NewsDash – July 12, 2023

July 12th, 2023
Insight on Plan Design & Investment Strategy Every Weekday

Benefits

Complaint Targets Waters Corp. 401(k) Plan, Board, Benefits Panel

The suit, filed in Massachusetts federal court, alleges retirement plan fiduciaries caused participants to pay excessive fees to plan recordkeeper Fidelity Investments.

Compliance

PBGC Modifies Benefit Payment Regulations for Terminated Single-Employer Plans

The final rule clarifies lump sum payments, de minimis amounts and payments to estates.

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

MARKET MIRROR

Tuesday, the Dow gained 317.02 points (0.93%) to close at 34,261.42, the Nasdaq gained 75.22 points (0.55%) to close at 13,760.70 and the S&P 500 gained 29.73 points (0.67%) to close at 4,439.26. The Russell 2000 rose 18.11 points (0.96%) to close at 1,913.36, and the FT Wilshire 5000 Index rose 346.73 points (0.78%) to close at 44,901.79.

The price of the 10-year Treasury note increased 24/32, bringing the yield to 3.974%. The price of the 30-year Treasury bond increased 25/32, bringing the yield to 4.012%.

Deals and People

Principal Expands Retirement Business With New Hires

Four industry leaders were added to Principal Financial Group's retirement division.

Ask the Experts

When Can Participants Make Tax-Free Withdrawals of Roth Assets?

Experts from Groom Law Group and CAPTRUST answer questions concerning retirement plan administration and regulations.

SMALL TALK

ON THIS DATE: In 1920, the independent republic of Lithuania, having successfully expelled invading Soviet troops, signed a peace treaty with the Soviet Union. In 1962, British rock band the Rolling Stones performed their first show, billed as the Rollin’ Stones, at a club in London. In 1975, the island nation of Sao Tome and Principe was granted independence from Portugal. In 1976, the television game show “Family Feud” began airing on ABC, with host Richard Dawson. In 1979, between games of a baseball doubleheader involving the Chicago White Sox and the Detroit Tigers at Chicago’s Comiskey Park, disco records were blown up as part of a promotion dubbed Disco Demolition Night; fans subsequently rushed the field, and as a result of the ensuing mayhem, the second game was forfeited to the Tigers. In 1984, Democratic presidential candidate Walter F. Mondale put forward Geraldine Ferraro as his running mate, making her the first woman ever nominated for vice president by a major U.S. political party. In 2005, Prince Albert II, the only son of Prince Rainier III and Grace Kelly, formally assumed the throne of Monaco.

Industry Intel Roundup—Thought Leadership

PLANSPONSOR is pleased to present the next edition of our Industry Intelligence roundup. This week, we are featuring content from thought leadership authorities. The content was created to educate, inform and offer ideas for plan sponsors regarding plan design, investing, administration and compliance.