August 1st, 2024 Insight on Plan Design & Investment Strategy Every Weekday Compliance Wells Fargo Sued Over Mismanagement of Health Care Plan Plaintiffs accuse the bank of requiring participants and beneficiaries to pay high costs for generic prescription drugs that are ‘widely available at drastically lower prices.’  Benefits Health Claim Denial Appeal Rates Should be Higher, Experts Argue ERISA Advisory Council hears from experts about the reasons why health plan participants often fail to challenge denied claims. Most Read 2025 Best in Class 401(k) Plans Compliance Will Supreme Court’s Cornell Decision Cause ‘Avalanche’ of Litigation? Compliance Supreme Court Asks Solicitor General to Weigh In on Home Depot 401(k) Case MARKET MIRROR Wednesday, the Dow rose 99.46 points (0.24%) to close at 40,842.79, the Nasdaq rose 451.98 points (2.64%) to close at 17,599.40 and the S&P 500 rose 85.86 points (1.58%) to close at 5,522.30. The Russell 2000 rose 11.34 points (0.51%) to close at 2,254.48, and the FT Wilshire 5000 Index rose 799.76 points (1.46%) to close at 55,429.84. The 10-year Treasury note increased 30/32, bringing the yield 4.036%. The 30-year Treasury bond increased 1 28/32, bringing the yield to 4.306%. Products Franklin Templeton Partners With Insurer Pacific Life on In-Plan Income Option A longstanding collaboration leads to a defined contribution managed account with an annuity investing option for participants. STATE OF THE INDUSTRY Will Pension Funds Come Back in Vogue? Despite well-known costs, current widespread surplus funding levels have prompted reconsideration of defined benefit offerings. SMALL TALK ON THIS DATE: In 1876, Colorado was admitted to the union, becoming the 38th U.S. state. In 1936, the Summer Olympics opened in Berlin, and the efforts by Adolf Hitler and the Nazi Party to demonstrate the superiority of the “Aryan race” were undermined by the success of African American athletes, notably Jesse Owens. In 1944, the Warsaw Uprising began as the Polish underground tried to oust the German army and seize control of the city before it was occupied by the advancing Soviet army. In 1980, Icelandic teacher and politician Vigdís Finnbogadóttir became president of Iceland; she was the first woman in the world to be elected head of state in a national election. In 1981, the cable television network MTV debuted, with the broadcast of the music video for Video Killed the Radio Star by the Buggles. In 1987, boxer Mike Tyson defeated Tony Tucker and was unanimously recognized as heavyweight champion by all three sanctioning organizations (World Boxing Council, World Boxing Association, and International Boxing Federation). In 2005, Fahd, who became king of Saudi Arabia in 1982, died at age 82; he was succeeded by his half-brother ʿAbd Allah. In 2023, former President Donald Trump was indicted by special counsel Jack Smith on charges of conspiring to defraud the country and prevent the peaceful transfer of power.  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