December 1st, 2023 Insight on Plan Design & Investment Strategy Every Weekday Investing Fear of Litigation Causes Plan Sponsors to Pare Down Investment Menu Reacting to cases citing the ‘inappropriateness’ of certain investments, many large plan sponsors have eliminated volatile asset classes from their menus. 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 In the week ending November 25, the advance figure for seasonally adjusted initial claims was 218,000, an increase of 7,000 from the previous week’s revised level of 211,000, the Department of Labor reported. The four-week moving average was 220,000, a decrease of 500 from the previous week’s revised average of 220,500. Interest on a 30-year fixed-rate mortgage averaged 7.22% for the week ending November 30, down from last week when it averaged 7.29%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 6.49%. Interest on a 15-year fixed-rate mortgage averaged 6.56%, down from last week when it averaged 6.67%. A year ago at this time, the 15-year FRM averaged 5.76%. MARKET MIRROR Thursday, the Dow rose 520.47 points (1.47%) to close at 35,950.89, the Nasdaq fell 32.27 points (0.23%) to close at 14,226.22 and the S&P 500 rose 17.21 points (0.38%) to close at 4,567.79. The Russell 2000 gained 5.21 points (0.29%) to close at 1,809.02, and the FT Wilshire 5000 Index gained 175.33 points (0.38%) to close at 45,900.90. The 10-year Treasury note decreased 6/32, bringing the yield to 4.333%. The 30-year Treasury bond decreased 31/32, bringing the yield to 4.496%. Compliance Plan Sponsors Get Clarity and Some New Questions in IRS Part-Time Eligibility Rules The post-Thanksgiving rule proposal will require a close look and potential plan design changes in the coming weeks for employers with LTPT employees, according to experts.  Deals and People A Governmental DC Plan Sponsor Finds a Platform to Help Others The City of Milwaukee DC plan’s executive says its Plan Sponsor of the Year profile makes the case for allowing automatic enrollment in government defined contribution plans. PRODUCTS Investment Product and Service Launches T. Rowe Price launches Capital Appreciation and Income Fund; Brighthouse Financial introduces suite of fixed-indexed annuities; ShareBuilder 401k waives setup costs. SMALL TALK ON THIS DATE: In 1761, Marie Tussaud, the founder of the Madame Tussauds museum of wax figures, was born in France. In 1814, General Andrew Jackson, commander of the U.S. Army of the Southwest, hastened to defend New Orleans against British invasion; a series of skirmishes over the next few weeks culminated in the January 1815 Battle of New Orleans. In 1825, Russian Emperor Alexander I died unexpectedly in southern Russia. In 1913, the world’s first moving assembly line debuted, used in manufacturing Model Ts at a Ford factory in Highland Park, Michigan; the innovation was the idea of owner Henry Ford, and it revolutionized the auto industry. In 1925, Germany, France, Belgium, Great Britain and Italy signed the Pact of Locarno, a series of agreements intended to guarantee peace in western Europe. In 1955, in violation of segregation laws in Montgomery, Alabama, Rosa Parks refused to surrender her bus seat to a white passenger and was arrested, sparking a 381-day bus boycott led by Martin Luther King, Jr. In 1988, the first World AIDS Day was held. In 2000, Vicente Fox, representing the National Action Party, was inaugurated as president of Mexico, ending the dominance of the Institutional Revolutionary Party, which had ruled since 1929. 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