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March 23rd, 2022
Insight on Plan Design & Investment Strategy Every Weekday
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| Market Mirror |
Tuesday, the Dow closed 254.47 points (0.74%) higher at 34,807.46, the Nasdaq gained 270.36 points (1.95%) to finish at 14,108.82, and the S&P 500 increased 50.43 points (1.13%) to 4,511.61. The Russell 2000 was up 22.41 points (1.08%) at 2,088.34, and the Wilshire 5000 climbed 568.18 points (1.26%) to 45,491.22.
The price of the 10-year Treasury note decreased 30/32, bringing its yield up to 2.385%. The price of the 30-year Treasury bond fell 1 29/32, increasing its yield to 2.602%.
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Compliance
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Plan Sponsor Sued Over ‘Untested’ TDFs
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The lawsuit alleges Molina Healthcare offered target-date funds in its 401(k) plan that employed a management style that had never been used before, among other things. 
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Ask the Experts
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Vesting Schedule Considerations for Eligible 457(b) Plans
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“We are a public university that sponsors a 403(b) and an eligible 457(b) plan. We have a vesting schedule in our 403(b) plan for employer contributions. We are considering adding employer contributions for certain employees to our 457(b) plan (currently, our 457(b) is limited to elective deferrals), and were wondering if we could use the same vesting schedule that we have in our 403(b) plan in our eligible 457(b) plan for consistency purposes. Can we have a vesting schedule in our 457(b)?”
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ON THIS DATE: In 1839, the initials “O.K.” were first published in The Boston Morning Post. Meant as an abbreviation for “oll korrect,” a popular slang misspelling of “all correct” at the time, OK steadily made its way into the everyday speech of Americans. In 1840, the first successful photo of the Moon was taken. In 1857, Elisha Otis installed the first modern passenger elevator in a public building. It was at the corner of Broome Street and Broadway in New York City. In 1903, the Wright brothers obtained an airplane patent. In 1932, in the U.S., the Norris-LaGuardia Act established workers’ right to strike. In 1942, during World War II, the U.S. government began evacuating Japanese Americans from West Coast homes to detention centers. In 1983, Barney Clark died 112 days after becoming the world’s first recipient of a permanent artificial heart. In 1990, former Exxon Valdez Captain Joseph Hazelwood was ordered to help clean up Prince William Sound and pay $50,000 in restitution for the 1989 oil spill. In 1994, Wayne Gretzky broke Gordie Howe’s National Hockey League (NHL) career record with his 802nd goal. In 1998, the movie “Titanic” won 11 Oscars at the Academy Awards. In 2011, actress Elizabeth Taylor, who appeared in more than 50 films and won two Academy Awards, died of complications from congestive heart failure at a Los Angeles hospital at age 79.
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WEDNESDAY WISDOM: “One faces the future with one’s past.”—Pearl S. Buck, American novelist
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