August 30th, 2024 Insight on Plan Design & Investment Strategy Every Weekday Compliance DOL Supports Retirees’ Appeal to Revive Lawsuit Against IBM The Department of Labor backed an appeal by IBM retirees to reopen a lawsuit against the firm for allegedly using outdated mortality tables to determine the value of pension benefits. Administration SPARK Meeting Seeks to Identify Roth Catch-Up Needs Recordkeepers and payroll providers met to decide on workflow to establish implementation processes for SECURE 2.0 Roth catch-up mandates. Most Read Compliance DOL Backs Companies on 401(k) Plan Forfeiture Complaints Compliance District Court Partially Strikes Down DOL’s Fiduciary Rule Opinions What Do Hidden Fees Really Mean in Your Health Plan? A Wake-Up Call for Employers ECONOMIC EVENTS In the week ending August 24, the advance figure for seasonally adjusted initial claims was 231,000, a decrease of 2,000 from the previous week’s revised level of 233,000, the Department of Labor announced. The four-week moving average was 231,500, a decrease of 4,750 from the previous week’s revised average of 236,250. Interest on a 30-year fixed-rate mortgage averaged 6.35% for the week ending August 29, down from last week when it averaged 6.46%, Freddie Mac reported. A year ago at this time, the 30-year FRM averaged 7.18%. Interest on a 15-year fixed-rate mortgage averaged 5.51%, down from last week when it averaged 5.62%. A year ago at this time, the 15-year FRM averaged 6.55%. MARKET MIRROR Thursday, the Dow rose 243.63 points (0.59%) to close at 41,335.05, the Nasdaq fell 39.60 points (0.23%) to close at 17,516.43 and the S&P 500 fell 0.22 points (0.00%) to close at 5,591.96. The Russell 2000 rose 14.35 points (0.66%) to close at 2,202.98, and the FT Wilshire 5000 Index rose 45.26 points (0.08%) to close at 56,008.88. The 10-year Treasury note decreased 2/32, bringing the yield to 3.866%. The 30-year Treasury bond decreased 25/32, bringing the yield to 4.147%. Compliance SEC Backs Down on Swing Pricing The regulator’s decision provides relief to mutual fund managers, despite some added reporting amendments. PRODUCTS Product & Service Launches AI Risk partners with Fynancial to bring AI to wealth management; YCharts announces holdings integration with Broadridge’s wealth aggregation platform; Moss Adams launches AI business services; and more. SMALL TALK ON THIS DATE: In 1905, baseball player Ty Cobb, who became one of the game’s greatest offensive players and one of its fiercest competitors, made his major league debut, with the Detroit Tigers. In 1918, Soviet leader Vladimir Lenin was shot twice in an unsuccessful assassination attempt. In 1983, astronaut Guion Bluford, Jr. became the first African American to travel into space, serving as a mission specialist aboard the shuttle orbiter Challenger, and later flew on three other missions. In 1993, “Late Show with David Letterman”—which offered an innovative and frequently off-the-wall approach to the talk show format—debuted on CBS. In 2003, actor Charles Bronson—known for roles in films like “Death Wish,”—died in Los Angeles at age 81. In 2015, British neurologist and writer Oliver Sacks, who won acclaim for his sympathetic case histories of patients with unusual neurological disorders, died in New York, New York, at age 82. In 2021, following a chaotic withdrawal, the last U.S. troops left Afghanistan, some seven years after the war in that country had officially ended. Did someone forward you this newsletter? Sign up here to get NEWSDash directly in your mailbox! Unsubscribe | Manage Subscriptions | Contact Us Copyright ©2025 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