May 9th, 2023 Insight on Plan Design & Investment Strategy Every Weekday Compliance SEC Accuses Fund Adviser of Violating Liquidity Requirements Pinnacle Advisors helped a mutual fund dodge SEC liquidity requirements for at least a year, the SEC charges. Data and Research Retirement Contributions, Hardship Distributions Both Increased in Q1 Despite the markets dragging down retirement account balances, a snapshot of early-2023 activity shows workers still saving. Most Read Benefits Social Security COLA Increase to Add About $50 per Month in 2025 Administration Bills to Ban Arbitration Clauses Reappear in House, Senate Administration Many Taxpayers Dodged Penalty Tax for Early Retirement Withdrawals ECONOMIC EVENTS Total inventories of merchant wholesalers, except manufacturers’ sales branches and offices, after adjustment for seasonal variations and trading day differences, but not for price changes, were $918.5 billion at the end of March, virtually unchanged from the revised February level, the Census Bureau reported. Total inventories were down 9.1% from the revised March 2022 level. MARKET MIRROR Monday, the Dow fell 55.69 points (0.17%) to close at 33,618.69, the Nasdaq rose 21.50 points (0.18%) to close at 12,256.92 and the S&P 500 rose 1.87 points (0.05%) to close at 4,138.12. The Russell 2000 dropped 5.41 points (0.31%) to close at 1,754.47, and the Wilshire 5000 rose 32.26 points (0.08%) to close at 40,800.29. The price of the 10-year Treasury note rose 2/32, bringing the yield to 3.513%. The price of the 30-year Treasury bond rose 2/32, bringing the yield to 3.824%. Data and Research 2023 Pay Increases Are Largest Since 2008 Crisis, Study Shows Mercer data showed employers fell just short of salary increase goals set in December.  Compliance DOL Sues Shuttered Arizona Computer Company Profit-Sharing Plan The Department of Labor alleges a closed computer equipment supplier and services company abandoned responsibility for its profit-sharing plan in the late 1990s.    Deals and People October Three Consulting Is Growing by Acquisition Purchase of Retirement Learning Center expected to add educational resources and guidance for plan advisers.  SURVEYS 2023 DB Plan Administration Survey Do you provide defined benefit plan administration services? Make your brand and capabilities known to plan sponsors by completing the 2023 DB Plan Administration Survey by the FINAL deadline of May 23. SMALL TALK ON THIS DATE: In 1914, President Woodrow Wilson issued a presidential proclamation that officially established the first national Mother’s Day holiday to celebrate America’s mothers. In 1936, months after invading Ethiopia and driving Emperor Haile Selassie I into exile, Italy annexed Ethiopia as part of Italian East Africa. In 1960, the Food and Drug Administration approved the first birth control pill. In 1974, House Judiciary Committee started formal hearings in the impeachment investigation of President Richard M. Nixon. In 1980, Friday the 13th, about summer camp counselors being hunted by a masked killer, was released in theatres, and its huge success led to a popular franchise. In 2020, the Food and Drug Administration approved a coronavirus antigen test that could quickly detect virus proteins. 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