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March 22nd, 2024
Insight on Plan Design & Investment Strategy Every Weekday
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AWARDS
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2024 Best in Class 401(k) Plans Named
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PLANSPONSOR is recognizing 401(k) plans and their sponsors that stand out for their exceptional best practices, based on our propriety Best in Class scoring system. 
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| ECONOMIC EVENTS |
In the week ending March 16, the advance figure for seasonally adjusted initial jobless claims was 210,000, a decrease of 2,000 from the previous week’s revised level of 212,000. The four-week moving average was 211,250, an increase of 2,500 from the previous week’s revised average of 208,750.
Interest on a 30-year fixed-rate mortgage averaged 6.87% for the week ending March 21, up from last week when it averaged 6.74%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 6.42%. Interest on a 15-year fixed-rate mortgage averaged 6.21%, up from last week when it averaged 6.16%. A year ago at this time, the 15-year FRM averaged 5.68%.
Existing-home sales climbed in February, according to the National Association of Realtors. Among the four major U.S. regions, sales jumped in the West, South and Midwest, and were unchanged in the Northeast. Year-over-year, sales declined in all regions. Total existing home sales– completed transactions that include single-family homes, townhomes, condominiums and co-ops – bounced 9.5% from January to a seasonally adjusted annual rate of 4.38 million in February. Year-over-year, sales slid 3.3%.
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| MARKET MIRROR |
Thursday, the Dow rose 269.24 points (0.68%) to close at 39,781.37, the Nasdaq rose 32.43 points (0.20%) to close at 16,401.84 and the S&P 500 rose 16.91 points (0.32%) to close at 5,241.53. The Russell 2000 gained 23.68 points (1.14%) to close at 2,098.56, and the FT Wilshire 5000 Index rose 206.35 points (0.39%) to close at 52,745.56.
The 10-year Treasury note increased 1/32, bringing the yield to 4.256%. The 30-year Treasury bond increased 2/32, bringing the yield to 4.441%.
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PRODUCTS
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Product and Service Launches
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TIAA Distributes Annuity to Empower DC plans; HSA Bank launches emergency savings accounts; Navia partnership launches custom 401(k) plans; and more.
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RESEARCH
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We Need Your Input Regarding NQDC Plans
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PLANSPONSOR and Newport have partnered once again to survey plan sponsors with the goal of identifying nonqualified deferred compensation plan trends. The NQDC survey results will reveal the most up-to-date thoughts on nonqualified benefit plan design; the latest trends in plan investments and financing; what your peers are doing today with their NQDC plans; and more. Respond today to receive and advance copy of the survey report and other special benefits. The deadline is March 28.
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ON THIS DATE: In 1765, the British Parliament passed the Stamp Act, which placed taxes on various printed papers in the colonies; highly unpopular, the legislation was particularly contentious in America. In 1945, the Arab League, a regional organization of Arab states in the Middle East, was organized in Cairo by Egypt, Syria, Lebanon, Iraq, Jordan, Saudi Arabia and Yemen. In 1948, English composer Andrew Lloyd Weber, whose works such as “Evita,” “Jesus Christ Superstar,” and “The Phantom of the Opera” helped revitalize British and American musical theatre in the late 20th century, was born. In 1972, the U.S. Senate approved the Equal Rights Amendment—which stated, “Equality of rights under the law shall not be denied or abridged by the United States or by any State on account of sex”—but it failed to be ratified by the requisite majority of 38 states before the deadline. In 2004, an Israeli missile strike killed Palestinian Islamist leader Sheikh Ahmed Yassin, cofounder of the militant Palestinian organization Hamas. In 2019, Special Counsel Robert Mueller delivered his report on Russian interference in the 2016 U.S. presidential election to the attorney general, William Barr.
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