NewsDash – November 22, 2023

November 22nd, 2023
Insight on Plan Design & Investment Strategy Every Weekday

Data and Research

Pooled Plans Demonstrate Benefits for Higher Education Plan Sponsors

Higher education plan sponsors cited lower costs and fewer administrative responsibilities as reasons to join a pooled retirement plan solution, now available for 403(b) plans thanks to SECURE 2.0.

Benefits

Infosys Ransomware Breach Resolving, but Accounts Still Down

A cybersecurity breach affecting thousands of nonqualified compensation accounts is being resolved, but participant accounts remain days away from updates and coming back online.

Most Read

Administration
How Recordkeepers Are Supporting Participants Impacted by LA Fires

Compliance
FTC Issues 2nd Report Exposing Practices of Pharmacy Benefit Managers

Compliance
Bechtel Managed Account QDIA Lawsuit Dismissed

ECONOMIC EVENTS

Existing-home sales dropped in October, according to the National Association of Realtors. Among the four major U.S. regions, sales slid in the Northeast, South and West but were unchanged in the Midwest. All four regions experienced year-over-year sales declines. Total existing-home sales–completed transactions that include single-family homes, townhomes, condominiums and co-ops – fell 4.1% from September to a seasonally adjusted annual rate of 3.79 million in October. Year-over-year, sales tumbled 14.6% (down from 4.44 million in October 2022).

MARKET MIRROR

Tuesday, the Dow fell 62.75 points (0.18%) to close at 35,088.29, the Nasdaq fell 84.55 points (0.59%) to close at 14,199.98 and the S&P 500 fell 9.19 points (0.20%) to close at 4,538.19. The Russell 2000 lost 23.82 points (1.32%) to close at 1,783.26, and the FT Wilshire 5000 Index lost 132.79 points (0.29%) to close at 45,510.18.

The 10-year Treasury note increased 2/32, bringing the yield to 4.394%. The 30-year Treasury bond increased 25/32, bringing the yield to 4.555%.

Compliance

DOL Sues Shuttered Law Firm Over Participant’s Assets

The McCullough, Campbell & Lane LLP retirement savings plan owes an average of more than $200,000 to 25 participants.

ASK THE EXPERTS

Can a Terminated Employee Roll Over Assets To a Sister Company’s Plan?

Experts from Groom Law Group and CAPTRUST answer questions concerning retirement plan administration and regulations.

SMALL TALK

ON THIS DATE: In 1819, the Victorian English novelist known by the pen name George Eliot—who developed the method of psychological analysis characteristic of modern fiction and was known for such works as “Middlemarch”—was born as Mary Ann Evans. In 1943, Lebanon proclaimed its independence from France; however, it did not become wholly independent until 1946. In 1963, John F. Kennedy, the 35th president of the U.S., was shot and killed in Dallas while riding in an open car. In 1975, Juan Carlos I became king of Spain, two days after the death of Francisco Franco. In 1986, with a second-round knockout of Trevor Berbick, 20-year-old Mike Tyson became the youngest heavyweight champion in boxing history. In 1990, Margaret Thatcher announced her resignation as British prime minister after a split occurred in the ranks of the Conservative Party, ending Thatcher’s 11-year run, the longest of any post-1900 prime minister. In 1994, Mount Merapi, on the island of Java, in Indonesia, erupted, killing 64 people. In 1995, Pixar’s “Toy Story,” the first entirely computer-animated feature-length film, was released and became a critical and commercial hit. In 2005, German politician Angela Merkel was sworn in as the country’s chancellor, becoming the first woman to hold the post.

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.