NewsDash – March 27, 2024

March 27th, 2024
Insight on Plan Design & Investment Strategy Every Weekday

AWARDS

Plan Sponsor of the Year Finalists Announced

PLANSPONSOR is pleased to announce the finalists for the 2024 Plan Sponsor of the Year awards in the Corporate DC >$200MM – $500MM and Corporate DC >$500MM – $1B categories.

Benefits

BlackRock CEO Says Concept of Retirement Has to Change

Annual letter to investors says, "Humanity has changed over the past 120 years. So must our conception of retirement."

Most Read

Compliance
Regulators Clarify Part-Time Eligibility Rules for ERISA 403(b) Plans

Opinions
Accumulating Differences: Why Personalization Matters More for Older Investors

Products
Apollo, Athene Working On Alts, Annuities in DC Investing

ECONOMIC EVENTS

The Conference Board Consumer Confidence Index was 104.7 in March, essentially unchanged from a downwardly revised 104.8 in February, the Conference Board reported.

The Present Situation Index—based on consumers’ assessment of current business and labor market conditions—increased to 151.0 in March from 147.6 in February. Meanwhile, the Expectations Index—based on consumers’ short-term outlook for income, business, and labor market conditions—fell to 73.8, down from 76.3 last month. An Expectations Index reading below 80 often signals a forthcoming recession.

MARKET MIRROR

Tuesday, the Dow fell 31.31 points (0.08%) to close at 39,282.33, the Nasdaq fell 68.77 points (0.42%) to close at 16,315.70 and the S&P 500 fell 14.61 points (0.28%) to close at 5,203.58. The Russell 2000 fell 4.00 points (0.19%) to close at 2,070.16, and the FT Wilshire 5000 Index fell 127.12 points (0.24%) to close at 52,355.94.

The 10-year Treasury note rose 1/32, bringing the yield to 4.238%. The 30-year Treasury rose 4/32, bringing the yield to 4.395%

ASK THE EXPERTS

What Organizations Can Sponsor a 403(b) Plan?

I work at a brand-new chamber of commerce organized under Section 501(c)(6) of the Internal Revenue Code. Can we sponsor a 403(b) plan? If not, what type of retirement plans can we sponsor?

Compliance

New Chair, Governing Board Elected at SPARK Institute

Joseph Smolen will take over as SPARK’s new board chair.

RESEARCH

We Need Your Input Regarding NQDC plans.

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.

SMALL TALK

ON THIS DATE: In 1814, at the Battle of Horseshoe Bend, fought near Tohopeka, Alabama, in the Creek War, Andrew Jackson and 3,000 troops under his command defeated the Creek Indians, slaughtering more than 800 warriors and imprisoning 500 women and children. In 1886, German American architect Ludwig Mies van der Rohe was born. In 1915, domestic Mary Mallon, known as Typhoid Mary, was placed under a quarantine on North Brother Island, New York City, that lasted until her death in 1938; a typhoid carrier, she was allegedly responsible for multiple outbreaks of typhoid fever. In 1927, Mstislav Rostropovich music director of the National Symphony Orchestra in Washington, D.C., from 1977 to 1994 was born in Azerbaijan. In 1958, Nikita Khrushchev replaced Nikolay Bulganin as premier of the Soviet Union. In 1963, director and screenwriter Quentin Tarantino was born. In 1964, south-central Alaska was struck by a 9.2 magnitude earthquake. In 1975, construction began on the Trans-Alaska Pipeline; spanning 800 miles, the oil pipeline cost $8 billion and was completed in 1977. In 1997, two airplanes, a Pan Am 747 and a KLM 747, collided on a runway in the Canary Islands, killing 582 people. In 1998, Viagra was approved by the Food and Drug Administration for use in treating erectile dysfunction. In 2020, North Macedonia became the 30th country to join NATO. In 2022, comedian Milton Berle—an entertainer in the early days of television in the U.S., known as “Mr. Television”—died at age 93.

Industry Intel Roundup—Featured White Paper

PLANSPONSOR is pleased to present the next edition of our Industry Intelligence roundup. This week, we are featuring white papers offering key insights and analysis about the industry. The content was created to educate, inform and offer ideas for plan sponsors regarding plan design, investing, administration and compliance.