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January 6th, 2023
Insight on Plan Design & Investment Strategy Every Weekday
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Compliance
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ESOP Plan Faces Retirement Records Lawsuit
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When a former worker at medical technology company BD sought distribution of his vested and accrued retirement assets, the firm said it had no record of his individual account. 
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| ECONOMIC EVENTS |
Interest on 30-year fixed-rate mortgage averaged 6.48% For the week ending January 5, up from last week when it averaged 6.42%. A year ago at this time, the 30-year FRM averaged 3.22%. Interest on a 15-year fixed-rate mortgage averaged 5.73%, up from last week when it averaged 5.68%. A year ago at this time, the 15-year FRM averaged 2.43%.
In the week ending December 31, the advance figure for seasonally adjusted initial claims for unemployment insurance was 204,000, a decrease of 19,000 from the previous week’s revised level. the Labor Department reported. The previous week’s level was revised down by 2,000 from 225,000 to 223,000. The four-week moving average was 213,750, a decrease of 6,750 from the previous week’s revised average. The previous week’s average was revised down by 500 from 221,000 to 220,500.
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| MARKET MIRROR |
Thursday, the Dow lost 339.69 points (1.02%) to close at 32,930.08, the Nasdaq lost 153.52 points (1.47%) to close at 10,305.24 and the S&P 500 decreased 44.87 points (1.16%) to close at 3,808.10. The Russell 2000 lost 19.35 points (1.09%) to close at 1,753.19 and the Wilshire 5000 decreased 426.59 points (1.12%) to close at 37,782.90.
The price of the 10-year Treasury note was unchanged, bringing the yield to 3.719%. The price of the 30-year Treasury bond decreased 1/32, bringing the yield to 3.786%.
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Investments Special Issue︱Opinion
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Good Practices
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An industry leader weighs in on plan governance and litigation.
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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 1759, George Washington and Martha Dandridge Custis were married. In 1838, Samuel Morse’s telegraph system was demonstrated for the first time at the Speedwell Iron Works in Morristown, New Jersey. In 1912, New Mexico became the 47th U.S. state. In 1975, Wheel of Fortune, one of the longest-running syndicated game show in American television, premiered on NBC. In 1994, Olympic hopeful Nancy Kerrigan was attacked at a Detroit ice rink following a practice session two days before the Olympic trials. In 2001, Congress certified George W. Bush as the winner of the 2000 presidential election following a legal battle. In 2021 a mob of ex-President Donald Trump’s supporters attacked the U.S. Capitol, attempting to interfere with the certification of electoral votes from the 2020 presidential election.
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