August 28th, 2023 Insight on Plan Design & Investment Strategy Every Weekday Data and Research Pension Risk Transfers Continue to Surge in Q2 Sales reached a record-setting $16.2 billion in the second quarter, a 31% increase from 2022, LIMRA found.  Administration IRS Releases Guidance about Catch-Up Contributions Under Secure 2.0 Notice 2023-62 also announces a two-year administrative transition period for higher-income participants to designate catch-up contributions as Roth.  Most Read Compliance Regulators Clarify Part-Time Eligibility Rules for ERISA 403(b) Plans Opinions Accumulating Differences: Why Personalization Matters More for Older Investors Products Apollo, Athene Working On Alts, Annuities in DC Investing ECONOMIC EVENTS Tuesday, the Conference Board will report the Consumer Confidence Index for June. Thursday, the Department of Labor will issue its initial jobless claims report and Freddie Mac will update average mortgage rates for the week. Friday, the Census Bureau will report construction spending for July and the Bureau of Labor Statistics will report the unemployment rate for April. MARKET MIRROR Friday, the Dow rose 247.48 points (0.73%) to close at 34,346.90, the Nasdaq rose 126.67 points (0.94%) to close at 13,590.65 and the S&P 500 rose 29.40 points (0.67%) to close at 4,405.71. The Russell 2000 rose 7.35 points (0.40%) to close at 1,853.63, and the FT Wilshire 5000 Index rose 285.68 points (0.65%) to close at 44,390.65. The 10-year Treasury note rose 1/32, bringing the yield to 4.234%. The 30-year Treasury bond increased 25/32, bringing the yield to 4.288%. For the week ending August 25, the Dow fell 0.45%, the Nasdaq rose 2.26% and the S&P 500 rose 0.82%. The Russell 2000 lost 0.31%, and the FT Wilshire 5000 Index ended 0.72% higher.  Data and Research EBRI Finds Increased Use of Certain Medical Services Covered by HSA-Eligible Plans A 2019 IRS policy change has resulted in 75% of large employers that offer HSA-eligible plans expanding their pre-deductible coverage for medications and services that help manage chronic conditions.  DEALS AND PEOPLE Retirement industry People Moves Turning Technology hires former head of iShares; Principal selects Dessouki as chief marketing officer; and Puerto joins J.P. Morgan Private Bank as head of retirement plan solutions. SMALL TALK ON THIS DATE: In 1914, the first major engagement of the British and German navies during World War I occurred at the Battle of Helgoland Bight. In 1938, Liberal politician Paul Martin—who as prime minister of Canada, fostered economic growth and introduced progressive social policies but lost power amid a financial scandal in his party—was born. In 1952, writer and teacher Rita Dove, poet laureate of the U.S. and winner of the 1987 Pulitzer Prize for the book of poems “Thomas and Beulah,” was born in Akron, Ohio. In 1963, some 200,000 people marched on Washington, D.C., an event that became a high point of the civil rights movement, especially remembered for the “I Have a Dream” speech of Martin Luther King, Jr. In 1968, protests at the 1968 Democratic National Convention—fueled, in part, by opposition to the Vietnam War—culminated in a violent confrontation between demonstrators and police. In 1993, the spacecraft Galileo took pictures of the asteroid Ida. In 1996, the 15-year marriage of Charles, prince of Wales, and Diana, princess of Wales, ended as a final divorce decree was issued. In 2000, actor Chadwick Boseman, who had roles in such movies as Black Panther, died from colon cancer at age 43. 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