June 20th, 2024 Insight on Plan Design & Investment Strategy Every Weekday Products T. Rowe Price Launches Retirement Income Product Evaluation Framework T. Rowe Price’s five-part framework aims to support plan sponsors’ evaluations of retirement income products. Benefits Increased Litigation Around PRTs Brings Insurance Industry Practices to Light As defined benefit plan sponsors look to de-risk and offload pension liabilities, the selection of annuity providers has come under increased scrutiny in recent lawsuits. Most Read Compliance California District Court Dismisses Forfeitures Class Action Against Kaiser Foundation Benefits Bill Would Expand Definition of Federal Law Enforcement for Retirement Purposes Compliance IRS Eases Rules on Pension Plans’ Use of Custom Mortality Tables ECONOMIC EVENTS U.S. retail and food services sales for May 2024 were $703.1 billion, up 0.1% from the previous month, the Census Bureau reported. MARKET MIRROR Tuesday, the Dow rose 56.76 points (0.15%) to close at 38,834.86, the Nasdaq rose 5.21 points (0.03%) to close at 17,862.23 and the S&P 500 rose 13.80 points (0.25%) to close at 5,487.03. The Russell 2000 rose 3.22 points (0.16%) to close at 2,025.23, and the FT Wilshire 5000 Index rose 122.19 points (0.22%) to close at 54,638.02. The 10-year Treasury note rose 27/32, bringing the yield to 4.227%. The 30-year Treasury bond rose 30/32, bringing the yield to 4.357%. Investing Funded Status of the Largest Public Pension Funds Rises Strong investment returns pushed funding level to 79.4% in May. ASK THE EXPERTS What Are the Differences Between the IRS’ Correction Programs? What is the difference between a VFCP and a VCP filing? SMALL TALK ON THIS DATE: In 1789, locked out of their meeting hall at Versailles, the deputies of the Third Estate in France congregated on a nearby tennis court and took an oath not to separate until a written constitution had been established—the Tennis Court Oath. In 1837, with the death of William IV, Victoria became queen of the U.K., and during her reign the country became the world’s most powerful empire. In 1861, British biochemist Frederick Gowland Hopkins, who won a share of the 1929 Nobel Prize for Physiology or Medicine for his discovery of vitamins, was born in Eastbourne, England. In 1887, German Dada artist and poet Kurt Schwitters was born in Hanover, Germany. In 1893, following a trial that was a national sensation in the U.S., Lizzie Borden was acquitted of murdering her father and stepmother. In 1903, automobile-racing driver Barney Oldfield accomplished the first mile-a-minute performance in a car, at Indianapolis, Indiana. In 1905, playwright and screenwriter Lillian Hellman was born in New Orleans, Louisiana. In 1928, jazz musician Eric Dolphy, a virtuoso improviser on woodwinds and a major influence on free jazz, was born in Los Angeles. In 1967, Australian-American actress Nicole Kidman was born in Hawaii. In 1975, film director Steven Spielberg’s thriller, “Jaws” was released in theatres, and it was a huge success, essentially creating the genre of summer blockbusters. In 1992, a new constitution went into effect in Paraguay, signaling the end of military rule established in the 1950s by Alfredo Stroessner. In 2002, the Supreme Court decided the case Atkins v. Virginia, ruling that the imposition of the death penalty in cases involving intellectually disabled defendants violated the Eighth Amendment’s protection against cruel and unusual punishment. Did someone forward you this newsletter? Sign up here to get NEWSDash directly in your mailbox! Unsubscribe | Manage Subscriptions | Contact Us Copyright ©2025 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