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PLANSPONSOR NEWSDASH LOGO May 3rd, 2024
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Awards
Meet the 2024 Service Stars
Meet the 2024 Service Stars
Check out the profiles for the 2024 PLANSPONSOR Service Stars. Get to know the individuals who serve retirement plans!
Deals and People
Empower Completes Integration of Prudential Financial Retirement Business
Since acquiring the business in 2022, Empower has officially integrated Prudential’s recordkeeping system onto its platform.
Most Read
Deals and People
Daniel Aronowitz Nominated to Head EBSA
Compliance
Charter Communications Faces 401(k) Forfeiture Suit
Ask the Experts
Will Plan Sponsors Need New Catch-Up Deferrals for High Earners in 2026?
ECONOMIC EVENTS
In the week ending April 27, the advance figure for seasonally adjusted initial unemployment claims was 208,000, unchanged from the previous week’s revised level, the Department of Labor reported. The previous week’s level was revised up by 1,000 from 207,000 to 208,000. The four-week moving average was 210,000, a decrease of 3,500 from the previous week’s revised average. The previous week’s average was revised up by 250 from 213,250 to 213,500.

Interest on a 30-year fixed-rate mortgage averaged 7.22% for the week ending May 2, up from last week when it averaged 7.17%, according to Freddie Mac. A year ago at this time, the 30-FRM averaged 6.39%. Interest on a 15-year fixed-rate mortgage averaged 6.47%, up from last week when it averaged 6.44%, according to Freddie Mac. A year ago at this time, the 15-year FRM averaged 5.76%.
MARKET MIRROR
Thursday, the Dow rose 322.37 points (0.85%) to close at 38,225.66 the Nasdaq rose 235.48 points (1.51%) to close at 15,840.96 and the S&P 500 rose 45.81 points (0.91%) to close at 5,064.20. The Russell 2000 rose 35.88 points (1.81%) to close at 2,016.11, and the FT Wilshire 5000 Index rose 502.76 points (1.00%) to close at 50,941.52.

The 10-year Treasury note rose 4/32, bringing the yield to 4.584%. The 30-year Treasury bond rose 3/32, bringing the yield to 4.731%. 
Compliance
How Should a Plan Sponsor Respond to a Data Breach?
Given the recent data breach at J.P. Morgan, plan sponsors should evaluate their recordkeepers’ cybersecurity practices and ensure there is a plan of action in case a breach occurs. 
Administration
Training Benefits Teams to Work with the Retirement Plan Looks Different for Every Organization
Staffers have varying degrees of experience with retirement plans, so providing training and education is vital when managing a benefits team.
Data and Research
Morningstar, NAPFA Affirm Support for Final DOL Fiduciary Rule
Morningstar policy brief analyzes the impact of the Department of Labor Retirement Security Rule. 
Compliance
NAGDCA Highlights CITs in 403(b)s and Roth Rollovers as Key Legislative Priorities
NAGDCA also listed delayed implementation dates and the creation of a National Retirement Security Month.
PRODUCTS
Product & Service Launches
Pacific Life enhances suite of annuities; TIAA and Nuveen lifetime income default target-date offerings approach $35 Billion; Cetera launches active ETF research select list; and more. 
SMALL TALK
ON THIS DATE: In 1898, Golda Meir, co-founder of Israel and the fourth prime minister was born in Kiev, Ukraine, then part of the Russian Empire. In 1937, American author Margaret Mitchell won a Pulitzer Prize for her novel “Gone With the Wind,” which was made into an Academy Award-winning film two years later. In 1958, the Kentucky Derby horse race, was televised nationally in the U.S. for the first time; the winning horse was Hill Gail, ridden by jockey Eddie Arcaro. In 1979, Margaret Thatcher of the Conservative Party was elected British prime minister, becoming the first woman in Europe to hold that post. She later became the longest continuously serving British premier since 1827. In 1996, at the first formal review of the 1980 Convention on Inhume Weapons, the signatories agreed to curtail the use of land mines over the next decade. In 2016, a wildfire forced the evacuation of Fort McMurray, Alberta—the capital of Canada’s tar sand industry—and the surrounding area. Ultimately, more than 80,000 people fled the blaze, which caused billions of dollars in losses. 
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