NewsDash – November 29, 2023

November 29th, 2023
Insight on Plan Design & Investment Strategy Every Weekday

Data and Research

Gen Z, Millennials to Seek Employer Support for Retirement Savings in 2024

Despite dealing with the most debt of any current generation, Gen Z and Millennial workers value saving for retirement and are the most likely to use workplace-provided advice services.

Benefits

Aon PEP Hits $2B in Plan Assets

The pooled employer plan was launched in 2021 and has doubled in assets in the past year.

Most Read

Compliance
IBM Hit With 401(k) Complaint Over TDF Monitoring

Compliance
Digital Assets Might Fit Differently in DC Plans Than Other Alternative Assets

Compliance
ERISA Attorneys Call for Restoration of PBGC Pension Guarantees

ECONOMIC EVENTS

The Conference Board Consumer Confidence Index increased in November to 102.0, up from a downwardly revised 99.1 in October. The Present Situation Index—based on consumers’ assessment of current business and labor market conditions—ticked down slightly to 138.2, from 138.6. The Expectations Index—based on consumers’ short-term outlook for income, business, and labor market conditions—rose to 77.8 in November, up from its downwardly revised reading of 72.7 in October.

MARKET MIRROR

Tuesday, the Dow rose 83.51 points (0.24%) to close at 35,416.98, the Nasdaq rose 40.73 points (0.29%) to close at 14,281.76 and the S&P 500 rose 4.47 points (0.10%) to close at 4,554.89. The Russell 2000 fell 8.35 points (0.46%) to close at 1,792.81, and the FT Wilshire 5000 Index gained 31.66 points (0.07%) to close at 45,708.44.

The 10-year Treasury note increased 27/32, bringing the yield to 4.324%. The 30-year Treasury bond increased 5/32, bringing the yield to 4.508%.

Compliance

IRS Proposes Part-Time Eligibility Rules per SECURE Legislation

Plan sponsors now have IRS guidance on what part-time workers are eligible for plans, though a comment period and finalization are still ahead.

Benefits

Plan Sponsors Face In-Plan Annuity ‘Tipping Point’ in 2024

An average of three out of four plan sponsors plan to make a decision on in-plan annuity income solutions by the end of next year, per new research from LIMRA.

Ask the Experts

Can a Plan Sponsor Limit Hardship Distributions?

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

SMALL TALK

ON THIS DATE: In 1832, American author Louisa May Alcott, known for her children’s books, especially “Little Women,” was born. In 1864, Colonel John M. Chivington led a controversial surprise attack, known as the Sand Creek Massacre, on a surrendered, partially disarmed Cheyenne Indian camp in Southeastern Colorado Territory; more than 230 Native Americans were killed. In 1929, pioneer aviator Richard E. Byrd flew over the South Pole. In 1963, U.S. President Lyndon B. Johnson appointed the Warren Commission to investigate the assassination of John F. Kennedy. In 1974, the United Nations General Assembly adopted a resolution (not implemented) calling for the partition of Palestine into two separate states—an Arab and a Jewish one—that would retain an economic union. In 1981, film actress Natalie Wood drowned under mysterious circumstances while vacationing on a yacht off Santa Catalina Island, California. In 1997, in a ceremony broadcast around the world by satellite, some 28,000 couples gathered at RFK Stadium in Washington, D.C., for a “wedding” conducted by Sun Myung Moon, leader of the Unification Church. In 2001, George Harrison, formerly of the Beatles, died of cancer at the age of 58. In 2008, Danish architect Jorn Utzon—who designed the Sydney Opera House, one of the most-photographed buildings in the world—died at age 90.

Industry Intel Roundup—Featured White Paper

PLANSPONSOR is pleased to present the next edition of our Industry Intelligence roundup. This week, we are featuring white papers offering key insights and analysis about the industry. The content was created to educate, inform and offer ideas for plan sponsors regarding plan design, investing, administration and compliance.