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 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 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 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.  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