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PLANSPONSOR NEWSDASH LOGO May 5th, 2023
Insight on Plan Design & Investment Strategy Every Weekday
Data and Research
DC Plan Sponsors Should Pay Attention to Increased Litigation, Low Retirement Confidence
DC Plan Sponsors Should Pay Attention to Increased Litigation, Low Retirement Confidence
The first quarter of 2023 in the defined contribution market saw an uptick in lawsuits, many legislative and regulatory changes and a dip in retirement confidence, speakers on a Mercer webinar said. 
Data and Research
Auto-Enrollment Gains in Popularity Among Retirement Plan Participants
An annual American Century Investments survey revealed a major increase in acceptance and expectation of employers pushing employees to save more.
Most Read
Participants
IRS Notice Defines Retirement Plan Tax Distribution Exceptions
Compliance
ERISA Advisory Council Explores Annuity Default Options in DC Plans
Compliance
Legislation to Overturn Fiduciary Rule Advances Through House Committee
ECONOMIC EVENTS
In the week ending April 29, the advance figure for seasonally adjusted initial claims for unemployment was 242,000, an increase of 13,000 from the previous week’s revised level of 229,000, the Labor Department reported. The four-week moving average was 239,250, an increase of 3,500 from the previous week’s revised average of 235,750.

Interest on a 30-year fixed-rate mortgage averaged 6.39% for the week ending May 4, down from last week when it averaged 6.43%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 5.27%. Interest on a 15-year fixed-rate mortgage averaged 5.76%, up from last week when it averaged 5.71%. A year ago at this time, the 15-year FRM averaged 4.52%.
MARKET MIRROR
Thursday, the Dow lost 286.50 points (0.86%) to close at 33,127.74, the Nasdaq lost 58.93 points (0.49%) to close at 11,966.40 and the S&P 500 lost 29.53 points (0.72%) to close at 4,061.22. The Russell 2000 fell 20.48 points (1.18%) to close at 1,718.81, and the Wilshire 5000 fell 300.52 points (0.75%) to close at 40.006.22.

The price of the 10-year Treasury note decreased 25/32, bringing the yield to 3.385%. The price of the 30-year Treasury bond decreased 31/32, bringing the yield to 3.737%.
Compliance
PBGC Grants More Than $600 Million to 3 Struggling Pension Funds
The pensions are in the service, transportation and manufacturing industries.
PRODUCTS
Investment Product and Service Launches
Allianz Life enhances Allianz Index Advantage+ Variable Annuities; Brighthouse Financial improves Shield Level Annuities Product Suite.
SMALL TALK
ON THIS DATE: In 1818, German philosopher Karl Marx was born. In 1862, Mexico repelled the French forces of Napoleon III at the Battle of Puebla, a victory that became a symbol of resistance to foreign domination and is now celebrated as a national holiday, Cinco de Mayo. In 1927, English author Virginia Woolf published To The Lighthouse, one of her most successful and accessible experiments in the stream-of-consciousness style. In 1945, a Japanese balloon bomb exploded on Gearhart Mountain in Oregon. A pregnant woman and five children were killed. In 1961, Alan Shepard Jr. made a 15-minute suborbital flight in the Freedom 7 spacecraft, becoming the first U.S. astronaut to travel in space. In 1973, American racehorse Secretariat won the Kentucky Derby en route to capturing the U.S. Triple Crown, which also includes the Preakness Stakes and the Belmont Stakes. In 1981, Bobby Sands, an officer of the Irish Republican Army died during a hunger strike while in prison. In 1988, English pop singer and songwriter Adele was born. In 2014, the U.S. Supreme Court upheld the legality of Christian prayers offered at the start of local council meetings. 
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