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PLANSPONSOR NEWSDASH LOGO January 13th, 2023
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Compliance
SECURE 2.0 Reforms 529 and ABLE Accounts
SECURE 2.0 Reforms 529 and ABLE Accounts
The reforms complement the student loan matching provision and make it easier to use ABLE and 529 accounts for college savings.
AWARDS
Plan Sponsor of the Year Nominations Closing Soon!
Are you or do you know of a plan sponsor that goes above and beyond to make retirement security a reality for employees? Get yourself, or them, recognized in PLANSPONSOR’s Plan Sponsor of the Year awards program. Judging for the awards is largely based on applications the plan sponsors will be sent to fill out, so get your nominations in soon. The deadline is January 20. 
Most Read
Administration
Lawsuit Targets Fiduciaries of Hess Corp.
Administration
Understanding Investments and Fees: A Key Part of Plan Committee Education
Deals and People
Retirement Industry People Moves
ECONOMIC EVENTS
In December, the Consumer Price Index for All Urban Consumers decreased 0.1%, seasonally adjusted, and rose 6.5% over the last 12 months, not seasonally adjusted, the Bureau of Labor Statistics reported.  The index for all items less food and energy increased 0.3% in December; up 5.7% over the year.

In the week ending January 7, the advance figure for seasonally adjusted initial claims for unemployment insurance was 205,000, a decrease of 1,000 from the previous week’s revised level, the Labor Department reported. The previous week’s level was revised up by 2,000 from 204,000 to 206,000. The four-week moving average was 212,500, a decrease of 1,750 from the previous week’s revised average. The previous week’s average was revised up by 500 from 213,750 to 214,250.

Interest on a 30-year fixed-rate mortgage averaged 6.33% for the week ending January 12, down from last week when it averaged 6.48%. A year ago at this time, the 30-year FRM averaged 3.45%. Interest on a 15-year fixed-rate mortgage averaged 5.52%, down from last week when it averaged 5.73%. A year ago at this time, the 15-year FRM averaged 2.62%.   
MARKET MIRROR
Thursday, the Dow gained 216.96 points (0.64%) to close at 34,189.97, the Nasdaq gained 69.43 points (0.64%) to close at 11,001.11 and the S&P 500 increased 13.56 points (0.34%) to close at 3,983.17. The Russell 2000 increased 32.01 points (1.74%) to close at 1,876.06 and the Wilshire 5000 gained 192.66 points (0.49%) to close at 39,663.09.

The price of the 10-year Treasury note fell 3/32, bringing the yield to 3.446%. The price of the 30-year Treasury bond fell 3/32, bringing the yield to 3.578%. 
Data and Research
State Street Report Gives Glimpse into Workers’ Thoughts On Annuities
Almost half of respondents agreed annuities can offer safety and stability.
Plan Sponsors Bracing for Recession, Split on Participants’ Response
A “state of the industry” report from recordkeeper Ubiquity finds 62% of plan sponsors expect a recession, with 47% seeing 401(k) loan requests coming from participants.
AWARDS
Deadline Extended for Retirement Plan Adviser of the Year Nominations!
Do you know an adviser or adviser team you admire for their community impact? Do you work with an adviser or adviser team that offers great service to your participants or is working on a solution to solve for the retirement plan coverage gap? We have just extended the deadline for nominations for our Retirement Plan Adviser of the Year Awards to January 20. Judging for the awards is largely based on the application that each nominee will fill out, so please get your nominations in soon. 
SURVEYS
CIO’s Transition Management Survey
Are you a provider of transition management services and want to make your services known to institutional investors? If so, you are invited to respond to CIO’s Transition Management Survey.
SMALL TALK
ON THIS DATE: In 1850, Charlotte Ray, the first female African American lawyer and first woman admitted to the bar in Washington, D.C., was born. In 1942, Henry Ford patented plastic automobile construction. In 1966, Lyndon Johnson appointed the first African American cabinet member, Robert C. Weaver, as head of the Department of Housing and Urban Development. In 1990, Douglas Wilder of Virginia became the first Black governor elected in the U.S. In 1995, America3, an all-female sailing team, won the first race of the America’s Cup defender trials, by beating Team Dennis Conner by a little more than a minute. The team was the sport’s first all-women team to compete in the 144-year history of the America’s Cup, the world’s oldest continually contested sporting trophy. In 1999, National Basketball Association superstar Michael Jordan of the Chicago Bulls announced his retirement from professional basketball, for the second time. In 2021, ex president Donald Trump became the first U.S. president to be impeached twice, after the House of Representatives approved an article of impeachment that accused him of “incitement of insurrection” for allegedly encouraging his supporters to storm the Capitol in an effort to overturn the results of the 2020 presidential election, in which Trump was defeated by President Joe Biden.
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