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March 30th, 2022
Insight on Plan Design & Investment Strategy Every Weekday
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Awards
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2022 Plan Sponsor of the Year Finalists
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PLANSPONSOR is pleased to announce the 2022 Plan Sponsor of the Year finalists in the Corporate DC >$70MM – $150MM and Corporate DC >$150MM – $250MM categories. 
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| Economic Events |
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The Conference Board Consumer Confidence Index increased slightly in March, after a decrease in February. The Index now stands at 107.2 (1985=100), up from 105.7 in February. The Present Situation Index—based on consumers’ assessment of current business and labor market conditions—improved to 153.0 from 143.0 last month. However, the Expectations Index—based on consumers’ short-term outlook for income, business, and labor market conditions—declined to 76.6 from 80.8.
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| Market Mirror |
Tuesday, the Dow gained 338.30 points (0.97%) to finish at 35,294.19, the Nasdaq closed 264.73 points (1.84%) higher at 14,619.64, and the S&P 500 added 56.08 points (1.23%) to close at 4,631.60. The Russell 2000 increased 55.04 points (2.65%) to 2,133.10, and the Wilshire 5000 climbed 694.78 points (1.51%) to 46,717.12.
The price of the 10-year Treasury note increased 27/32, bringing its yield down to 2.403%. The price of the 30-year Treasury bond climbed 31/32, decreasing its yield to 2.505%.
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Ask the Experts
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Retirement Plan Distributions for Incarcerated Persons
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“We have a former employee who is incarcerated who has a balance in our ERISA 403(b) retirement plan. We initially thought he was a lost participant, but later found out he is in prison. Is he entitled to a benefit while incarcerated? Should we just send him paperwork regarding his retirement benefit like we would with any other employee?”
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Compliance
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Principal Wins Dismissal of ERISA Lawsuit
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The complaint alleged a target-date fund suite managed by Principal performed poorly for an excessive period of time, without being adequately reviewed or removed from the plan.
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ON THIS DATE: In 1822, Florida became a U.S. territory. In 1858, Hyman L. Lipman of Philadelphia patented the pencil. In 1867, the U.S. purchased Alaska from Russia for $7.2 million. In 1870, following its ratification by the requisite three-fourths of the states, the 15th Amendment, granting African American men the right to vote, was formally adopted into the U.S. Constitution. In 1939, the comic book “Detective Comics #27,” which introduced Batman, appeared on newstands. In 1955, James Wong Howe became the first Asian American to win an Academy Award, receiving the Oscar for Best Cinematography for “The Rose Tattoo.” In 1964, “Jeopardy” debuted on NBC-TV. In 1974, John Denver had his first No. 1 hit with “Sunshine On My Shoulders.” In 1981, President Ronald Reagan was shot in the chest outside a Washington, D.C. hotel by a drifter named John Hinckley Jr. In 1998, Rolls-Royce was purchased by BMW in a $570 million deal.
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WEDNESDAY WISDOM: “The happiest people seem to be those who have no particular cause for being happy except that they are so.”—William Inge, American playwright and novelist
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