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August 10th, 2023
Insight on Plan Design & Investment Strategy Every Weekday
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Compliance
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IRS Plans Increased ESOP Enforcement
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The tax agency intends to use outreach and expanded exams over the next year to address compliance by companies with employee stock ownership plans. 
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| MARKET MIRROR |
Wednesday, the Dow fell 191.13 points (0.54%) to close at 35,123.36 the Nasdaq fell 162.31 points (1.17%) to close at 13,722.02 and the S&P 500 fell 31.67 points (0.70%) to close at 4,467.71. The Russell 2000 fell 16.65 points (0.86%) to close at 1,930.77 and the FT Wilshire 5000 Index fell 327.02 points (0.72%) to close at 45,135.25 on Tuesday and has not updated since Tuesday.
The price of the 10-year Treasury note rose 2/32, bringing the yield to 4.014%. The price of the 30-year Treasury bond rose 6/32, bringing the yield to 4.174%.
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EVENTS
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Cybersecurity Livestream 2023
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Cybersecurity is a huge concern in all areas of life, critically in the institutional investing and retirement plan industries. Plan sponsors, asset owners and their advisers want to ensure their data, assets and systems, as well as those of their providers, are safe. Learn what risks exist; optimal practices for protecting assets and data; and what regulations say, including how best to comply with them, at the 2023 Cybersecurity Livestream on October 12.
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ON THIS DATE: In 1793, the Musée du Louvre opened in Paris, and it later became the most-visited museum in the world. In 1821, Missouri became the 24th state to join the U.S. In 1846, the Smithsonian Institution was founded in Washington, D.C., by Congress with funds bequeathed by English scientist James Smithson. In 1950, “Sunset Boulevard,” considered one of Hollywood’s greatest films, had its world premiere; the film noir is especially noted for Gloria Swanson’s portrayal of a fading movie star. In 1977, serial killer David Berkowitz, also known as the of Sam, was arrested after murdering six people in New York City and plunging the city into a panic; he later confessed and was sentenced to 365 years in prison. In 1981, Pete Rose of the Philadelphia Phillies recorded the 3,631st hit of his Major League Baseball career, breaking Stan Musial’s record for most hits by a National Leaguer. He later broke the Major League hits record in 1985. In 1993, Ruth Bader Ginsburg was sworn in as an associate justice of the U.S. Supreme Court, becoming the second woman to serve on the court. In 2003, the U.K. recorded its first temperature greater than 100 degrees Fahrenheit. Throughout the month, an intense heat wave scorched the European continent, claiming more than 35,000 lives. In 2008, singer-songwriter Isaac Hayes—a pioneering figure in soul music whose recordings influenced the development of such musical genres as disco, rap and urban-contemporary—died at age 65.
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