June 30th, 2023 Insight on Plan Design & Investment Strategy Every Weekday Compliance Jury Delivers Win To Yale With 403(b) Lawsuit Verdict A jury decided almost entirely in the university’s favor in the nearly seven-year lawsuit. Investing Fidelity to Convert More Than $13B of Mutual Funds to ETFs The Fidelity small cap enhanced index fund was included in nearly 100 defined contribution plans, according to Form 5500 filings.    Most Read Benefits Financial Wellness Programs Can Help Improve Employee Performance Benefits Financial Wellness Increases Can Improve Physical, Mental Health Benefits Personalized Guidance, Face-to-Face Communication Drive Benefit Usage and Satisfaction ECONOMIC EVENTS In the week ending June 24, the advance figure for seasonally adjusted initial jobless claims was 239,000, a decrease of 26,000 from the previous week’s revised level of 265,000, the Labor Department reported. The four-week moving average was 257,500, an increase of 1,500 from the previous week’s revised average of 256,000. Interest on a 30-year fixed-rate mortgage averaged 6.71% for the week ending June 29, up from last week when it averaged 6.67%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 5.70%. Interest on a 15-year fixed-rate mortgage averaged 6.06%, up from last week when it averaged 6.03%. A year ago at this time, the 15-year FRM averaged 4.83%.  MARKET MIRROR Thursday, the Dow rose 269.76 points (0.80%) to close at 34,122.42, the Nasdaq fell 0.42 points (0.00%) to close at 13,591.33 and the S&P 500 rose 19.58 points (0.45%) to close at 4,396.44. The Russell 2000 gained 22.88 points (1.23%) to close at 1,881.59, and the FT Wilshire 5000 Index gained 215.10 points (0.49%) to close at 44,379.35. The price of the 10-year Treasury note decreased 11/32, bringing the yield to 3.846%. The price of the 30-year Treasury bond decreased 16/32, bringing the yield to 3.903%. Compliance IRS Says Reimbursed Wellness Benefits Are Taxable Regulators warn sponsors offering these plans should make sure they are not essentially compensating an employee for non-medical expenses. PRODUCTS Investment Product and Service Launches FundFront introduces white label alternative investment platform; Wealth.com unveils AI legal assistant; Schwab to launch the Schwab High Yield Bond ETF.  SMALL TALK ON THIS DATE: In 1934, German dictator Adolf Hitler ordered his SS guards to execute many leading officials of the SA, a paramilitary group. This was known as the “Night of the Long Knives.” In 1936, author Margaret Mitchell published Gone With the Wind, a sweeping romance set during the Civil War; the novel later won a Pulitzer Prize and was adapted into a hugely successful film. In 1937, the world’s first emergency telephone number (999) was launched in London. In 1966, the National Organization for Women was founded with the mission of promoting equal rights for women; author and activist Betty Friedan served as its first president. In 1985, swimmer Michael Phelps, the most decorated Olympic athlete with 28 medals, was born. In 2001, musician and record company executive Chet Atkins—who was a major figure in country music, often credited with developing the Nashville Sound of the 1960s—died in Nashville. In 2019, while at the Korean Demilitarized Zone, President Donald Trump walked into North Korea to greet its leader, Kim Jong-Un, thus becoming the first sitting U.S. president to visit that country. 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