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Data and Research
Cybersecurity, Preventing Plan Leakage Top of Mind for Sponsors
Cybersecurity, Preventing Plan Leakage Top of Mind for Sponsors
Retirement plan sponsors shared in a survey the steps they have taken, or plan to take, to reduce plan leakage and retain retiree assets in the plan.
Ask the Experts
Is a Plan Administrator Required for ERISA and non-ERISA Plans?
“I read your Ask the Experts column on the definition of a plan administrator under ERISA Section 3(16) with great interest as I was unfamiliar with the term. Is it an optional provision of ERISA, or are ALL ERISA retirement plans required to have a plan administrator under ERISA Section 3(16)? And what about non-ERISA plans?”
Most Read
Bills to Nullify the Retirement Security Rule Proposed in Congress
Dealing with Stress, Burnout in the HR, Benefits Department
Deals and People
BlackRock’s Retirement Head Ackerley Moving to Adviser Role
Economic Events
Construction spending during January was estimated at a seasonally adjusted annual rate of $1,677.2 billion, 1.3% above the revised December estimate of $1,655.8 billion, the Census Bureau reported. The January figure is 8.2% above the January 2021 estimate of $1,549.8 billion.
Market Mirror
Tuesday, the Dow dropped 597.65 points (1.76%) to 33,294.95, the Nasdaq lost 218.94 points (1.59%) to finish at 13,532.46, and the S&P 500 closed 67.68 points (1.55%) lower at 4,306.26. The Russell 2000 decreased 39.58 points (1.93%) to 2,008.51, and the Wilshire 5000 fell 678.40 points (1.53%) to 43,580.81.

The price of the 10-year Treasury note increased 32/32, bringing its yield down to 1.720%. The price of the 30-year Treasury bond climbed 1 25/32, decreasing its yield to 2.108%.
CalSavers ERISA Preemption Lawsuit Appeal Rejected by SCOTUS
The lawsuit, filed by the Howard Jarvis Taxpayers Association, unsuccessfully aimed to block CalSavers on the grounds that the federal Employee Retirement Income Security Act pre-empts it.
Further Retirement Policy Reforms Possible in 2022
Among the bills to watch is the Lifetime Income For Employees Act, or the LIFE Act, for short.
Small Talk
Income doesn’t necessarily dictate investing knowledge. A survey found people of all income levels shared similar knowledge gaps, but people with fewer assets said they thought they didn’t have enough money to start investing.
ON THIS DATE: In 1807, Congress passed an act to “prohibit the importation of slaves into any port or place within the jurisdiction of the United States…from any foreign kingdom, place, or country.” In 1861, Congress created the Territory of Nevada. In 1877, Rutherford B. Hayes was declared the winner of the 1876 presidential election by Congress. Samuel J. Tilden, however, had won the popular vote on November 7, 1876. In 1899, Mount Rainier National Park in Washington was established by Congress. In 1899, President William McKinley signed a measure that created the rank of Admiral for the U.S. Navy. The first admiral was George Dewey. In 1904, Theodor Geisel, better known to the world as Dr. Seuss, the author and illustrator of such children’s books as “The Cat in the Hat” and “Green Eggs and Ham,” was born in Springfield, Massachusetts. In 1917, President Woodrow Wilson signed the Jones-Shafroth Act, under which Puerto Rico became a U.S. territory and Puerto Ricans were granted statutory citizenship, meaning that citizenship was granted by an act of Congress and not by the Constitution (thus it was not guaranteed by the Constitution). The act also created a bill of rights for the territory, separated its government into executive, legislative and judicial branches, and declared Puerto Rico’s official language to be English. In 1925, state and federal highway officials developed a nationwide route-numbering system and adopted the familiar U.S. shield-shaped, numbered marker. In 1933, the motion picture “King Kong” had its world premiere in New York. In 1972, Pioneer 10, the world’s first outer-planetary probe, was launched from Cape Canaveral, Florida, on a mission to Jupiter, the solar system’s largest planet. In 2004, NASA announced that the Mars rover Opportunity had discovered evidence that water had existed on Mars in the past.

WEDNESDAY WISDOM: “Don’t cry because it’s over. Smile because it happened.”—Dr. Seuss
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