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April 24th, 2024
Insight on Plan Design & Investment Strategy Every Weekday
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COMPLIANCE
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Final Retirement Security Rule Published
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The Department of Labor’s new fiduciary rule clarifies how retirement plan advice, one-time rollovers and annuity recommendations are viewed under ERISA. 
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| ECONOMIC EVENTS |
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Sales of new single‐family houses in March 2024 were at a seasonally adjusted annual rate of 693,000, according to estimates released jointly by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 8.8% above the revised February rate of 637,000 and is 8.3% above the March 2023 estimate of 640,000.
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| MARKET MIRROR |
Tuesday, the Dow rose 263.71 points (0.69%) to close at 38,503.69, the Nasdaq rose 245.34 points (1.59%) to close at 15,696.64 and the S&P 500 rose 59.95 points (1.27%) to close at 5,070.55. The Russell 2000 rose 35.17 points (1.79%) to close at 2,002.64, and the FT Wilshire 5000 Index rose 641.41 points (1.27%0 to close at 50,972.95.
The 10-year Treasury note increased 1/32, bringing the yield to 4.606%. The 30-year Treasury bond decreased 2/32, bringing the yield to 4.731%.
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ON THIS DATE: In 1916, members of the Irish Volunteers and the Irish Citizen Army seized strategic points in Dublin during the Easter Rising, which heralded the end of British power in Ireland. In 1949, Communist forces occupied the Chinese capital, Nanking after crossing the Yangtze River virtually unopposed by adherents to the Nationalist government under President Chang Kai-shek. In 1967, Soviet cosmonaut Vladimir Komarov became the first man to die during a space mission when his spacecraft became entangled in its parachute during an attempted landing. In 1980, U.S. forces launched a mission to rescue American hostages in Iran, but the attempt failed, and eight U.S. service members were killed. In 2003, officials in North Korea informed U.S. diplomats that it had nuclear weapons and was making bomb-grade plutonium. In 2004, businesswoman Estée Lauder, who cofounded the hugely profitable fragrance and beauty company that bore her name, died in Manhattan. In 2005, Pope Benedict XVI, successor to John Paul II, formally assumed his position as the new leader of the Roman Catholic Church during a mass in St. Peter’s Square in Vatican City.
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| 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. | | | | |
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