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PLANSPONSOR NEWSDASH LOGO December 8th, 2023
Insight on Plan Design & Investment Strategy Every Weekday
Data and Research
How Higher Interest Rates Are Changing Focus of Fully Funded Pension Funds
How Higher Interest Rates Are Changing Focus of Fully Funded Pension Funds
Many corporate pension fund leaders are re-evaluating their liability-driven managers and allocations.
Compliance
SECURE 2.0 Corrections Drafted by Congress
The bill will likely have to be added to a budget bill early in 2024 to pass.
Most Read
Compliance
Confirmation Hearing Date Announced for Secretary of Labor Nominee Chavez-DeRemer
Compliance
Retiree Advocacy Group, Public Employee Unions Sue Treasury due to ‘Illegal DOGE Data Access’
Compliance
Study Finds Fiduciary 'Red Flags' Are Widespread for Corporate Plans
ECONOMIC EVENTS
In the week ending December 2, the advance figure for seasonally adjusted initial claims was 220,000, an increase of 1,000 from the previous week’s revised level of 219,000, the Department of Labor reported. The four-week moving average was 220,750, an increase of 500 from the previous week’s revised average of 220,250.

Interest on a 30-year fixed-rate mortgage averaged 7.03% for the week ending December 7, down from last week when it averaged 7.22%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 6.33%. Interest on a 15-year fixed-rate mortgage averaged 6.29%, down from last week when it averaged 6.56%. A year ago at this time, the 15-year FRM averaged 5.67%.
MARKET MIRROR
Thursday, the Dow rose 62.95 points (0.17%) to close at 36,117.38, the Nasdaq rose 193.28 points (1.37%) to close at 14,339.99 and the S&P 500 rose 36.25 points (0.80%) to close at 4,585.59. The Russell 2000 gained 16.20 points (0.87%) to close at 1,868.25, and the FT Wilshire 5000 Index gained 359.04 points (0.78%) to close at 46,213.90.

The 10-year Treasury note rose 1/32, bringing the yield to 4.156%. The 30-year Treasury bond rose 1/32, bringing the yield to 4.257%. 
Data and Research
Inflation, Credit Card Debt Drives Up 401(k) Loans, Hardship Withdrawals
Empower’s annual report mining data from 5.3 million workplace plan participants shows saver strains amid ‘steady’ deferral rates.
Deals and People
Industry Group Awards Senators Smith, Tillis Federal Retirement Security Award
IRI recognized the senators for creating more transparency about retirement income investment products.
PRODUCTS
Investment Product and Service Launches
Vanguard expands ETF lineup with 2 active bond ETFs; Mutual of America Capital Management expands MoA Funds availability; DFPG Investments announces launch of Diversify Advisor Network; and more.
SMALL TALK
ON THIS DATE: In 1886, Mexican painter Diego Rivera, whose bold large-scale murals stimulated a revival of fresco painting in Latin America, was born. In 1925, singer, actor, comedian and dancer Sammy Davis Jr. was born. In 1980, British musician John Lennon—who rose to fame with the Beatles and had a successful solo career—was fatally shot by Mark David Chapman in New York City, causing a global outpouring of grief. In 1987, U.S. President Ronald Reagan and Soviet General Secretary Mikhail Gorbachev signed a nuclear weapons reduction treaty. In 1991, Russia, Ukraine and Belarus signed an agreement to form the Commonwealth of Independent States in the wake of demise of the Soviet Union. Its membership peaked at 12 countries from 1993 to 2008, although eight remain active today. In 2004, Mia Hamm, a leading figure in U.S. women’s soccer and the world’s all-time leading goalscorer at the time with 158, retired from the sport. In 2010, the aerospace venture SpaceX became the first commercial company to release a spacecraft—the Dragon capsule—into orbit and successfully return it to Earth. In 2016, astronaut and politician John Glenn—the first U.S. astronaut to orbit Earth, for which he was regarded as a national hero—died at age 95. In 2019, actor and puppeteer Carroll Spinney, who created the characteristics and mannerisms of Big Bird, a larger-than-life puppet he played for nearly 50 years—died at age 85.
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