April 27th, 2023 Insight on Plan Design & Investment Strategy Every Weekday Compliance Julie Su’s Nomination to Head DOL Advances From Committee Su's confirmation as Secretary of Labor faces a close Senate vote.  Data and Research Aging Population, Higher Life Expectancy Put Pressure on Global Pension Systems The sustainability of public pension plans comes into question, as average life expectancy is projected to rise to 77.3 years by 2050, data from Allianz shows. Most Read Compliance Regulators Clarify Part-Time Eligibility Rules for ERISA 403(b) Plans Opinions Accumulating Differences: Why Personalization Matters More for Older Investors Products Apollo, Athene Working On Alts, Annuities in DC Investing ECONOMIC EVENTS New orders for manufactured durable goods in March, up following two consecutive monthly decreases, increased $8.6 billion or 3.2% to $276.4 billion, the Census Bureau reported. This followed a 1.2% February decrease. Excluding transportation, new orders increased 0.3%. Excluding defense, new orders increased 3.5%. Transportation equipment, also up following two consecutive monthly decreases, led the increase, $8.1 billion or 9.1% to $97.4 billion. MARKET MIRROR Wednesday, the Dow fell 228.96 points (0.68%) to close at 33,301.87, the Nasdaq fell 182.85 points (1.52%) to close 11,854.35 and the S&P 500 fell 15.64 points (0.38%) to close at 4,055.99. The Russell 2000 fell 15.54 points (0.89%) to close at 1,730.41 and the Wilshire 5000 lost 164.04 points (0.41%) to close at 39,993.13. The 10-year Treasury note fell 4/32, bringing the yield to 3.450%. The 30-year Treasury bond fell 31/32, bringing the yield to 3.711%. Benefits October Three’s New Plan Design Includes Guaranteed Lifetime Income The consulting firm announced the launch of its new retirement solution, O3 Prime, which offers a 401(k) account in tandem with a cash balance pension plan.  Compliance DCIIA Delivers Guide to Plan Service Providers The April report outlined the differences, in action and duty, between ERISA fiduciaries. SMALL TALK ON THIS DATE: In 1828, the London Zoo opened in Regent’s Park. In 1865, the worst maritime disaster in U.S. history occurred when the overloaded steamship SS Sultana exploded on the Mississippi River, killing some 1,800 people, many of whom were former Union POWs returning home from the Civil War. In 1960, after several years as an autonomous republic in the French Union, the West African country of Togo became independent. In 1961, Sierra Leone—which for years had been a British colony and protectorate—achieved independence within the British Commonwealth; Sir Milton Margai served as the first prime minister. In 1981, Xerox debuted the first personal computer mouse. In 1992, British politician Betty Boothroyd became the first woman to be elected speaker of the House of Commons; she held the post until 2000. In 2014, Pope John Paul II was canonized by Pope Benedict XVI.  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