August 29th, 2023 Insight on Plan Design & Investment Strategy Every Weekday Administration Extension on Catch-Up Contribution Requirement Comes as Relief to Plan Sponsors The IRS announced last week that plan sponsors have an additional two years to implement the mandatory Roth catch-up provision outlined in SECURE 2.0. Data and Research Examining the Effects of Changes to UK Auto-Enrollment A study examined what would happen if the minimum earning threshold for UK auto-enrollment was removed, identifying positive and negative effects.   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 MARKET MIRROR Monday, the Dow rose 213.08 points (0.62%) to close at 34,559.98, the Nasdaq rose 114.49 points (0.84%) to close at 13,705.13 and the S&P 500 rose 27.60 points (0.63%) to close at 4,433.31. The Russell 2000 rose 15.38 points (0.83%) to close at 1,869.01, and the FT Wilshire 5000 Index rose 287.43 points (0.65%) to close at 44,678.08. The 10-year Treasury note rose 2/32, bringing the yield to 4.204%. The 30-year Treasury bond rose 1/32, bringing the yield to 4.280%. Benefits NQDC Plans: An Opportunity for Improving Retention, but Underutilized by Participants A vast majority of employers feel remaining competitive in the race for talent is ‘more expensive than ever,’ and businesses are turning to creative offers to keep executives satisfied without breaking the bank, according to NFP. Administration EBSA Extends Form 5500 Credential Deadline Users must obtain new sign-on credentials by December 31, according to the Department of Labor. SMALL TALK ON THIS DATE: In 1842, China signed the Treaty of Nanjing, providing for the cession of Hong Kong to the U.K., the opening of five treaty ports, the rights of British nationals accused of criminal acts in China to be tried in British courts and a limitation on duties on imports and exports. In 1877, Brigham Young, religious leader and second president of the Mormon church, died in Salt Lake City, Utah. In 1893, businessman and inventor Whitcomb L. Judson was granted a U.S. patent for a “clasp locker,” which evolved into the modern zipper. In 1949, the Soviet Union tested its first atomic bomb. In 1997, Netflix was founded by entrepreneurs Reed Hastings and Marc Randolph; originally a video-rental company, it later expanded into video streaming and production. In 2005, Hurricane Katrina struck the U.S. Gulf Coast and devastated the area, especially New Orleans, which experienced catastrophic flooding after its levees were breached the following day. In 2008, politician John McCain named Sarah Palin as his running mate, which was the first time a woman appeared on the Republican presidential ticket. In 2016, comic actor Gene Wilder, known for his portrayals of high-strung neurotic characters who generally seem to be striving unsuccessfully to appear more balanced than they are, died at age 83. 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