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PLANSPONSOR NEWSDASH LOGO November 7th, 2022
Insight on Plan Design & Investment Strategy Every Weekday
Compliance
SEC Considers Making Swing Pricing Mandatory for Open-Ended Mutual Funds
SEC Considers Making Swing Pricing Mandatory for Open-Ended Mutual Funds
If adopted, the new rule would require most open ended funds to keep at least 10% of their assets in the “highly liquid” category and would mandate swing pricing and a hard close.
Investing
Self-Directed Retirement Plan Participants Allocate Few Assets to In-Plan ESG Funds
Among do-it-yourself investors, allocation to ESG funds is ‘relatively modest when offered in the core menu,’ shows research paper from PGIM and EBRI.
Most Read
Compliance
Senator Cardin Worried SECURE 2.0 Won’t Pass This Year
Investing
Morgan Stanley Expands Robo-Advising Tech with Blooom Purchase
Compliance
Republicans Move to Prevent SEC Climate Disclosure Requirements
ECONOMIC EVENTS
Total nonfarm payroll employment increased by 261,000 in October, and the unemployment rate rose to 3.7%, the Bureau of Labor Statistics reported. Notable job gains occurred in health care, professional and technical services, and manufacturing.

Thursday, the Bureau of Labor Statistics will report the Consumer Price Index for October, the Labor Department will issue its initial jobless claims report and Freddie Mac will update average mortgage rates for the week.
MARKEY MIRROR
Friday, the Dow gained 401.97 points (1.26%) to close at 32,403.22, the Nasdaq increased 132.31 points (1.28%) to close at 10,475.25 and the S&P 500 gained 50.66 points (1.36%) to close at 3,770.55. The Russell 2000 increased 20.14 points (1.13%) to finish trading at 1,799.87 and the Wilshire 5000 gained 440.43 points (1.18%) to close at 37,635.45.

The price of the 10-year Treasury note decreased 1/32, bringing the yield up to 4.164%. The price of the 30-year Treasury bond decreased 31/32, bringing the yield up to 4.253%.

For the week ending November 4, the Dow lost 1.40%, the Nasdaq decreased 5.65% and the S&P 500 was down 3.35%. The Russell 2000 decreased 2.55% and the Wilshire 5000 finished 3.38% lower. 
Investing
Callan: DC Plan ESG Use Drops in ’22 On Backlash, Rule Confusion
A potential backlash on ESG investing along with confusion over DOL guidance led to a 14% drop in ESG implementation by institutional investors, including large pension and DC plans, according to new research from Callan.
DEALS AND PEOPLE
Retirement Industry People Moves
TIAA enters into definitive agreement to sell TIAA Bank; Voya Financial to acquire Benefitfocus; Heffernan Retirement Services acquires Investment Solutions Group; and more.
EVENTS
Exploring ESG Investing Conference
Join us Thursday, November 10, for a virtual conference to learn about regulations for environmental, social and governance investing in retirement plans; the debate over whether ESG factors are financial/performance factors; and what allocators, plan sponsors and advisers should consider when deciding whether and how to use ESG investments.
SMALL TALK
ON THIS DATE: In 1665, The London Gazette newspaper was first published. In 1885, Canada’s transcontinental railway was completed. In 1916, Montana suffragist Jeannette Rankin became as the first woman to win a seat in Congress. In 1929, the Museum of Modern Art in New York City opened to the public. In 1944, President Franklin Delano Roosevelt was elected to an unprecedented fourth term in office. In 1989, two African American firsts happened in politics: In New York, former Manhattan borough president David Dinkins, a Democrat, was elected New York City’s first African American mayor, while in Virginia, Lieutenant Governor Douglas Wilder, also a Democrat, became the first elected African American state governor in American history. In 1996, NASA launched Mars Global Surveyor, a robotic spacecraft designed to carry out a long-term study of the planet; contact with the spacecraft was lost in 2006. In 2000, politician Hillary Clinton was elected to the U.S. Senate and became the first first lady to win elective office.
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