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PLANSPONSOR NEWSDASH LOGO October 25th, 2024
Insight on Plan Design & Investment Strategy Every Weekday
Compliance
Judge Dismisses Pfizer 401(k) Plan Fee Lawsuit
Judge Dismisses Pfizer 401(k) Plan Fee Lawsuit
The pharmaceutical company was accused of charging unreasonable recordkeeping and administrative fees in a complaint filed last year.
Products
Agilis Launches Lifetime Income Tool PensionBuilder
Plan sponsors can provide access to the product outside of their plans, with Agilis taking on the bulk of the fiduciary duty of selecting the best insurance providers available. 
Most Read
Administration
IRS Increases 401(k) Limit to $23,500 for 2025, IRA Limit Stays $7,000
Compliance
Coca-Cola Southwest Faces Lawsuit Over Forfeitures, Target-Date Funds
Data and Research
Customer ID Program Poses Challenges for State Auto-IRAs
ECONOMIC EVENTS
In the week ending October 19, the advance figure for seasonally adjusted initial claims was 227,000, a decrease of 15,000 from the previous week’s revised level of 242,000, the Department of Labor reported. The four-week moving average was 238,500, an increase of 2,000 from the previous week’s revised average of 236,500.

Interest on a 30-year fixed-rate mortgage averaged 6.54% for the week ending October 24, up from last week when it averaged 6.44%, Freddie Mac reported. A year ago at this time, the 30-year FRM averaged 7.79%. Interest on a 15-year fixed-rate mortgage averaged 5.71%, up from last week when it averaged 5.63%. A year ago at this time, the 15-year FRM averaged 7.03%.
MARKET MIRROR
Thursday, the Dow fell 140.59 points (0.33%) to close at 42,374.36, the Nasdaq rose 138.83 points (0.76%) to close at 18,415.49 and the S&P 500 rose 12.44 points (0.21%) to close at 5,809.86. The Russell 2000 rose 5.08 points (0.23%) to close at 2,218.92, and the FT Wilshire 5000 Index rose 133.18 points (0.23%) to close at 58,128.09.

The 10-year Treasury note increased 2/32, bringing the yield to 4.217%. The 30-year Treasury bond increased 31/32, bringing the yield to 4.475%.
Benefits
Midwestern Teamsters Approved for $23.6M PBGC Grant
Money from the Special Financial Assistance Program will help the pension fund, which was projected to become insolvent in 2032.
PRODUCTS
Product & Service Launches
OneDigital launches new benefits platform; Transamerica managed advice available for contractors PEP; Gainbridge annuities available to RIAs via RetireOne; and more. 
SMALL TALK
ON THIS DATE: In 1881, Spanish painter, sculptor, printmaker, ceramicist and theater designer Pablo Picasso was born. In 1936, German and Italy established the Rome-Berlin Axis. In 1940, military officer Benjamin O. Davis, Sr., became the first African American general in the U.S. Army when he was promoted to brigadier general. The same year, collegiate basketball coach Bob Knight, whose 902 career NCAA coaching victories are among the most in men’s basketball history, was born. In 1950, China entered the Korean War on the side of North Korea against South Korea and the United Nations, the United States being the UN’s principal participant. In 1955, the first domestic microwave ovens went on sale. In 1964, the British rock band the Rolling Stones made its first appearance on “The Ed Sullivan Show.” In 1983, the U.S. military, under President Ronald Reagan, invaded the tiny island country of Grenada. In 2002, Irish actor Richard Harris—who was notable for not only his formidable talent in portraying intense characters that established his image but also for conducting his real life in a similar manner—died in London.
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