July 26th, 2023 Insight on Plan Design & Investment Strategy Every Weekday Products TIAA Touts In-Plan Annuity Growth Even as Retail Sales Hits New Record Retirement income needs, compared to high interest rates, are driving annuity growth in 2023. Deals and People Fiducient Advisors Selects New Chief Investment Officer Bradford Long was named CIO of Fiducient Advisors after Matthew Rice announced he is stepping down. Most Read Deals and People LPL Terminates CEO Dan Arnold Benefits Implementing Retirement Income Strategies Administration Plan Security Relies on Vetting 3rd-Party Providers ECONOMIC EVENTS The Conference Board Consumer Confidence Index rose again in July to 117.0, up from 110.1 in June. The Present Situation Index—based on consumers’ assessment of current business and labor market conditions—improved to 160.0 from 155.3 last month. The Expectations Index—based on consumers’ short-term outlook for income, business, and labor market conditions—improved to 88.3 from 80.0 in June. Expectations climbed well above 80—the level that historically signals a recession within the next year.  MARKET MIRROR Tuesday, the Dow rose 26.83 points (0.08%) to close at 35,438.07, the Nasdaq rose 85.69 points (0.61%) to close at 14,144.56 and the S&P 500 rose 12.82 points (0.28%) to close at 4,567.46. The Russell 2000 gained 0.43 points (0.02%) to close at 1,966.11, and the FT Wilshire 5000 Index gained 119.58 points (0.26%) to close at 46,151.81.  The price of the 10-year Treasury note rose 1/32, bringing the yield to 3.891%. The price of the 30-year Treasury bond was unchanged, bringing the yield to 3.934%.  Administration AI Tapped to Mine Form 5500s, Leverage Chatbots for Retirement Newfront, a tech-focused advisory firm, recently brought its AI-driven benefit solutions to Congress and will be using AI capabilities to mine 5500s for plan sponsor clients, later this year.   Ask the Experts Could Adding Employer Contributions To An Existing Plan Prompt Tax Credits? Experts from Groom Law Group and CAPTRUST answer questions concerning retirement plan administration and regulations. SMALL TALK ON THIS DATE: In 1948, U.S. President Harry S. Truman signed Executive Order 9981, which abolished racial segregation in the U.S. military. In 1956, Egyptian President Gamal Abdel Nasser seized control of the Suez Canal and nationalized it, sparking a crisis that later resulted in French, British and Israeli forces briefly occupying parts of Egypt. In 1965, the Republic of Maldives gained its independence from Britain. In 1971, photographer Diane Arbus – who was best known for her compelling portraits of people from the edges of society – died by suicide at age 48. In 1990, the Americans with Disabilities Act was signed into law by President George H.W. Bush; the legislation provided civil rights protections to individuals with physical and mental disabilities. In 2004, in response to an explosion in the Darfur region, the European Union advocated that the United Nations institute economic sanctions against Sudan. In 2016, at the Democratic National Convention, Hillary Clinton was officially nominated as a candidate for president, becoming the first woman to top the presidential ticket of a major party in the U.S. In 2020, actress Olivia de Havilland, who won Academy Awards for her performances in “To Each His Own” and “The Heiress,” died at age 104.   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