October 26th, 2022 Insight on Plan Design & Investment Strategy Every Weekday Data and Research GAO Study Highlights Increased Mortality of Impoverished Seniors The U.S. is more unequal than the other countries studied, low income and wealth are associated with higher mortality, and Social Security does a great deal to reduce the impact of inequality, the study found. Compliance Maximum Benefit and Contribution Limits Table 2023 Maximum Benefit/Contribution Limits for 2018 through 2023, with a downloadable PDF of limits from 2013 to 2023. Most Read Compliance IRS Proposes Regulations for Changes to SECURE 2.0 RMDs Opinions Encouraging Trends in 401(k) Plan Design Compliance What Increased Health Plan-Related Scrutiny Means for Plan Sponsors Economic Events The Conference Board Consumer Confidence Index decreased in October after back-to-back monthly gains. The Index now stands at 102.5, down from 107.8 in September. The Present Situation Index—based on consumers’ assessment of current business and labor market conditions—declined sharply to 138.9 from 150.2 last month. The Expectations Index—based on consumers’ short-term outlook for income, business, and labor market conditions—declined to 78.1 from 79.5. Market Mirror Tuesday, the Dow increased 337.12 points (1.07%) to finish trading at 31,836.74, the Nasdaq gained 246.50 points (2.25%) to close at 11,199.17 and the S&P 500 increased 61.77 points (1.63%) to close at 3,859.11. The Russell 2000 gained 47.76 points (2.73%) to close at 1,796.16 and the Wilshire 5000 increased 697.08 points (1.84%) to end trading at 38,502.59. The price of the 10-year Treasury note rose 11/32 bringing the yield down to 4.101%. The price of the 30-year Treasury bond rose 18/32 bringing the yield down to 4.260%. Compliance Empower Hit With Managed Account Lawsuit The suit claims Empower instituted "fraudulent sales tactics" to "lure" 457 plan participants into its managed accounts. Ask the Experts How Would A Change in RMD Rules for 403(b) Plans Apply to Participants With Multiple Plans? Experts from Groom Law Group and CAPTRUST answer questions concerning retirement plan administration and regulations. Benefits U.K. Nest Pension Auto Enrollment Remains ‘Robust’ Despite turbulent year, auto-enrollment continues to thrive, with opt outs lower than expected. Surveys DC Survey Is 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.  On This Date In 1774, the First Continental Congress of the U.S. adjourned in Philadelphia. In 1825, the Erie Canal opened in upstate New York.  In 1881, the “Gunfight at the OK Corral” took place in Tombstone, AZ. The fight was between Wyatt Earp, his two brothers and Doc Holiday and the Ike Clanton Gang. In 1905, Norway gained independence from Sweden. In 1949, U.S. President Harry Truman raised the minimum wage from 40 to 75 cents an hour. In 1951, Winston Churchill again became the prime minister of Great Britain. In 1955, New York City’s “The Village Voice” was first published. In 1958, Pan American Airways flew its first Boeing 707 jetliner from New York City to Paris. In 1970, “Doonesbury,” the comic strip by Gary Trudeau, premiered in 28 newspapers across the U.S. In 1977, the experimental space shuttle Enterprise successfully landed at Edwards Air Force Base in California. In 1990, Wayne Gretzky became the first National Hockey League player to reach 2,000 points. 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