July 18th, 2023 Insight on Plan Design & Investment Strategy Every Weekday Compliance DOL Secures $124 Million Settlement on Behalf of DST Systems Participants DST Systems Inc. was accused of mismanaging its profit-sharing 401(k) plan and failing to diversify the plan’s assets, which resulted in large losses, according to the settlement. Administration DOL Seeks Independent Fiduciary for 401(k) Plan of Closed NY Construction Company When L D Wenger Construction Co. Inc. ceased operations, its 401(k) plan was deserted by the fiduciary, barring retirement plan participants from access to their retirement assets, the Department of Labor alleges.    Most Read Deals and People Voya Announces Acquisition of OneAmerica's Retirement Plan Business Benefits ERISA Advisory Council Delves Into QDIA Retirement Income Offerings Benefits Social Security COLA for 2025 Projected at 2.5% MARKET MIRROR Monday, the Dow rose 76.32 points (0.22%) to close at 34,585.35, the Nasdaq rose 131.25 points (0.93%) to close at 14,244.95 and the S&P 500 rose 17.37 points (0.39%) to close at 4,522.79. The Russell 2000 rose 20.18 points (1.04%) to close at 1,951.27, and the FT Wilshire 5000 Index rose 212.66 points (0.47%) to close at 45,742.98. The price of the 10-year Treasury note rose 2/32, bringing the yield to 3.812%. The price of the 30-year Treasury bond was unchanged, bringing the yield to 3.929%. Compliance IRS Gives Extra Time to Fix RMDs Made Erroneously Under SECURE 2.0 The IRS notice also allows IRA beneficiaries to not take RMDs this year from accounts inherited in 2020 or later. Compliance Manufacturing, Transportation, Retail Pension Funds Receive PBGC Bailouts Special Financial Assistance funds were granted to three struggling pension plans by the PBGC on July 11. SMALL TALK ON THIS DATE: In 1817, English novelist Jane Austen, who wrote “Sense and Sensibility” and “Pride and Prejudice,” died in Winchester, U.K, at age 41. In 1921, John Glenn—the first astronaut to orbit Earth, completing three orbits in 1962—was born. In 1927, Major League Baseball player Ty Cobb collected his 4,000th career hit. In 1936, the first Oscar Meyer Wienermobile rolled out of General Body Company’s factory in Chicago. In 1940, Franklin Delano Roosevelt, who first took office in 1933 as America’s 32nd president, was nominated for an unprecedented third term. Roosevelt, a Democrat, would eventually be elected to a record four terms in office, the only U.S. president to serve more than two terms. In 1976, for her performance in the uneven parallel bars at the Olympic Games in Montreal, Nadia Comăneci of Romania became the first gymnast to be awarded a perfect score of 10 in an Olympic gymnastics event. In 2013, Detroit submitted a claim for Chapter 9 bankruptcy protection, the largest such filing for a U.S. city ever; the city officially emerged from bankruptcy the following year. 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