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January 20th, 2023
Insight on Plan Design & Investment Strategy Every Weekday
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Compliance
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How SECURE 2.0 Can Help Small Businesses
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SECURE 2.0 has several provisions designed to increase retirement plan creation and participation by small businesses, in particular by offering them larger tax credits and by exempting them from certain provisions. 
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AWARDS
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Deadline for Plan Sponsor of the Year Nominations Extended
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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 has been extended through January 23.
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| ECONOMIC EVENTS |
In the week ending January 14, the advance figure for seasonally adjusted initial claims for unemployment insurance was 190,000, a decrease of 15,000 from the previous week’s unrevised level of 205,000, the Labor Department reported. The four-week moving average was 206,000, a decrease of 6,500 from the previous week’s unrevised average of 212,500.
Interest on a 30-year fixed-rate mortgage averaged 6.15% for the week ending January 19, down from last week when it averaged 6.33%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 3.56%. Interest on a 15-year fixed-rate mortgage averaged 5.28%, down from last week when it averaged 5.52%. A year ago at this time, the 15-year FRM averaged 2.79%.
Privately owned housing starts in December were at a seasonally adjusted annual rate of 1,382,000, the Census Bureau reported. This is 1.4% below the revised November estimate of 1,401,000 and is 21.8% below the December 2021 rate of 1,768,000. Single‐family housing starts in December were at a rate of 909,000; this is 11.3% above the revised November figure of 817,000.
The December rate for units in buildings with five units or more was 463,000. An estimated 1,553,300 housing units were started in 2022. This is 3.0% below the 2021 figure of 1,601,000.
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| MARKET MIRROR |
Thursday, the Dow lost 252.40 points (0.76%) to close at 33,044.56, the Nasdaq lost 104.74 points (0.96%) to close at 10,852.27 and the S&P 500 decreased 30.01 points (0.76%) to close at 3,898.85. The Russell 2000 lost 18.02 points (0.97%) to close at 1,836.35 and the Wilshire 5000 lost 326.68 points (0.83%) to close at 38,840.68.
The price of the 10-year Treasury note decreased 2/32, bringing the yield to 3.400%. The price of the 30-year Treasury bond decreased 27/32, bringing the yield to 3.567%
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UPFRONT
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Considering PBGC Premium Strategies?
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PLAN SPONSORS of defined benefit plans have an opportunity each fall to change how their Pension Benefit Guaranty Corporation insurance premiums are calculated, factoring in current market dynamics, in order to save money.
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AWARDS
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Deadline Extended for Retirement Plan Adviser of the Year Nominations!
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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.
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SURVEYS
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CIO’s Transition Management Survey
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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.
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ON THIS DATE: In 1801, President John Adams nominated John Marshall to be chief justice of the Supreme Court of the United States. In 1892, the first official basketball game was played in Springfield, Massachusetts, by YMCA students of the game’s inventor, James A. Naismith. In 1945, President Franklin D. Roosevelt was inaugurated for an unprecedented fourth term in office. In 1961, President John F. Kennedy, in his inaugural address, said, “And so, my fellow Americans: ask not what your country can do for you—ask what you can do for your country.” In 1977, Patricia Roberts Harris became U.S. Secretary of Housing and Urban Development, the first African American woman to hold a Cabinet position. In 2009, Barack Obama was sworn in as the 44th president of the United States, becoming the first African American to hold the office. In 2017, Donald Trump was sworn in as the 45th president of the United States. In 2021, Kamala Harris became the first woman to serve as vice president of the United States as she took the oath of office.
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