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June 26th, 2023
Insight on Plan Design & Investment Strategy Every Weekday
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Benefits
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PSNC 2023: Are You inSUREd?
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In the shadow of the recent data breach at a large third-party vendor, experts shared relevant tips for how plan sponsors can protect themselves if and when such attacks occur. 
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| ECONOMIC EVENTS |
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Tuesday, the Census Bureau will report orders for manufactured durable goods for May and new home sales for May and the Conference Board will report the Consumer Confidence Index for June. Thursday, the Department of Labor will issue its initial jobless claims report and Freddie Mac will update average mortgage rates for the week.
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| MARKET MIRROR |
Friday, the Dow fell 219.28 points (0.65%) to close at 33,727.43, the Nasdaq fell 138.09 points (1.01%) to close at 13,492.52, and the S&P 500 fell 33.56 points (0.77%) to close at 4,348.33. The Russell 2000 fell 26.54 points (1.44%) to close at 1,821.63, and the FT Wilshire 5000 Total Market Index fell 364.89 points (0.83%) to close at 43,765.81.
The price of the 10-year Treasury note rose 5/32, bringing the yield to 3.742%. The price of the 30-year Treasury bond fell 2/32, bringing the yield to 3.815%.
For the week ending June 23, the Dow fell 1.67%, the Nasdaq fell 1.44% and the S&P 500 fell 1.39%. The Russell 2000 fell 2.87%, and the FT Wilshire 5000 Total Market Index finished 1.59% lower.
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Administration
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Industry Concerns About Roth Catch-Ups Escalate
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SECURE 2.0 Section 603 would require catch-up contributions made by those making more than $145,000 in wages to be made after-tax, and plan sponsors say it is probably going to be the hardest mandatory SECURE 2.0 provision to implement.
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ON THIS DATE: In 1963, during the Cold War, President John F. Kennedy delivered the famous speech in which he said, “Ich bin ein Berliner” in West Berlin. In 1976, the CN Tower, in Toronto, Ontario—at 1,815 feet, the world’s tallest freestanding structure until being surpassed in 2007 by the Burj Khalifa in Dubai, United Arab Emirates—was opened to the public. In 1977, Elvis Presley performed in public for the last time. In 1979, after almost 20 years of professional fights, heavyweight champion Muhammad Ali announced his retirement from boxing. In 2013, in United States v. Windsor, the U.S. Supreme Court struck down the provision in the Defense of Marriage Act that defined marriage for federal purposes as a legal union between one man and one woman. In 2015, in Obergefell v. Hodges, the U.S. Supreme Court ruled that state bans on same-sex marriage were unconstitutional; writing for the majority, Justice Anthony Kennedy stated that “no longer may this liberty be denied.”
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