February 23rd, 2024 Insight on Plan Design & Investment Strategy Every Weekday Data and Research Financial Literacy Quiz Reveals Americans Lack Understanding of Retirement Income Investors with more than $1.5 million in assets scored twice as high on the literacy quiz than those with less than $100,000, according to The American College of Financial Services. Compliance Judge Denies American Airlines’ Motion to Dismiss Federal judge allows lawsuit against American Airlines’ defined contribution plans to proceed.    Most Read Compliance American Trust Notifies Participants of Data Breach Compliance American Airlines Failed to Protect Workers’ 401(k)s in ESG Case, Federal Court Finds Compliance Treasury, IRS Issue Proposed Regulations on SECURE 2.0 Provisions ECONOMIC EVENTS In the week ending February 17, the advance figure for seasonally adjusted initial claims was 201,000, a decrease of 12,000 from the previous week’s revised level of 213,000, the Department of Labor reported. The four-week moving average was 215,250, a decrease of 3,500 from the previous week’s revised average of 218,750. Interest on a 30-year fixed-rate mortgage averaged 6.9% for the week ending February 22, up from last week when it averaged 6.77%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 6.50%. Interest on a 15-year fixed-rate mortgage averaged 6.29%, up from last week when it averaged 6.12%. A year ago at this time, the 15-year FRM averaged 5.76%. Total existing-home sales– completed transactions that include single-family homes, townhomes, condominiums and co-ops – rose 3.1% from December to a seasonally adjusted annual rate of 4.00 million in January, the National Association of Realtors announced. Year-over-year, sales slipped 1.7% (down from 4.07 million in January 2023). MARKET MIRROR Thursday, the Dow rose 456.87 points (1.18%) to close at 39,069.11, the Nasdaq rose 460.72 points (2.96%) to close at 16,041.62 and the S&P 500 rose 105.23 points (2.11%) to close at 5,087.03. The Russell 2000 rose 19.09 points (0.96%) to close at 2,013.84, and the FT Wilshire 5000 Index rose 993.32 points (1.98%) to close at 51,123.21. The 10-year Treasury note was unchanged, bringing the yield to 4.326%. The 30-year Treasury bond increased 3/32, bringing the yield to 4.465%. Products Hub Launches New PEP for Small Employers The new pooled offering is designed for companies with fewer than 100 employees. PRODUCTS Investment Product and Service Launches LifeYield releases Annuity Income Layer; TIAA RetirePlus surpasses 400,000 individual participant accounts; NAGDCA offers enhanced SECURE 2.0 Resource. SMALL TALK ON THIS DATE: In 1822, Massachusetts granted Boston granted a charter to become a city. In 1836, during the Texas war for independence, Mexican General Antonio Lopez de Santa Anna began a siege of the Alamo, which was captured after 13 days and which became for Texans a symbol of heroic resistance. In 1868, sociologist and social reformer W.E.B. Du Bois was born in Great Barrington, Massachusetts. In 1870, Mississippi was readmitted to the U.S. following the American Civil War. In 1905, the first Rotary Club was founded by Chicago attorney Paul P. Harris. In 1945, six U.S. servicemen raised the American flag over Mount Suribachi on the island of Iwo Jima during World War II. In 1965, British-born comedian Stan Laurel, of the comedy team Laurel and Hardy, died at the age of 74. In 2000, Mexican-born American musician Carlos Santana won eight Grammy Awards for “Supernatural,” tying the record set by Michael Jackson. 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