June 15th, 2023 Insight on Plan Design & Investment Strategy Every Weekday Compliance ERISA Lawsuit Against Advance Publications Dismissed, Pending Amended Complaint A federal judge dismissed all counts in the suit brought by a former 401(k) plan participant, but the plaintiff may submit a second amended complaint by June 27. Data and Research Emergency Savings Serve as Buffer To Protect Retirement Assets For low-income households, having at least $1,000 in emergency savings can prevent them taking hardship withdrawals from their retirement savings, according to new BlackRock research.  Most Read Benefits Social Security COLA Increase to Add About $50 per Month in 2025 Administration Many Taxpayers Dodged Penalty Tax for Early Retirement Withdrawals Administration Bills to Ban Arbitration Clauses Reappear in House, Senate ECONOMIC EVENTS The Producer Price Index for final demand declined 0.3% in May, the Bureau of Labor Statistics reported. Prices for final demand goods fell 1.6%, and the index for final demand services increased 0.2%. Prices for final demand moved up 1.1% for the 12 months ended in May. MARKET MIRROR Wednesday, the Dow fell 232.79 points (0.68%) to close at 33,979.33, the Nasdaq rose 53.16 points (0.39%) to close at 13,626.48 and the S&P 500 rose 3.58 points (0.08%) to close at 4,372.59. The Russell 2000 fell 22.24 points (1.17%) to close at 1,874.10, and the FT Wilshire 5000 Index fell 12.41 points (0.03%) to close at 44,122.05. The price of the 10-year Treasury note rose 3/32, bringing the yield to 3.792%. The price of the 30-year Treasury bond rose 30/32, bringing the yield to 3.884%. Compliance Lawsuit Targets SaveATree Subsidiary ESOP, Trustees The Arborwell Inc. employee stock ownership program began in 2017, but the plaintiffs allege the ESOP’s 2020 sale to CI Quercus was for less than market value. Benefits How Plan Sponsors Can Shift Focus to Decumulation As most retirees no longer rely on a pension for lifetime income, plan sponsors should be exploring benefits that will support this population of participants. 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 1775, George Washington was named commander in chief of the colonies by the Continental Congress. In 1844, Charles Goodyear received a patent for the process of rubber vulcanization. In 1846, the United States and Britain signed the Oregon Treaty, establishing the border between Canada and the United States at latitude 49° N. In 1864, Arlington National Cemetery was established when 200 acres of Confederate General Robert E. Lee’s estate in Virginia—which had been seized by the U.S. government—was authorized for a national cemetery. In 1877, Henry Ossian Flipper— who was born into slavery in Thomasville, Georgia, in 1856—became the first African American cadet to graduate from the United States Military Academy at West Point. In 1944, during World War II, U.S. Marines attacked Saipan in the Mariana Islands. In 1996, singer Ella Fitzgerald—who was known for her enormous vocal range and inventive interpretations, in both ballads and jazz improvisations known as scat—died at age 79. In 2007, after more than 30 years, American game show host Bob Barker stepped down as host of The Price Is Right. 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