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PLANSPONSOR NEWSDASH LOGO March 11th, 2024
Insight on Plan Design & Investment Strategy Every Weekday
Investing
House Passes Bill Permitting Use of CITs by 403(b) Plans
House Passes Bill Permitting Use of CITs by 403(b) Plans
The Senate now needs to consider the bill that would also expand access to capital for certain businesses.
Compliance
Biden Opposes Social Security Cuts, Highlights Junk-Fee Rules in State of the Union
The president focused his remarks on issues that stress Americans’ finances and vowed to protect Medicare and expand drug price negotiation authority.
Most Read
Administration
Another Trump Term May Change Tax Treatment of Retirement Plans
Administration
What SECURE 2.0 Provisions Should Plan Sponsors Be Aware of in 2025?
Data and Research
Are 401(k) Loans Detrimental to Retirement Savings Behavior?
ECONOMIC EVENTS
Total nonfarm payroll employment rose by 275,000 in February, and the unemployment rate increased to 3.9%, the Bureau of Labor Statistics reported. Job gains occurred in health care, in government, in food services and drinking places, in social assistance, and in transportation and warehousing.

Tuesday, the Bureau of Labor Statistics will report the consumer price index for February. Thursday, the Census Bureau will report U.S. retail sales for February, the Bureau of Labor Statistics will report the producer price index for February, the Department of Labor will issue its initial jobless claims report and Freddie Mac will update average mortgage rates for the week.
MARKET MIRROR
Friday, the Dow fell 68.66 points (0.18%) to close at 38,722.69, the Nasdaq fell 188.26 points (1.16%) to close at 16,085.11 and the S&P 500 fell 33.67 points (0.65%) to close at 5,123.69. The Russell 2000 fell 2.03 points (0.10%) to close at 2,082.71, and the FT Wilshire 5000 Index fell 311.02 points (0.60%) to close at 51,615.40.

The 10-year Treasury note rose 1/32, bringing the yield to 4.080%. The 30-year Treasury bond fell 24/32, bringing the yield to 4.256%.

For the week ending March 8, the Dow fell 0.93%, the Nasdaq fell 1.17% and the S&P 500 fell 0.26%. The Russell 2000 rose 0.30%, and the FT Wilshire 5000 Index finished 0.21% lower.
DEALS AND PEOPLE
Retirement Industry People Moves
Great Gray Trust Co. names Craig McKenna sales head; PCS Retirement appoints new CEO; Aon adds a director to Chicago office; and more.  
RESEARCH
Are You a Plan Sponsor Who Works With An Adviser?
PLANSPONSOR is conducting a survey about the plan sponsor-adviser relationship. Please take the brief survey at the link.
SMALL TALK
ON THIS DATE: In 1888, a winter storm began on the Atlantic coast of the U.S., blanketing New York City with 22 inches of snow and other areas with up to 50 inches; the Great Blizzard of 1888, as it became known, killed more than 400 people and caused widespread property damage. In 1916, British politician Harold Wilson, who led the Labor Party to victory in four general elections and was prime minister of the U.K. from 1964 to 1970 and again from 1974 to 1976, was born. In 1918, a devastating pandemic reached the U.S. as the country reported its first cases of the Spanish flu. In 1926, African American civil rights leader Ralph David Abernathy, Martin Luther King, Jr.’s chief aide and closest associate during the 1950s and ’60s, was born in Linden, Alabama. In 1930, William Howard Taft was the first president to be buried in Arlington National Cemetery in Arlington, Virginia. In 1931, newspaper publisher and media entrepreneur Rupert Murdoch, founder of the News Corporation Ltd., was born in Melbourne, Australia. In 1941, Congress passed the Lend-Lease Act. In 1942, during World War II, Allied forces in the Southwest Pacific came under the command of U.S. General Douglas MacArthur. In 1959, playwright Lorraine Hansberry’s “A Raisin in the Sun” became the first play by an African American woman to be produced on Broadway. In 1985, Mikhail Gorbachev succeeded Konstantin Chernenko as leader of the Soviet Union. In 1990, following a vote in its parliament, Lithuania became the first Soviet republic to declare its independence from the U.S.S.R. In 2004, Madrid suffered a series of terrorist attacks when 10 bombs, detonated by Islamist militants, exploded on four trains at three different rail stations, killing 191 people and injuring some 1,800 others. In 2006, Chilean politician Michelle Bachelet was sworn in as president, the first woman to hold that position. In 2011, an earthquake struck off the northeastern coast of Honshu, Japan, causing widespread damage in the country and triggering a devastating tsunami that instigated a major nuclear accident. In 2020, the World Health Organization declared the COVID-19 outbreak a pandemic.
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