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PLANSPONSOR NEWSDASH LOGO February 7th, 2022
Insight on Plan Design & Investment Strategy Every Weekday
UpFront
Employers Should Stress ‘Savings,’ When Educating About HSAs
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
EBSA Head Lisa Gomez Says DOL Continues Honing Retirement Security Rule
Data and Research
Early Withdrawals Found to Exacerbate 401(k) Account Disparities Across Race, Gender
Ask the Experts
Are Roth Excess Deferrals Taxed Twice?
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.”
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