June 13th, 2023 Insight on Plan Design & Investment Strategy Every Weekday Compliance Plan Sponsors Prepare: Health Care Regs Going the Way of 401(k)s Health care regulation enacted in 2021 is coming to the fore, as deadlines loom and litigation appears to be ramping up. Compliance Legal Complaint Targets Pfizer 401(k) Plan Committee, Board The class action proposal seeks to recover retirement plan losses allegedly caused by fiduciary breaches leading to ‘unreasonable’ fees. Most Read Deals and People LPL Terminates CEO Dan Arnold Administration IRS Provides Tax Relief for Those Impacted by Hurricane Helene Benefits Implementing Retirement Income Strategies MARKET MIRROR Monday, the Dow rose 189.55 points (0.56%) to close at 34,066.33, the Nasdaq rose 202.78 points (1.53%) to close at 13,461.92 and the S&P 500 rose 40.07 points (0.93%) to close at 4,338.93. The Russell 2000 rose 7.51 points (0.40%) to close at 1,873.21, and the FT Wilshire 5000 Index rose 398.01 points (0.92%) to close at 43,800.27. The price of the 10-year Treasury note was unchanged, bringing the yield to 3.738%. The price of the 30-year Treasury bond was unchanged, bringing the yield to 3.884%. Compliance More Annuities Could Be Permitted as 401(k) Default if New Bill Passes Current liquidity rules make it difficult to use an annuity as a QDIA, but new legislation would make it easier to use certain annuities as QDIAs. DEALS AND PEOPLE Retirement Industry People Moves Mercer names Somers as investment director; new chief commercial officer at Alight Inc.; Voya selects leader for Midwest wealth solutions sales; and more.   Data and Research Retirement Plan Access Deficit Could Cost Fed, States $1.3 Trillion The lack of access for private sector workers to a retirement savings plan is likely to cost the federal government more than $1 trillion, study finds.     In Case You Missed It How Employers Select HSA Providers A diverse group of plan sponsors spoke about their decision-making process to choose a health saving account provider. EVENTS 2023 PS Plan Progress Webinar Series: Provider Due Diligence Join PLANSPONSOR June 15, for a discussion about the changing provider landscape, what factors need to be considered in the selection and monitoring of service providers and plan advisers and tools that can be used both for searches and to document that sponsors have met their fiduciary duty. SMALL TALK ON THIS DATE: In 1966, the U.S. Supreme Court ruled in favor of Ernesto Miranda in Miranda v. Arizona, affirming that constitutional guarantees against self-incrimination include restrictions on police interrogation of an arrested suspect. In 1967, Thurgood Marshall was nominated as a justice to the U.S. Supreme Court by President Lyndon B. Johnson; he became the Court’s first African American member. In 1971, The New York Times began publishing the “Pentagon Papers”—a series of articles based on a study of the U.S. role in Southeast Asia from World War II until May 1968; the papers added to the growing opposition to the Vietnam War. In 1982, following the death of his half-brother Khalid, Fahd became king of Saudi Arabia, overseeing a period of modernization in the country. In 1983, after more than a decade in space, Pioneer 10, the world’s first outer-planetary probe, departed the solar system. The next day, it radioed back its first scientific data on interstellar space. In 2000, South Korean President Kim Dae-jung met North Korean leader Kim Jong Il in a summit that marked the first meeting between heads of the two countries, helping earn Kim Dae-jung the Nobel Peace Prize. 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