May 1st, 2023 Insight on Plan Design & Investment Strategy Every Weekday Compliance ERISA Lawsuit Against NJ Transit Authority Dismissed The 3rd Circuit Court of Appeals upheld a District Court ruling that government plans are not covered by ERISA. Compliance Federal Judge Dismisses Complaint Against HR Company TriNet The 2020 ERISA retirement lawsuit alleged fiduciary breaches committed by the retirement plan committee. Most Read Administration IRS Private Letter Ruling Allows Employer to Increase Plan Design Flexibility Benefits IBM Completes $6B Pension Risk Transfer with Prudential Compliance IRS Reminds Plan Sponsors of Plan Amendment Deadlines ECONOMIC EVENTS Monday, the Census Bureau will report construction spending for March. Tuesday, the Census Bureau will report factory orders for March. Thursday, the Department of Labor will issue its initial jobless claims report and Freddie Mac will update average mortgage rates for the week. Friday, the Bureau of Labor Statistics will report the unemployment rate for April. MARKET MIRROR Friday, the Dow gained 272.00 points (0.80%) to close at 34,098.16, the Nasdaq gained 84.35 points (0.69%) to close at 12,226.58 and the S&P 500 gained 34.13 points (0.83%) to close at 4,169.48. The Russell 2000 increased 17.76 points (1.01%) to close at 1,768.99 and the Wilshire 5000 increased 324.47 points (0.80%) to close at 41,064.05. The price of the 10-year Treasury note increased 3/32, bringing the yield to 3.422. The price of the 30-year Treasury bond increased 3/32, bringing the yield to 3.677%. For the week ending April 28, the Dow rose 0.86%, the Nasdaq increased 1.28% and the S&P 500 increased 0.87%. The Russell 2000 fell 1.26% and the Wilshire 5000 finished 0.53% higher.  Compliance Bakery Driver, Newspaper Guild Plans Receive SFA Funds The PBGC provided SFA assets to two soon-to-be-insolvent pensions, one from New Jersey and one in Pennsylvania. Benefits State Retirement Plan Proposed in Nevada for Third Consecutive Session Bill introduced in Nevada Senate includes auto enrollment but faces long road ahead after similar bills died in committee in 2019 and 2021. SMALL TALK ON THIS DATE: In 1889, May Day—traditionally a celebration of the return of spring, marked by dancing around a Maypole—was first observed as a labor holiday. In 1898, the Battle of Manila Bay ended in the defeat of the Spanish Pacific fleet by the U.S. Navy, resulting in the fall of the Philippines and contributing to the final U.S. victory in the Spanish-American War. In 1931, the Empire State Building in New York City officially opened. In 1960, while on a reconnaissance flight inside the Soviet Union, a U.S. U-2 plane was shot down and its pilot—Francis Gary Powers, who worked for the CIA—was taken prisoner. In 1961, the first major airplane hijacking within the United States occurred when a man forced a commercial airliner flying from Miami to Key West, Florida, to detour to Cuba. In 1971, Amtrak began service. In 1991, Major League Baseball player and member of the National Baseball Hall of Fame Rickey Henderson stole the 939th base of his career, surpassing Lou Brock’s record. In 1999, the body of British mountaineer George Mallory was discovered on Mount Everest, some 75 years after he and Andrew Irvine disappeared while attempting to become the first people to summit the peak. In 2004, the European Union was enlarged to include 10 new member states: Cyprus, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Slovakia and Slovenia. Did someone forward you this newsletter? Sign up here to get NEWSDash directly in your mailbox! Unsubscribe | Manage Subscriptions | Contact Us Copyright ©2024 Asset International, Inc. All rights reserved. No reproduction without prior authorization. Modern Slavery Statement 2022 | Do Not Sell My Personal Information | Privacy (including cookies), Social Media & Legal 702 King Farm Boulevard, Suite 300, Rockville, MD 20850