May 16th, 2023 Insight on Plan Design & Investment Strategy Every Weekday Investing The Price of Uncertainty: Target-Date Funds and Stock Volatility What a prolonged debt ceiling fight could cost retirement investors. Compliance ESOP Lawsuit Follows Sale to Private Equity Firm A New Jersey-based graphite manufacturer is alleged to have failed to operate the employee stock ownership plan in the best interests of participants. Most Read Administration From Auto-IRAs to PEPs: How Small Employers Can Offer Retirement Savings Compliance Bristol-Myers Squibb, State Street Targeted in Lawsuit Over PRT Administration No Matter How Small, Businesses Have Retirement Plan Options MARKET MIRROR Monday, the Dow gained 47.98 points (0.14%) to close at 33,348.60, the Nasdaq gained 80.47 points (0.66%) to close at 12,365.21 and the S&P 500 gained 12.20 points (0.30%) to close at 4,136.28. The Russell 2000 gained 20.70 points (1.19%) to close at 1,761.55 and the Wilshire 5000 gained 180.61 points (0.44%) to close at 40,818.14. The price of the 10-year Treasury note rose 1/32, bringing the yield to 3.507%. The price of the 30-year Treasury bond rose 2/32, bringing the yield to 3.843%.  Compliance DOL Proposes Extending UBS, Credit Suisse QPAM Exemptions The two Swiss financial firms are relying on exemptions granted by the DOL to keep managing retirement plan assets, when they would otherwise be disqualified for a litany of crimes. Teamsters Local 966 Receives $8 Million in PBGC Supplemental Assistance The New Jersey-based plan’s total aid from the PBGC now exceeds $60 million. 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 1866, Congress passed legislation that called for the creation of a five-cent piece composed of nickel and copper; the currency became known as the nickel. In 1868, the first of two key votes was held in the Senate impeachment trial of U.S. President Andrew Johnson, who was ultimately acquitted of all charges. In 1929, the Academy of Motion Picture Arts and Sciences handed out its first awards, at a dinner party for around 250 people held in the Blossom Room of the Roosevelt Hotel in Hollywood, California. In 1943, Nazi troops quelled the monthlong Warsaw Ghetto Uprising, in which Polish Jews, led by Mordecai Anielewicz and the Jewish Fighting Organization, resisted deportation to the Treblinka extermination camp. In 1961, the military overthrew South Korea’s Second Republic and seized power, as General Park Chung-Hee took over the government, dissolved the National Assembly and imposed a strict ban on political activity. In 2019, Chinese-born American architect I.M. Pei, who was known for his large, elegantly designed urban buildings and complexes, died at age 102. 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