May 11th, 2023 Insight on Plan Design & Investment Strategy Every Weekday Data and Research Retirement, Broad Financial Fallout From COVID Continues A defined contribution industry survey finds lasting financial effects to retirement plan participants. Investing Pension Funded Status Improves in April Thanks to Strong Equity Performance U.S. corporate pension plans’ funded levels improved marginally in April, and many are inching toward full funding, according to analyst firms.   Most Read Deals and People LPL Terminates CEO Dan Arnold Administration IRS Provides Tax Relief for Those Impacted by Hurricane Helene Benefits Implementing Retirement Income Strategies ECONOMIC EVENTS In April, the Consumer Price Index for All Urban Consumers increased 0.4%, seasonally adjusted, and rose 4.9% over the last 12 months, not seasonally adjusted, the Bureau of Labor Statistics reported. The index for all items less food and energy increased 0.4% in April; up 5.5% over the year. MARKET MIRROR Wednesday, the Dow fell 30.48 points (0.09%) to close at 33,531.33, the Nasdaq gained 126.89 points (1.04%) to close at 12,306.44 and the S&P 500 gained 18.47 points (0.45%) to close at 4,137.64. The Russell 2000 gained 9.83 points (0.56%) to close at 1,759.51 and the Wilshire 5000 gained 182.60 points (0.45%) to close at 40,810.56. The price of the 10-year Treasury note fell 2/32, bringing the yield to 3.444%. The price of the 30-year Treasury bond fell 2/32, bringing the yield to 3.802% Compliance Swing Pricing Proposal Should Be Defunded, House Republicans Say The chairman of the House Committee on Financial Services, Patrick McHenry, says the swing-pricing rule would hurt investors, especially because of the hard-close provision. ADMINISTRATION Special Coverage: RFPs A look at the preparation, technology, tools and processes plan sponsors are using to conduct requests for proposals. SURVEYS 2023 Recordkeeping Survey Calling All Recordkeeping Firms! Don’t miss your chance to highlight your services for plan sponsors. Complete your entry in the PLANSPONSOR 2023 Recordkeeping Survey by the FINAL deadline, May 23. SMALL TALK ON THIS DATE: In 1846, President James K. Polk asked Congress to declare war on Mexico. In 1858, Minnesota entered the United States as the 32nd state. In 1894, railroad workers for the Pullman Palace Car Company went on strike, and the railroad protest continued for several months until the federal government intervened. In 1910, Glacier National Park was established in the Rocky Mountain wilderness of northwestern Montana. In 1943, during World War II, U.S. troops invaded Attu, one of the Aleutian Islands captured by Japanese forces in 1942. In 1960, 14 years after escaping from a prison camp, former Nazi official Adolf Eichmann was captured by Israeli intelligence agents near Buenos Aires; he was later taken to Israel, where he was tried, convicted and executed. In 1981, Jamaican reggae star Bob Marley died of cancer at age 36. In 1997, IBM’s chess-playing computer, Deep Blue, defeated Garry Kasparov in the last game of a six-game match to claim a 3.5–2.5 victory (it won two games and had three draws); it marked the first time a current world champion had lost a match to a computer under tournament conditions. 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