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PLANSPONSOR NEWSDASH LOGO January 6th, 2023
Insight on Plan Design & Investment Strategy Every Weekday
Compliance
ESOP Plan Faces Retirement Records Lawsuit
ESOP Plan Faces Retirement Records Lawsuit
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.
Compliance
Texas Area Counseling Service Found Exempt from 403(b) ERISA Requirements
The service was found to be in a legal safe harbor, but the case continues against the plan adviser.
Most Read
Compliance
Bills to Nullify the Retirement Security Rule Proposed in Congress
Administration
Dealing with Stress, Burnout in the HR, Benefits Department
Deals and People
BlackRock’s Retirement Head Ackerley Moving to Adviser Role
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.
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%.  
Investments Special Issue︱Opinion
Good Practices
An industry leader weighs in on plan governance and litigation.
Compliance
2023 ERISA Plan Compliance Calendar
A schedule to help plan sponsors track important due dates for their plan
Deals and People
2023 Plan Sponsor of the Year Nominations Are Open
Do you know of or work for a plan sponsor that goes above and beyond to make retirement security a reality for employees?
2023 Plan Adviser of the Year Nominations Are Open
Do you work with or know of a great plan adviser or plan adviser team?
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 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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