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PLANSPONSOR NEWSDASH LOGO February 8th, 2024
Insight on Plan Design & Investment Strategy Every Weekday
Compliance
Rep. Richard Neal Proposes Near-Universal Federal Auto-IRA Program
Rep. Richard Neal Proposes Near-Universal Federal Auto-IRA Program
The retirement and insurance industries are backing the bill.
Administration
How Sponsors Can Get the Most out of DC Plan Design Changes
Annuities may be a hot topic, but sponsors can add the most value to plans by incorporating features like auto-enrollment and auto-escalation before they move to the heavy lifting.
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
MARKET MIRROR
Wednesday, the Dow rose 156.00 points (0.40%) to close at 38,677.36, the Nasdaq rose 147.65 points (0.95%) to close at 15,756.64 and the S&P 500 rose 40.83 points (0.82%) to close at 4,995.06. The Russell 2000 fell 3.27 points (0.17%) to close at 1,950.36, and the FT Wilshire 5000 Index rose 377.70   points (0.76%) to close at 50,149.16.

The 10-year Treasury note fell 2/32, bringing the yield to 4.122%. The 30-year Treasury bond fell 4/32, bringing the yield to 4.326%.
Benefits
Shell Transfers 21,500 Retirees’ Pensions to Prudential
The $4.9 billon transfer from the oil company's U.S. subsidiary is among the first large pension risk transfers of 2024.
Benefits
DOL Prevails in Court Orders, Removing TPA From Acting as Fiduciary for Sponsors
The regulator prevailed in motions against a Pennsylvania retirement third-party administrator it alleges stole $5.5 million in retirement plan assets from 17 clients.
Data and Research
Gen Z Outpaces Previous Generations in Retirement Savings
The youngest generation in the workforce has saved almost three times the amount Gen X households had saved in defined contribution plans at the same age, according to ICI data.
SMALL TALK
ON THIS DATE: In 1820, Civil War General William Tecumseh Sherman—who was a major architect of modern warfare, especially known for leading Union forces in crushing campaigns through the South—was born. In 1867, the Ausgleich—“Compromise”—established the Dual Monarchy of Austria-Hungary. In 1887, the U.S. passed the Dawes General Allotment Act, providing for the distribution of Native American reservation land among indigenous individuals; Senator Henry L. Dawes sponsored the bill. In 1915, the film “The Birth of a Nation,” premiered. Initially hailed for filmmaking innovations, the film was condemned for its overt racism and positive portrayal of Ku Klux Klan domestic terrorists. In 1920 or 1921, actor Lana Turner, a sultry Hollywood glamour queen with a tumultuous private life, was born. In 1931, actor James Dean, who became a symbol of the confused, restless and idealistic youth of the 1950s, was born. In 1974, the use of Skylab, a U.S. space station, ended after 171 days. In 1976, the film “Taxi Driver,” directed by Martin Scorsese, had its world premiere; the drama was especially known for the performance of Robert De Niro as a mentally unstable Vietnam War veteran. In 1999, British novelist and philosopher Dame Iris Murdoch—who wrote more than 25 novels that were distinguished by a mixture of vivid storytelling, cultural allusions and complex philosophical inquiry—died at age 79. In 2016, French ballet dancer and dance director Violette Verdy, known for her eloquent and buoyant dancing, died at age 82.
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