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PLANSPONSOR NEWSDASH LOGO January 9th, 2023
Insight on Plan Design & Investment Strategy Every Weekday
Compliance
CITs a No-Go for 403(b) Accounts
CITs a No-Go for 403(b) Accounts
One of the original three bills of SECURE 2.0 did contain such a provision, but it was ultimately dropped.
Deals and People
2023 Plan Adviser of the Year Nominations Are Open
Do you work with or know of a great plan adviser or plan adviser team?
Most Read

2023 DC Survey Standouts
Administration
Understanding Investments and Fees: A Key Part of Plan Committee Education
Products
TIAA In-Plan Retirement Income Option Reaches $30B
ECONOMIC EVENTS
Total nonfarm payroll employment increased by 223,000 in December, and the unemployment rate edged down to 3.5%, the Bureau of Labor Statistics reported. Notable job gains occurred in leisure and hospitality, health care, construction and social assistance.

Thursday, the Bureau of Labor Statistics will report the consumer price index for December, the Department of Labor will issue its initial jobless claims report and Freddie Mac will update average mortgage rates for the week. 
MARKET MIRROR
Friday, the Dow gained 700.53 points (2.13%) to close at 33,630.61 the Nasdaq gained 264.05 points (2.56%) to close at 10,569.29 and the S&P 500 increased 86.98 points (2.28%) to close at 3,895.08. The Russell 2000 gained 39.61 points (2.26%) to close at 1,792.80 and the Wilshire 5000 gained 847.79 points (2.24%) to close at 38,630.47.

For the week ending January 6, the Dow gained 1.46%, the Nasdaq increased 0.98% and the S&P 500 gained 1.45%. The Russell 2000 gained 1.79% and the Wilshire 5000 finished 1.46% higher.

The price of the 10-year Treasury note increased 1 3/32, bringing the yield to 3.563%. The price of the 30-year Treasury bond increased 1 30/32, bringing the yield to 3.687%.
Compliance
IRS Proposes Accepting Remote Notarization on Permanent Basis
The rule would codify relief from ‘physical presence’ rules for retirement plan elections that was first granted during the height of the COVID-19 pandemic.
Professional Athlete Sports Agency Is Accused of Retirement Asset Theft
The Department of Labor alleges that a Houston sports agency used retirement assets to operate the company.
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?
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 1776, writer Thomas Paine published the pamphlet “Common Sense,” setting forth his arguments in favor of American independence. In 1788, Connecticut became the 5th U.S. state. In 1861, Mississippi became the second U.S. state to secede from the Union (after South Carolina) in the run-up to the American Civil War. In 1941, folksinger and political activist Joan Baez was born in Staten Island, New York. In 1969, construction began on the Aswan High Dam in Egypt. Upon completion in 1970, it generated enormous amounts of electric power and allowed for the control of the annual Nile flood. In 2001, Apple introduced iTunes, a digital media player application. In 2007, Apple Inc. CEO Steve Jobs unveiled the iPhone at the Macworld convention in San Francisco.
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