February 7th, 2022 Insight on Plan Design & Investment Strategy Every Weekday UpFront Employers Should Stress ‘Savings,’ When Educating About HSAs Most employees still need to learn the value of health savings accounts, beyond, in essence, as a way to trim income taxes. Benefits San Diego to Retroactively Replace Thousands of Employees’ DC Plans With Pensions A law that moved all city employees except police officers to defined contribution plans was found to have been illegally placed on the public ballot. Most Read Compliance IRS Proposes Regulations for Changes to SECURE 2.0 RMDs Opinions Encouraging Trends in 401(k) Plan Design Compliance What Increased Health Plan-Related Scrutiny Means for Plan Sponsors Economic Events Total nonfarm payroll employment rose by 467,000 in January, and the unemployment rate was little changed at 4.0%, the Bureau of Labor Statistics reported. Employment growth continued in leisure and hospitality, in professional and business services, in retail trade, and in transportation and warehousing. Wednesday, the Census Bureau will report about wholesale trade for December. Thursday, the Labor Department will issue its initial claims report, Freddie Mac will update average mortgage rates for the week, and the Bureau of Labor Statistics will reveal the consumer price index for January. Market Mirror Friday, the Dow was down 21.42 points (0.06%) at 35,089.74, the Nasdaq climbed 219.19 points (1.58%) to 14,098.01, and the S&P 500 increased 23.09 points (0.52%) to 4,500.53. The Russell 2000 closed 11.33 points (0.57%) higher at 2,002.36, and the Wilshire 5000 gained 358.83 points (0.80%) to finish at 45,243.67. The price of the 10-year Treasury note was down 7/32, increasing its yield to 1.916%. The price of the 30-year Treasury bond decreased 1 3/32, bringing its yield up to 2.220%. For the week ending February 4, the Dow was up 1.05%, the Nasdaq climbed 2.38%, and the S&P 500 increased 1.55%. The Russell 2000 finished 1.72% higher, and the Wilshire 5000 gained 1.90%. Compliance DOL Announces Enforcement Actions for Abandoned Plan and Missed Contributions The Department of Labor announced judgments against a pair of plan sponsors to restore employees’ retirement plan contributions after ERISA fiduciary breaches.    Deals and People Retirement Industry People Moves MetLife Investment Management fills lead LDI strategist role; Smart adds head of fiduciary oversight; Principal announces new U.S. retirement business president; and more. Small Talk ON THIS DATE: In 1795, the 11th Amendment to the U.S. Constitution prohibiting the federal courts from hearing certain lawsuits against states, was ratified. In 1936, the U.S. Vice President’s flag was established by executive order. In 1962, the U.S. government banned all Cuban imports and re-export of U.S. products to Cuba from other countries. In 1964, The Beatles arrived in New York, sparking Beatlemania in the U.S. In 1984, while in orbit 170 miles above Earth, Navy Captain Bruce McCandless II became the first human being to perform an untethered space walk, when he exited the U.S. space shuttle Challenger and maneuvered freely, using a bulky white rocket pack of his own design. In 2000, California’s legislature declared that February 13 would be “Charles M. Schulz Day.” 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