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November 9th, 2022
Insight on Plan Design & Investment Strategy Every Weekday
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| MARKET MIRROR |
Tuesday, the Dow gained 333.83 points (1.02%) to close at 33,160.83, the Nasdaq increased 51.68 points (0.49%) to finish trading at 10,616.20 and the S&P 500 gained 21.31 points (0.56%) to close at 3,828.11. The Russell 2000 lost 0.88 points (0.05%) to close at 1,808.93 and the Wilshire 5000 gained 192.06 points (0.51%) to close at 38,151.44.
The price of the 10-year Treasury note increased 6/32 bringing the yield down to 4.133%. The price of the 30-year Treasury bond increased 29/32, bringing the yield down to 4.276%.
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ASK THE EXPERTS
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What Kind of Payments Can a Hardship Request Cover When Buying a Home?
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We are a large health care provider that sponsors a 401(K) plan for our employees. I read your recent Ask the Experts column on the 401(k) rules for hardship distributions, which stated that one of the expense categories that constitutes an “immediate and heavy financial need” for hardship distribution purposes is “Costs directly related to the purchase of a principal residence for the employee (excluding mortgage payments)”. My question is: can a hardship request to cover costs directly related to the purchase of a principal residence for the employee include payoff of outstanding debts if that is what is required for the participant to qualify for the mortgage loan? 
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Plan Profile
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A Balanced Plan
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This sponsor builds a high-quality plan despite a limited budget.
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EVENTS
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Exploring ESG Investing Conference
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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.
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SURVEYS
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CIO’s Transition Management Survey
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Are you a provider of transition management services and would like to make your services known to institutional investors? If so, you are invited to respond to CIO’s Transition Management Survey.
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ON THIS DATE: In 1862, during the Civil War, General Ambrose Burnside assumed command of the Union Army of the Potomac after George B. McClellan was removed. In 1922, Albert Einstein was named the winner of the 1921 Nobel Prize for Physics for his explanation of the photoelectric effect; the Nobel committee had delayed awarding the 1921 physics prize until 1922. In 1938, German Nazis launched a campaign of terror against Jewish people and their homes and businesses in Germany and Austria: the violence continued through November 10 and was later dubbed “Kristallnacht,” or “Night of Broken Glass.” In 1953, Cambodia became independent from France. In 1989, the Berlin Wall came down. Erected in 1961 and eventually extending 28 miles to divide the western and eastern sectors of Berlin, the wall was opened by the East German government. In 1996, boxer Evander Holyfield scored a technical knockout of Mike Tyson to win the heavyweight championship for a third time. In 1998, a federal judge in New York approved the richest antitrust settlement in U.S. history by ordering 37 brokerage firms to pay $1.03 billion to investors who had sued over price-rigging of Nasdaq stocks.
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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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