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PLANSPONSOR NEWSDASH LOGO March 2nd, 2023
Insight on Plan Design & Investment Strategy Every Weekday
Data and Research
Defined Benefit Plans Posted Worst Performance Since 2008 Crisis Last Year
Defined Benefit Plans Posted Worst Performance Since 2008 Crisis Last Year
But performance for defined benefit plans did rebound in Q4, according to a new report.
Compliance
Senate Follows House in Rejecting DOL ESG Rule
A resolution to nullify the rule to allow for ESG factors in retirement plan investments will now go to Biden’s desk, where he has promised a veto.
Most Read
Compliance
EBSA Head Lisa Gomez Says DOL Continues Honing Retirement Security Rule
Data and Research
Early Withdrawals Found to Exacerbate 401(k) Account Disparities Across Race, Gender
Ask the Experts
Are Roth Excess Deferrals Taxed Twice?
ECONOMIC EVENTS
Construction spending during January 2023 was estimated at a seasonally adjusted annual rate of $1,825.7 billion, 0.1% below the revised December estimate of $1,827.5 billion, the Census Bureau reported. The January figure is 5.7% above the January 2022 estimate of $1,726.6 billion.
MARKET MIRROR
Wednesday, the Dow increased 5.14 points (0.02%) to close at 32,661.84, the Nasdaq decreased 76.06 (0.66%) to close at 11,379.48 and the S&P 500 lost 18.76 points (0.47%) to close at 3,951.39. The Russell 2000 gained 1.44 points (0.08%) to close at 1,898.43 and the Wilshire 5000 lost 166.46 points (0.42%) to close at 39,537.92.

The price of the 10-year Treasury note increased 2/32, bringing the yield to 3.994%. The price of the 30-year Treasury bond increased 1/32, bringing the yield to 3.957%. 
Benefits
Cash Balance Plans Gain in Popularity
Combining features of DB and DC plans, these hybrids especially appeal to small and midsize businesses.
Employers Increase Focus on Financial Well-Being, but Study Reveals Gaps
A recent study shows that while employees are most worried about day-to-day expenses, companies are prioritizing long-term retirement benefits.
SMALL TALK
ON THIS DATE: In 1877, Rutherford B. Hayes was declared the winner of the disputed presidential election of 1876 after a special Electoral Commission awarded him all contested electoral votes; he was sworn into office the following day. In 1907, Congress passed an act to abolish the African slave trade. In 1917, the Jones-Shafroth Act took effect, designating Puerto Rico as a territory of the United States, and conferring U.S. citizenship collectively on Puerto Ricans. In 1933, the film King Kong had its world premiere in New York City. In 1956, Morocco proclaimed independence from France and sultan Muhammad V formed its first government. In 1962, basketball player Wilt Chamberlain scored a record 100 points in a National Basketball Association game, playing for the Philadelphia Warriors. 
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