August 17th, 2023 Insight on Plan Design & Investment Strategy Every Weekday Data and Research Auto Default Contributions Hit High of 4.1% Among Fidelity Participants The recordkeeper also found retirement saving balances rebounding with stronger market performance in Q2. Deals and People TIAA Promotes Houser to Expanded Institutional Head of Sales Role TIAA is unifying all sales directors supporting nonprofit plan segments within institutional sales and promoting Houser to an expanded position, as head of institutional sales Most Read Benefits Social Security COLA Increase to Add About $50 per Month in 2025 Administration Many Taxpayers Dodged Penalty Tax for Early Retirement Withdrawals Administration Bills to Ban Arbitration Clauses Reappear in House, Senate ECONOMIC EVENTS Privately-owned housing starts in July 2023 were at a seasonally adjusted annual rate of 1,452,000, the Census Bureau reported. This is 3.9% above the revised June 2023 estimate of 1,398,000. MARKET MIRROR Wednesday, the Dow fell 180.65 points (0.52%) to close at 34,765.74, the Nasdaq fell 156.42 points (1.15%) to close at 13,474.63 and the S&P 500 fell 33.53 points (0.76%) to close at 4,404.33. The Russell 2000 fell 24.24 points (1.28%) to close at 1,871.52 and the FT Wilshire 5000 Index fell 356.30 points (0.80%) to close at 44,424.22. The price of the 10-year Treasury note fell 25/32, bringing the yield to 4.257%. The price of the 30-year Treasury bond fell 7/32, bringing the yield to 4.353%. Compliance DOL Sues 401(k) Plan, Fiduciary for Abandoning Plan The Department of Labor claims a payroll services and HR outsourcing company has effectively barred participants from accessing accounts and refused to accept contributions to the plans.  Compliance Struggling Ohio Carpenter’s Pension Receives PBGC Aid $182.6 million in SFA money will be distributed to the plan to ensure its solvency to 2051. Compliance DOL Sues SIMPLE IRA, Health Plan Fiduciaries for Misappropriation of Funds The Department of Labor claims a New Jersey electrical contractor misappropriated employees’ retirement plan contributions and ended employer contributions to the health plan.  SMALL TALK ON THIS DATE: In 1807, the first serviceable steamboat—the Clermont, designed by engineer Robert Fulton—embarked on its maiden voyage. In 1893, actress Mae West, was born. She started in Vaudeville, and starred in plays, movies, radio and television. In 1897, Marcus Garvey—a Black leader  who helped found the Universal Negro Improvement Association, was born in Jamaica. In 1906, chemist and businesswoman Hazel Bishop, who founded a makeup company and created the first long-lasting lipstick, was born in Hoboken, New Jersey. In 1945, Sukarno—leader of the Indonesian independence movement and Indonesia’s first president—declared Indonesia’s independence from the Netherlands; the Dutch transferred sovereignty four years later. In 1945, British author George Orwell published the dystopian satire novel “Animal Farm.” In 1978, Ben L. Abruzzo, Maxie Anderson and Larry Newman completed the first transatlantic balloon flight. In 1999, a 7.4 magnitude earthquake struck near İzmit, Turkey, killing more than 17,000 people and leaving some 500,000 homeless. In 2008, at the Olympics in Beijing, swimmer Michael Phelps helped his team win the 4 × 100-meter medley relay, becoming the first athlete to win eight medals at a single games. 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