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June 9th, 2022
Insight on Plan Design & Investment Strategy Every Weekday
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Ask the Experts
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Should a Rehired Employee Be Allowed to Withdraw a Prior Account Balance?
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“We recently rehired an employee who, when he left us about two years ago, chose to leave his account balance in our 403(b) plan, as our plan allows former employees to leave their assets in the plan if the balance exceeds $5,000, which it did in this case. Now that he is back with us, he wants to withdraw his prior account balance, since he claims that the balance can be withdrawn due to his prior termination. But, since he is here now, and our plan does not allow for in-service distributions except for attainment of age 59.5 or financial hardship (neither of which apply in this case), should we deny his distribution claim?” 
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| Economic Events |
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April sales of merchant wholesalers, except manufacturers’ sales branches and offices, after adjustment for seasonal variations and trading day differences but not for price changes, were $691.6 billion, up 0.7% from the revised March level and up 20.9% from the revised April 2021 level, the Census Bureau announced. The February to March percent change was revised from the preliminary estimate of up 1.7% to up 1.8%.
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| Market Mirror |
Wednesday, the Dow decreased 269.24 points (0.81%) to 32,910.90, the Nasdaq was down 88.96 points (0.73%) at 12,086.27, and the S&P 500 lost 44.91 points (1.08%) to finish at 4,115.77. The Russell 2000 fell 28.56 points (1.49%) to 1,891.01, and the Wilshire 5000 closed 439.50 points (1.06%) lower at 41,050.99.
The price of the 10-year Treasury note decreased 25/32, bringing its yield up to 3.022%. The price of the 30-year Treasury bond was down 8/32, increasing its yield to 3.176%.
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Compliance
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Markup Scheduled for RISE & SHINE Act
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Retirement security organizations, a nonprofit and the U.S. Chamber of Commerce have submitted comment letters on the discussion draft, which was released last month.
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ON THIS DATE: In 1934, Donald Duck made his debut in the Silly Symphonies cartoon “The Wise Little Hen.” In 1943, the withholding tax on payrolls was authorized by Congress. In 1973, with a spectacular victory at the Belmont Stakes, Secretariat became the first horse since Citation in 1948 to win America’s coveted Triple Crown: the Kentucky Derby, the Preakness and the Belmont Stakes. In 1986, the Rogers Commission released a report on the space shuttle Challenger disaster. The report explained that the spacecraft blew up as a result of a failure in a solid rocket booster joint. In 2000, Canada and the United States signed a border security agreement. The agreement called for the establishment of a border-enforcement team. In 2000, the U.S. House of Representatives voted to repeal gift and estate taxes. The bill called for the taxes to be phased out over 10 years. In 2011, the world’s first artificial organ transplant was performed. It was an artificial windpipe coated with stem cells.
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