Plansponsor Logo
PLANSPONSOR NEWSDASH LOGO April 28th, 2023
Insight on Plan Design & Investment Strategy Every Weekday
Data and Research
Inflation, Depleted Savings Dent Workers’ Confidence as Financial Literacy Remains Low
Inflation, Depleted Savings Dent Workers’ Confidence as Financial Literacy Remains Low
Many American workers lack an understanding of their retirement plan investing options and do not use plan providers as an information resource, new data from EBRI and TIAA show. 
Compliance
Oilfield Services Company Baker Hughes Faces ERISA Lawsuit  
A class action complaint filed in Texas alleges fiduciary breaches by the company’s 401(k) plan.   
Most Read
Compliance
Bills to Nullify the Retirement Security Rule Proposed in Congress
Deals and People
BlackRock’s Retirement Head Ackerley Moving to Adviser Role
Data and Research
PGIM and TIAA Rethink 4% Withdrawal Rule, Finding Retirees Can Spend More
ECONOMIC EVENTS
In the week ending April 22, the advance figure for seasonally adjusted initial claims for unemployment was 230,000, a decrease of 16,000 from the previous week’s revised level of 246,000, the Labor Department reported. The four-week moving average was 236,000, a decrease of 4,000 from the previous week’s revised average of 240,000.

Interest on a 30-year fixed-rate mortgage averaged 6.43% for the week ending April 27, up from last week when it averaged 6.39%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 5.10%. Interest on a 15-year fixed-rate mortgage averaged 5.71%, down from last week when it averaged 5.76%. A year ago at this time, the 15-year FRM averaged 4.40%. 
MARKET MIRROR
Thursday, the Dow gained 524.29 points (1.57%) to close at 33,826.16, the Nasdaq gained 287.89 points (2.43%) to close at 12,142.24 and the S&P 500 gained 79.36 points (1.96%) to close at 4,135.35. The Russell 2000 gained 20.81 points (1.20%) to close at 1,751.22 and the Wilshire 5000 gained 746.46 points (1.87%) to close at 40,739.59.

The 10-year Treasury note fell 28/32, bringing the yield to 3.525%. The 30-year Treasury bond fell 30/32, bringing the yield to 3.754%.
Compliance
Republican Debt Ceiling Proposal Would Cut Means-Tested Programs, Student Loan Forgiveness
The proposal passed the House Wednesday and would slash spending on green energy and anti-poverty programs in exchange for lifting the debt ceiling.
DATA AND RESEARCH
A Plan Design To Drive Retirement Savings Equity
Plan sponsors can use this plan design to support African American and Latino retirement plan participants to save more for retirement.   
PRODUCTS
Investment Product and Service Launches
Nationwide adds in-plan guarantee for managed accounts; Alto announces capital-raising platform to tap IRA Funds; and more.
SMALL TALK
ON THIS DATE: In 1926, Harper Lee, author of To Kill a Mockingbird, was born. In 1945, Italian dictator Benito Mussolini was captured while trying to flee Italy and executed. In 1947, Norwegian ethnologist and adventurer Thor Heyerdahl and a small crew set sail from Peru aboard the raft Kon-Tiki and arrived in Polynesia three and a half months later. In 1967, during the Vietnam War, Muhammad Ali refused induction into the U.S. Army, citing religious reasons and was found guilty of draft evasion. Ali’s conviction was later overturned by the U.S. Supreme Court. In 1996, gunman Martin Bryant began a killing spree that left 35 people dead and some 18 others wounded in the Port Arthur area of Tasmania, Australia; it was the country’s worst mass shooting and led to stricter gun controls. In 2001, businessman Dennis Tito, who in 1972 founded investment management company Wilshire Associates, became the first space tourist when he was launched into orbit aboard a Russian supply mission to the International Space Station; he paid approximately $20 million for the six-day trip. In 2003, Apple launched the iTunes Store, which gave users the ability to purchase and download music from the Internet directly to their iTunes library. In 2004, CBS broadcast photographs depicting harsh treatment of Iraqi inmates at the Abu Ghraib prison in U.S.-occupied Iraq, initiating a national debate on torture and the Geneva Conventions.
Did someone forward you this newsletter? Sign up here to get NEWSDash directly in
your mailbox!
rss icon linkedin-in icon
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 400, Rockville, MD 20850