October 20th, 2022 Insight on Plan Design & Investment Strategy Every Weekday Compliance A Look at Proposed Regulatory Changes to Crypto and Retirement Plans The environment for crypto could change as it becomes more accepted in retirement products. Compliance Union Multiemployer Plan Faces ERISA Lawsuit Plaintiffs have alleged fiduciary breaches against retirement plan fiduciaries for the International Union of Elevator Constructors.   Most Read Benefits Social Security COLA Increase to Add About $50 per Month in 2025 Administration Many Taxpayers Dodged Penalty Tax for Early Retirement Withdrawals Administration Bills to Ban Arbitration Clauses Reappear in House, Senate ECONOMIC EVENTS Privately‐owned housing starts in September were at a seasonally adjusted annual rate of 1,439,000, the Census Bureau announced. This is 8.1% below the revised August estimate of 1,566,000 and is 7.7% below the September 2021 rate of 1,559,000. Single‐family housing starts in September were at a rate of 892,000; this is 4.7% below the revised August figure of 936,000. The September rate for units in buildings with five units or more was 530,000.   MARKET MIRROR Wednesday, the Dow decreased 99.99 points (0.33%) to close at 30,423.81, the Nasdaq lost 91.89 points (0.85%) to finish trading at 10,680.51 and the S&P 500 decreased 24.82 points (0.67%) to close at 3,695.16. The Russell 2000 lost 30.20 points (1.72%) to close at 1,725.76 and the Wilshire 5000 decreased 331.14 points (0.89%) to close at 36,882.51. The price of the 10-year Treasury note decreased 31/32 bringing the yield up to 4.136%. The price of the 30-year Treasury bond decreased 1 27/32 bringing the yield up to 4.131%. Data and Research Plan Sponsors Are Looking for More Guidance on Guaranteed Income Solutions Sponsors want to offer guaranteed income solutions, but they are worried about the potential for additional fiduciary risk to the plan, higher costs, and a participant’s inability to access larger amounts as needed. Even Millionaires Worry if They Have Enough to Retire Most high-net-worth individuals believe they will have enough to retire, but many still have lingering doubts. SURVEYS DC Survey Now Open For more than 20 years, PLANSPONSOR’s annual Defined Contribution Survey has provided benchmarking data for nearly 50 industries/business sectors and for 401(k), 403(b), and other DC plans, as well as nonqualified plans. Represent your industry and plan type by participating, and you’ll receive a free benchmarking report. SMALL TALK ON THIS DATE: In 1774, the First Continental Congress created the Continental Association, which called for a complete ban on all trade between America and Great Britain. In 1803, the U.S. Senate approved a treaty with France providing for the purchase of the Louisiana territory, which doubled the size of the U.S. In 1818, the U.S. and Great Britain established the boundary between the U.S. and Canada to be the 49th parallel. In 1904, Enolia Pettigen McMillan, a civil rights leader and the first woman president of the National Association for the Advancement of Colored People, was born. In 1910, a baseball with a cork center was used in a World Series game for the first time. In 1973, during the Watergate investigation, President Richard Nixon ordered special prosecutor Archibald Cox fired, resulting in the resignations of Attorney General Elliot Richardson and Deputy Attorney General William D. Ruckelshaus, both of whom refused to carry out his request; the events became known as the “Saturday Night Massacre” of Justice Department officials. In 1994, the website WhiteHouse.gov was launched. In 2011, Libyan dictator Muammar al-Qaddafi, was captured and killed by rebel forces near his hometown.  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