April 4th, 2024 Insight on Plan Design & Investment Strategy Every Weekday Compliance Minnesota Sponsor Sues Adviser for True-Up Plan Amendment The cost of a plan amendment to allow safe harbor and true-up contributions prompted Great Lakes Management Co. to allege USI Consulting Group acted negligently.   Administration Comment Period Extended for SECURE 2.0 Reporting, Disclosure Rules Federal agencies are seeking advice on how to improve the reporting and disclosure system for retirement plans governed by ERISA. Most Read Benefits JPMorgan Sued Over Cost of Generic Drugs in Health Plan 2025 Service Stars Administration How FinTech, AI Tools Can Improve Administration, Access to Financial Planning MARKET MIRROR Wednesday, the Dow fell 43.10 points (0.11%) to close at 39,127.14, the Nasdaq rose 37.01 points (0.23%) to close at 16,277.46 and the S&P 500 rose 5.68 points (0.11%) to close at 5,211.49. The Russell 2000 rose 11.17 points (0.54%) to close at 2,076.20, and the FT Wilshire 5000 Index rose 90.18 points (0.17%) to close at 52,413.60. The 10-year Treasury note rose 1/32, bringing the yield to 4.350%. The 30-year Treasury fell 1/32, bringing the yield to 4.509% Products Alera Group Unveils PEP Enhancements With the Standard The retirement adviser is leaning into the small-plan market and startup plan creation. Compliance DOL Alleges Profit-Sharing Plan Fiduciaries Took Retirement Plan Assets The Department of Labor alleges the plan fiduciaries at a tree service company used retirement assets from a profit-sharing plan to cover personal expenses. SMALL TALK ON THIS DATE: In 1862, during the Civil War, Union forces under General George B. McClellan began the unsuccessful Peninsular Campaign to capture the Confederate capital of Richmond, Virginia. In 1928, poet Maya Angelou was born in St. Louis. In 1949, the North Atlantic Treaty Organization was formed, the founding member nations of the military alliance were Belgium, Canada, Denmark, France, Iceland, Italy, Luxembourg, the Netherlands, Norway, Portugal, the U.K. and the U.S. In 1958, the peace symbol, designed by Gerald Holtom, made its first public appearance, displayed on signage during a protest staged by the British Campaign for Nuclear Disarmament. In 1959, in Africa the Mali Federation, a short-lived union between the autonomous territories of the Sudanese Republic and Senegal, led by Léopold Senghor, came into being. In 1960, the film “Ben-Hur” became the first to win 11 Academy Awards. In 1968, Martin Luther King, Jr., a leader of the American civil rights movement who was in Memphis, Tennessee, to support a strike by the city’s sanitation workers, was assassinated by James Earl Ray. In 1969, surgeon Denton Cooley implanted the first complete artificial heart in a human, several days later the patient received a donor heart but died shortly thereafter. In 1975, Bill Gates and Paul Allen founded Microsoft. In 2000, the government of South Korea ordered some 85% of the country’s livestock markets closed in an attempt to end an outbreak of foot-and-mouth disease that had struck Asian livestock. In 2002, after 27 years of fighting, the Angolan government and political party UNITA signed a ceasefire agreement that ended the country’s civil war. In 2013, film critic Roger Ebert died at the age of 70. In 2023, in a Manhattan court, former U.S. President Donald Trump was arraigned on 34 felony charges relating to an alleged hush-money scheme to avoid a sex scandal during the 2016 presidential campaign; he became the first former president in U.S. history to face criminal charges. Did someone forward you this newsletter? Sign up here to get NEWSDash directly in your mailbox! Unsubscribe | Manage Subscriptions | Contact Us Copyright ©2025 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