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February 20th, 2024
Insight on Plan Design & Investment Strategy Every Weekday
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SPECIAL COVERAGE
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Committee Education
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A review of the work being done by retirement plan committees along with the tools and training available to ensure that committee members understand their duties and are up to the task. 
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Administration
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Lawsuit Targets Fiduciaries of Hess Corp.
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A lawsuit against the Hess Corp. alleges Hess plan fiduciaries included target-date mutual funds instead of collective investment trusts in the investment lineup, to the detriment of participants.
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| ECONOMIC EVENTS |
The Producer Price Index for final demand increased 0.3% in January, the Bureau of Labor Statistics reported. Prices for final demand services rose 0.6%, and the index for final demand goods decreased 0.2%. The index for final demand advanced 0.9% for the 12 months that ended in January.
Privately owned housing starts in January 2024 were at a seasonally adjusted annual rate of 1.33 million, the Census Bureau reported. This is 14.8% below the revised December 2023 estimate of 1.56 million.
Thursday, the Department of Labor will issue its initial jobless claims report, Freddie Mac will update average mortgage rates for the week and the National Association of Realtors will report existing home sales in January.
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| MARKET MIRROR |
Friday, the Dow fell 145.13 points (0.37%) to close at 38,627.99, the Nasdaq fell 130.52 points (0.82%) to close at 15,775.65 and the S&P 500 fell 24.16 points (0.48%) to close at 5,005.57. The Russell 2000 fell 28.73 points (1.39%) to close at 2,032.74, and the FT Wilshire 5000 Index fell 270.16 points (0.53%) to close at 50,451.41.
The 10-year Treasury note fell 27/32, bringing the yield to 4.289%. The 30-year Treasury bond fell 26/32, bringing the yield to 4.434%.
For the week ending February 16, the Dow fell 0.03%, the Nasdaq fell 1.31% and the S&P 500 fell 0.34%. The Russell 2000 rose 1.18%, and the FT Wilshire 5000 Index finished 0.25% lower.
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DEALS AND PEOPLE
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Retirement Industry People Moves
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Vestwell appoints pair of regional VPs; Logan Capital Management bolsters institutional division; and Wagner Law Group adds to Taft-Hartley practice.
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EVENTS
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PLANSPONSOR Roadmap: Financial Wellness
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Join us March 7 for the insights needed to develop or update financial wellness programs for employees. You’ll hear from plan sponsors, advisers and other industry experts about successful financial wellness strategies, and you’ll come away with resources and checklists to guide you on your own journey of implementing important benefits.
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ON THIS DATE: In 1872, the Metropolitan Museum of Art in New York City opened to the public, and it later became one of the foremost museums in the world. In 1902, Ansel Adams, the most important landscape photographer of the 20th century, was born in San Francisco. In 1909, Italian author Filippo Tommaso Marinetti coined the term Futurism in the Parisian newspaper Le Figaro. In 1929, the U.S. Congress formally accepted the deeds of cession of eastern Samoa, forming American Samoa. In 1943, the volcano Paricutín in Michoacán state, Mexico, erupted, eventually burying two villages. In 1976, the Southeast Asia Treaty Organization held its final exercise in Manila (and formally ended on June 30, 1977). In 1986, the Soviet Union launched the core module of the space station Mir. In 2005, journalist and author Hunter S. Thompson—who created the genre known as gonzo journalism, a highly personal style of reporting that made him a counterculture icon—died of a self-inflicted gunshot wound.
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