March 16th, 2022 Insight on Plan Design & Investment Strategy Every Weekday 2022 Innovation Issue | Annuities Annuities Still Misunderstood In today’s low interest rate environment, these vehicles are gaining traction. Data and Research Top Reasons Employees Chose to Quit in 2021 According to a Pew Research Center survey, the top reasons include low pay, little opportunity for advancement and feeling disrespected. Most Read Compliance IRS Proposes Regulations for Changes to SECURE 2.0 RMDs Opinions Encouraging Trends in 401(k) Plan Design Compliance What Increased Health Plan-Related Scrutiny Means for Plan Sponsors Economic Events The Producer Price Index for final demand increased 0.8% in February, as prices for final demand goods rose 2.4%, and the index for final demand services was unchanged, the Bureau of Labor Statistics reported. Final demand prices moved up 10.0% for the 12 months ended in February. Market Mirror Tuesday, the Dow gained 599.10 points (1.82%) to finish at 33,544.34, the Nasdaq closed 367.40 points (2.92%) higher at 12,948.62, and the S&P 500 increased 89.34 points (2.14%) to 4,262.45. The Russell 2000 was up 27.25 points (1.40%) at 1,968.97, and the Wilshire 5000 climbed 868.44 points (2.08%) to 42,718.71. The price of the 10-year Treasury note was down 1/32, increasing its yield to 2.151%. The price of the 30-year Treasury bond decreased 26/32, bringing its yield up to 2.501%. Compliance Tipped Employee Sues Over Missed Deferrals The employee says Hyatt Corp.’s policy to only pay tips in cash violated the terms of the plan, per its definition of compensation for elective deferrals. Ask the Experts Properly Correcting 402(g) Excess Deferrals “I am trying to find out about how to properly correct 2021 402(g) excess deferrals made to our 403(b) plan, but it appears that the Experts have not written on that subject in quite some time. Can you provide updated information in this regard?” Small Talk Whether a result of inflation or feeling generous as children struggled with lockdowns and social distancing through the pandemic, the tooth fairy is paying its highest price ever for teeth. Every region except the West saw year-over-year gains. Delta Dental says its poll results generally track with the direction of the S&P 500. ON THIS DATE: In 1521, Portuguese navigator Ferdinand Magellan reached the Philippines. In 1751, James Madison, drafter of the Constitution, recorder of the Constitutional Convention, author of the Federalist Papers and fourth president of the United States, was born in Virginia. In 1802, the United States Military Academy—the first military school in the United States—was founded by Congress to educate and train young men in the theory and practice of military science. In 1836, the Republic of Texas approved a constitution. In 1850, Nathaniel Hawthorne’s story of adultery and betrayal in colonial America, “The Scarlet Letter” was published. In 1945, the west Pacific volcanic island of Iwo Jima was declared secured by the U.S. military after weeks of fiercely fighting its Japanese defenders. In 1970, Motown soul singer Tammi Terrell passed away at the age of 77. In 2008, Bear Stearns, the 85-year-old investment bank, narrowly avoided bankruptcy by its sale to J.P. Morgan Chase and Co. at the shockingly low price of $2 per share. WEDNESDAY WISDOM: “No winter lasts forever; no spring skips its turn.”—Hal Borland, late American author, journalist, and naturalist 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