NewsDash – August 21, 2024

August 21st, 2024
Insight on Plan Design & Investment Strategy Every Weekday

Compliance

Nordstrom Suit, HP Revival Add to 401(k) Forfeiture Cases

A Wagner Law Group attorney says plan sponsors should review their plan documents, as Nordstrom is the latest employer challenged over its use of forfeited funds.

Investing

Voya Financial Surpasses $100B in Multiple Employer Solutions Assets

The firm saw a 15% increase in total assets, compared with the same period in 2023.

Most Read

Compliance
Retirement Industry Mostly Applauds ‘Big Beautiful Bill’

Compliance
DOL Backs Companies on 401(k) Plan Forfeiture Complaints

Investing
Empower Responds to Warren, Urging Private Markets Inclusion in 401(k)s

MARKET MIRROR

The Dow fell 61.53 points (0.15%) to close at 40,834.97, the Nasdaq dropped 59.83 points (0.33%) to close at 17,816.94 and the S&P 500 fell 11.13 points (0.20%) to close at 5,597.12. The Russell 2000 fell 25.31 points (1.17%) to close at 2,142.19, and the FT Wilshire 5000 Index was down 161.67 points (0.29%) to close at 55,901.37.

The 10-year Treasury note increased 27/32, bringing the yield to 3.810%. The 30-year Treasury bond increased 1 1/32, bringing the yield to 4.063%.

Benefits

Commonwealth Launches Financial Well-Being Program With $7M From JPMorgan

The bank committed $7 million to fund a three-year program in which the nonprofit will provide benefits to low- and moderate-income workers.

SURVEYS

2024 PLANADVISER DCIO Survey Published

Assets in defined contribution plans keep growing, but so does the scramble for relevant investment solutions as plan sponsors remain focused on low fees. How will the DCIO industry evolve in a sustainable way?

ON THIS DATE

In 1831, Nat Turner began an unsuccessful slave rebellion in Southampton County, Virginia that eventually killed 60 people before being stopped by a 3,000-man militia. In 1858, the famous debates in Illinois between Abraham Lincoln, Republican Party nominee for the U.S. Senate, and incumbent Senator Stephen A. Douglas of the Democratic Party began. In 1904, Count Basie, an American jazz musician noted for his spare, economical piano style and for his leadership of influential and widely heralded big bands, was born in Red Bank, New Jersey. In 1911, Leonardo da Vinci’s Mona Lisa was stolen from the Louvre by three Italian handymen; it was not recovered until 1913. In 1942, the animated film Bambi had its theatrical release in the United States, and it became a classic in the Disney canon. In 1959, Hawaii became the 50th U.S. state.

Industry Intel Roundup—Thought Leadership

PLANSPONSOR is pleased to present the next edition of our Industry Intelligence roundup. This week, we are featuring content from thought leadership authorities. The content was created to educate, inform and offer ideas for plan sponsors regarding plan design, investing, administration and compliance.