July 11th, 2023 Insight on Plan Design & Investment Strategy Every Weekday Deals and People Auto-Portability Solutions Show Signs of Growth Principal Financial Group announced it has joined the Portability Services Network, and Millennium Trust has begun testing its own open portability network. Benefits DOL Targets New Jersey 401(k) Plan for Concrete Companies Concrete producer Di Ferraro Inc. failed to remit employee withholdings and loan repayments to the plan over six years, the Department of Labor alleges. Most Read Compliance Regulators Clarify Part-Time Eligibility Rules for ERISA 403(b) Plans Opinions Accumulating Differences: Why Personalization Matters More for Older Investors Products Apollo, Athene Working On Alts, Annuities in DC Investing ECONOMIC EVENTS May 2023 sales of merchant wholesalers were $650.2 billion, down 0.2% from last month, the Census Bureau reported. End-of-month inventories were $913.7 billion, virtually unchanged from last month. MARKET MIRROR Monday, the Dow rose 209.52 points (0.62%) to close at 33,944.40, the Nasdaq rose 24.77 points (0.18%) to close at 13,685.48 and the S&P 500 rose 10.58 points (0.24%) to close at 4,409.53. The Russell 2000 rose 30.59 points (1.64%) to close at 1,895.25 and the FT Wilshire 5000 Total Market Index rose 180.35 points (0.41%) to close at 44,555.06. The price of the 10-year Treasury note rose 5/32, bringing the yield to 4.006%. The price of the 30-year Treasury bond rose 2/32, bringing the yield to 4.036%.  Benefits The Retirement Income ‘Low-Hanging Fruit’ Option Open to Plan Sponsors Plan sponsors and their retirement industry providers can take steps toward facilitating greater coordination and use of systematic withdrawals by plan participants. Compliance FAQ Clarifies Status of In-Network Providers, Facility Fees The FAQ also strengthens the health care cost protections of the No Surprises Act. SMALL TALK ON THIS DATE: In 1798, The U.S. Marine Corps, originally established in 1775, was formally reestablished. In 1804, outraged over disparaging remarks that Alexander Hamilton had allegedly made at a dinner party, Aaron Burr challenged his longtime rival to a duel, and fatally shot Hamilton in Weehawken, New Jersey. In 1863, angered by practices in Civil War conscription, New York City workers rioted and attacked draft headquarters. In 1914, George Herman “Babe” Ruth played in his first Major League Baseball game, for the Boston Red Sox. In 1936, the Triborough Bridge (later renamed the Robert F. Kennedy Bridge), designed by David Barnard Steinman, opened in New York City. In 1955, the U.S. Air Force Academy officially opened at temporary quarters at Lowry Air Force Base in Denver. In 1960, author Harper Lee’s novel “To Kill a Mockingbird” was published. In 1995, President Bill Clinton established full diplomatic relations with Vietnam. In 2015, Mexican criminal Joaquín Guzmán, who was head of the Sinaloa drug cartel, escaped from prison, using a lengthy underground tunnel; a massive manhunt followed, and he was captured again some six months later. Did someone forward you this newsletter? Sign up here to get NEWSDash directly in your mailbox! Unsubscribe | Manage Subscriptions | Contact Us Copyright ©2024 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