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May 8th, 2024
Insight on Plan Design & Investment Strategy Every Weekday
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Compliance
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Participant Sues J.P. Morgan Over Data Breach
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J.P. Morgan Chase & Co. was accused in a new lawsuit of not having sufficient procedures in place to prevent the recent data breach, which exposed participants’ personal information. 
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| MARKET MIRROR |
Tuesday, the Dow rose 31.99 points (0.08%) to close at 38,884.26, the Nasdaq fell 16.69 points (0.10%) to close at 16,332.56 and the S&P 500 rose 6.96 points (0.13%) to close at 5,187.70. The Russell 2000 rose 3.97 points (0.19%) to close at 2,064.65, and the FT Wilshire 5000 Index rose 48.75 points (0.094%) to close at 52,160.27.
The 10-year Treasury note rose 2/32, bringing the yield to 4.463%. The 30-year Treasury bond rose 28/32, bringing the yield to 4.600%
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ASK THE EXPERTS
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How to Determine if Your Plan Is a Small Plan?
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I read with great interest your Ask the Experts column on the new participant counting rules for Form 5500 reporting purposes. With the commencement of these new rules beginning with 2023 returns, does the old 80-120 participant rule still apply? If so, how does it interact with the new counting rules?
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ON THIS DATE: In 1846, U.S. troops under Zachary Taylor defeated a Mexican force under General Mariano Arista in the Battle of Palo Alto, the first clash of the Mexican American War. In 1864, during the Civil War, the Union forces of Lieutenant General Ulysses S. Grant engaged the Confederate troops of General Robert E. Lee at Spotsylvania Court House, Virginia. In 1877, the first Westminster Kennel Club Dog Show (then known as the First Annual New York Bench Show of Dogs) began, attracting large crowds over four days; it is one of the oldest continuously running sporting events in the U.S., second only to the Kentucky Derby. In 1884, Harry S. Truman, the 33rd president of the U.S. serving in the office from 1945 to 1953, was born in Lamar, Missouri. In 1886, pharmacist John S. Pemberton developed Coca-Cola, a drink he originally billed as a cure-all tonic. In 1902, Mount Pelée on the island of Martinique erupted, destroying the port of Saint-Pierre and killing approximately 30,000 people, 15% of the island’s population. In 1942, at the Battle of the Coral Sea, the USS Lexington became the first U.S. aircraft carrier to be sunk during World War II. In 1945, following Germany’s unconditional surrender, World War II in Europe officially ended at midnight. In 1950, police in Silkeborg, Denmark, were alerted to the discovery of a corpse in a bog; it was revealed to be a remarkably preserved bog body and was given the name Tollund Man. In 1970, a month after Paul McCartney announced that he had left the Beatles, the British rock group released “Let It Be,” the band’s last original studio album. In 1980, following a global vaccination program, the WHO officially declared that smallpox was eradicated; for centuries, the acute infectious disease was one of the world’s most-dreaded plagues. In 1999, Nancy Mace became the first woman to graduate from The Citadel, a military college in Charleston, South Carolina. In 2012, artist Maurice Sendak, who was best known for his illustrated children’s books, died at age 83.
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| Industry Intel Roundup—Thought Leadership | | PLANSPONSOR is pleased to present the next edition of our Industry Intelligence roundup. This week, we are featuring content from thought leadership authorities. The content was created to educate, inform and offer ideas for plan sponsors regarding plan design, investing, administration and compliance. |
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