NewsDash – October 4, 2023

October 4th, 2023
Insight on Plan Design & Investment Strategy Every Weekday

Administration

Provider Due Diligence: Key to Avoiding Catastrophic Cyberattacks

The recent MOVEit breach highlighted the need for plan sponsors to carefully vet service providers in order to protect participants’ assets, data and personal information.

Benefits

Inflation Did Not Curb Participants’ Retirement Savings in First Half of 2023

Despite consistent contributions, participants taking loans or hardship withdrawals are half as likely to use auto-increase plan feature, T. Rowe Price finds.

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

MARKET MIRROR

Tuesday, the Dow fell 430.97 points (1.29%) to close at 33,002.38, the Nasdaq fell 248.31 points (1.87%) to close at 13,059.47 and the S&P 500 fell 58.94 points (1.37%) to close at 4,229.45. The Russell 2000 lost 29.66 points (1.69%) to close at 1,727.15, and the FT Wilshire 5000 Index lost 624.57 points (1.45%) to close at 42,549.43.

The 10-year Treasury note decreased 30/32, bringing the yield to 4.801%. The 30-year Treasury bond decreased 1 31/32, bringing the yield to 4.927%.

Compliance

NAGDCA Publishes Fee Guide for Sponsors

The guide covers the pros and cons of various fee and fee structures.

Ask the Experts

How Are Small Plan Participant-Counting Rules Changing For 2024 Reporting?

Experts from Groom Law Group and CAPTRUST answer questions concerning retirement plan administration and regulations.

SMALL TALK

ON THIS DATE: In 1822, Rutherford B. Hayes, the 19th president of the U.S., who brought post-Civil War Reconstruction to an end in the South, was born. In 1895, film comedian and director Buster Keaton, who was known for his deadpan expression and his imaginative and often elaborate visual comedy, was born. In 1957, the Soviet Union launched Sputnik 1, the first satellite, which orbited Earth until 1958, inaugurated the space age and heightened Cold War competition between the U.S.S.R. and the U.S. In 1970, singer Janis Joplin, who was known for her fierce and uninhibited musical style, died of an accidental overdose. In 1989, the American racehorse Secretariat, who in 1973 won the U.S. Triple Crown (the Kentucky Derby, the Preakness Stakes and the Belmont Stakes), was euthanized after contracting laminitis. In 1993, the Battle of Mogadishu in Somalia ended, with a death toll that included 18 U.S. soldiers and hundreds of Somalis; the conflict occurred during a U.S.-led military operation that was part of a wider international humanitarian and peacekeeping effort in the war-torn African country. In 2014, Haitian politician Jean-Claude Duvalier, who was president of Haiti from 1971 to 1986, died in Port-au-Prince while he was on trial for alleged human rights abuses.

Industry Intel Roundup—Featured White Paper

PLANSPONSOR is pleased to present the next edition of our Industry Intelligence roundup. This week, we are featuring white papers offering key insights and analysis about the industry. The content was created to educate, inform and offer ideas for plan sponsors regarding plan design, investing, administration and compliance.