December 29th, 2023 Insight on Plan Design & Investment Strategy Every Weekday YEAR IN REVIEW 2023 - MOST-READ STORIES Delta’s Emergency Savings Program Shows Retirement Security Dividends Airline employees enrolled in an emergency savings program have also increased their 401(k) contributions. Editor's Note During the holiday week, please enjoy compilations of our work from throughout the year. Today, a roundup of PLANSPONSOR’s Top 10 stories from 2023. Find out about PLANSPONSOR’s 2024 Special Coverage plans on our 2024 Editorial Calendar. The daily NewsDASH will resume on January 2. Most Read Benefits Health Care Cost Control to Take Center Stage in 2026 Compliance House Passes Legislative Package Allowing CITs in 403(b) Retirement Plans  Ask the Experts Can an Employer Match Catch-Up Contributions? ECONOMIC EVENTS In the week ending December 23, the advance figure for seasonally adjusted initial claims was 218,000, an increase of 12,000 from the previous week’s revised level, the Department of Labor reported. The previous week’s level was revised up by 1,000 from 205,000 to 206,000. The four-week moving average was 212,000, a decrease of 250 from the previous week’s revised average. The previous week’s average was revised up by 250 from 212,000 to 212,250. Interest on a 30-year fixed-rate mortgage averaged 6.61% for the week ending December 28, down from last week when it averaged 6.67%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 6.42%. Interest on a 15-year fixed-rate mortgage averaged 5.93%, down from last week when it averaged 5.95%. A year ago at this time, the 15-year FRM averaged 5.68%. MARKET MIRROR Thursday, the Dow rose 53.58 points (0.14%) to close at 37,710.10, the Nasdaq fell 4.04 points (0.03%) to close at 15,095.14 and the S&P 500 rose 1.77 points (0.04%) to close at 4,785.35. The Russell 2000 fell 7.88 points (0.38%) to close at 2,058.34, and the FT Wilshire 5000 Index rose 7.54 points (0.014%) to close at 48,497.68. The 10-year Treasury note fell 4/32, bringing the yield to 3.841%. The 30-year Treasury bond fell 7/32, bringing the yield to 3.993%. Compliance MOVEit Data Breach Hits Fidelity via Vendor PBI More than 371,000 retirement plan participants had data exposed in a breach in late May, according to PBI. Benefits IBM Plans to End 5% Employer Matching in 401(k) Plan The American multinational technology company is pulling its traditional 401(k) company match in favor of a company retirement account contribution for all employees. Benefits IRS Increases 401(k) Limit to $23,000 for 2024, IRA Limit to $7,000 The new limits come with guidance on all the cost-of-living adjustments affecting limitations for pension plans and other retirement-related items for tax year 2024. Participants Tentative UAW Deals See Major Benefit Increases for Workers While the United Auto Workers will not see the restoration of defined benefit pension plans, they are likely to see significant increases to employer 401(k) contributions and pension plan payouts. Participants Is the UAW’s Demand for Return of Pensions a Realistic Ask? In addition to wage increases and an end to wage tiers, the United Auto Workers are demanding the return of defined benefit pension plans, as well as retiree health care coverage. Compliance Infosys Cybersecurity Issue Hits Ascensus, Newport Nonqualified Platforms Ascensus and its Newport Group-run nonqualified retirement systems have not been able to update participant accounts since November 2. 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.  Compliance Verizon Reaches $30M Settlement in 401(k) Complaint The 2016 lawsuit accused Verizon of failing to monitor a hedge fund in its retirement plan TDFs. Compliance Industry Players Want Mandatory Roth Catch-Up Implementation Delayed The list of industry groups calling for more time on Roth catch-ups is growing rapidly. SMALL TALK ON THIS DATE: In 1845, the annexation of the Republic of Texas by the U.S., approved by Congress. In 1890. troops under Colonel James W. Forsyth massacred more than 200 Sioux Indians in the area of Wounded Knee Creek, southwestern South Dakota. In 1936, actress Mary Tyler Moore, best known for her roles on two iconic TV sitcoms—The Dick Van Dyke Show and The Mary Tyler Moore Show —was born in Brooklyn, New York. In 1937, with the enactment of a new constitution, the Irish Free State became known as Ireland. In 1998, leaders of the Khmer Rouge, the radical communist movement that controlled Cambodia from 1975 to 1979, publicly apologized for the estimated 1.5 million people who were killed during its rule. In 2020, French designer Pierre Cardin, a pioneer in the design of high fashion for men, died at age 98. In 2022, soccer legend Pelé, one of the sport’s greatest players and among the first athletes to become global celebrities, died at age 82. 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