slavery Statement 2022 | Do Not Sell My Personal Information | Privacy (including cookies), Social Media & Legal 702 King Farm Boulevard, Suite 300, Rockville, MD 20850