July 10th, 2023 Insight on Plan Design & Investment Strategy Every Weekday Data and Research Gen Xers Profess Low Retirement Confidence, Concerns About Guaranteed Income As many in the generation worry they cannot rely on Social Security or a pension for lifetime income, Gen Xers fear their savings will be insufficient in retirement, according to IRI research. Compliance District Court Rejects Class Certification in Remanded Case Against TIAA The proposed class of participants in Washington University in St. Louis retirement plans was rejected by the same judge who initially approved it in 2020. Most Read Compliance House Passes Legislative Package Allowing CITs in 403(b) Retirement Plans  Compliance Trump Signs Executive Order Targeting ‘Politically-Motivated’ Proxy Advisers  Compliance IRS Issues Guidance Expanding HSA Access ECONOMIC EVENTS Total nonfarm payroll employment increased by 209,000 in June, and the unemployment rate dropped to 3.6%, the Bureau of Labor Statistics reported. Employment continued to trend up in government, health care, social assistance, and construction. Monday, the Census Bureau will report wholesale inventories for May. Wednesday, the Bureau of Labor Statistics will report the consumer price index for June. Thursday, the Department of Labor will issue its initial jobless claims report, Freddie Mac will update average mortgage rates for the week and the Bureau of Labor Statistics will report the producer price index for June. MARKET MIRROR Friday, the Dow fell 187.38 points (0.55%) to close at 33,734.88, the Nasdaq fell 18.33 points (0.13%) to close at 13,660.72 and the S&P 500 fell 12.64 points (0.29%) to close at 4,398.95. The Russell 2000 rose 22.43 points (1.22%) to close at 1,864.66 and the FT Wilshire 5000 Total Market Index fell 49.41 points (0.11%) to close at 44,374.71. The price of the 10-year Treasury note fell 2/32, bringing the yield to 4.068%. The price of the 30-year Treasury bond fell 29/32, bringing the yield to 4.046%. For the week ending July 7, the Dow fell 1.96%, the Nasdaq fell 0.92% and the S&P 500 fell 1.16%. The Russell 2000 fell 1.27%, and the FT Wilshire 5000 Total Market Index finished 1.13% lower. Benefits DOL Sues SIMPLE IRA Plan Sponsor for Pocketing Retirement Deferrals A Minnesota HVAC company is alleged by the Department of Labor to have misappropriated the retirement contributions of its’ employees, according to the lawsuit.    Compliance DOL Proposes Limiting Short-Term ‘Junk’ Health Plans The proposal would limit to four months use of short-term plans that Trump officials had allowed to be used for one year. DEALS AND PEOPLE Retirement Industry People Moves Segal appoints Tauzer to senior VP; Cerulli promotes O’Brien to director; Newton announces Brain as deputy CIO. SMALL TALK ON THIS DATE: In 1925, the Scopes Trial in which a high school teacher, John Scopes, was tried for teaching the theory of evolution in violation of state law began in Dayton, Tennessee. Eminent lawyers William Jennings Bryan argued for the prosecution and Clarence Darrow for the defense. In 1952, the constitution of Eritrea, prepared by the United Nations in consultation with Emperor Haile Selassie I of Ethiopia, was adopted. In 1962, Swedish engineer Nils Bohlin was issued a U.S. patent for a three-point seatbelt for cars; a major safety innovation. Also in 1962, Telstar 1, the first communications satellite to transmit live television signals and telephone conversations across the Atlantic Ocean, was launched by NASA, inaugurating a new age in electronic communications. In 1965, British rock band the Rolling Stones topped U.S. charts for the first time with the single (I Can’t Get No) Satisfaction. In 1973, The Bahamas gained independence from the U.K. In 1991, Russian politician Boris Yeltsin was sworn into office as the country’s first elected president. In 2019, German automaker Volkswagen ended production of the Beetle, the first model of which had been introduced in 1938. Did someone forward you this newsletter? Sign up here to get NEWSDash directly in your mailbox! Unsubscribe | Manage Subscriptions | Contact Us Copyright ©2025 Asset International, Inc. All rights reserved. No reproduction without prior authorization. Modern Slavery Statement 2022 | Do Not Sell My Personal Information | Privacy (including cookies), Social Media & Legal 702 King Farm Boulevard, Suite 300, Rockville, MD 20850