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October 5th, 2022
Insight on Plan Design & Investment Strategy Every Weekday
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| ECONOMIC EVENTS |
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New orders for manufactured durable goods in August, down two consecutive months, decreased $0.5 billion or 0.2% to $272.7 billion, unchanged from the previously published decrease. This followed a 0.1% July decrease. Transportation equipment, also down two consecutive months, drove the decrease, $1.0 billion or 1.1% to $92.0 billion. New orders for manufactured nondurable goods increased $0.5 billion or 0.2% to $275.7 billion.
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| MARKET MIRROR |
Tuesday, the Dow increased 825.43 points (2.80%) to close at 30,316.32, the Nasdaq gained 360.97 points (3.34%) to finish trading at 11,176.406 and the S&P 500 increased 112.50 points (3.06%) to close at 3,790.93. The Russell 2000 gained 66.90 points (3.91%) to close at 1,775.77 and the Wilshire 5000 increased 1,201.13 points (3.27%) to close at 37,945.72.
The price of the 10-year Treasury note was unchanged and the yield decreased to 3.638%. The price of the 30-year Treasury note decreased 4/32 and the yield increased to 3.704%.
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ASK THE EXPERTS
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When Can an Employee in a 457(b) Plan Use A Three-Year Catch-Up Election?
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We are a private university who sponsors, among other plans, a 457(b) plan for our select management and highly compensated employees. The plan contains the three-year catch-up election for employees who are within three years of the normal retirement age of the plan (which in our case is 65). Our question is, can the employee actually use the election in the year in which he/she turns age 65 if he/she qualifies? We have an employee who turns age 65 in 2022 requesting that she use the election, but we think it might be too late for her to use the election, as she would have had to use it in the years that she turned ages 62, 63, and/or 64 if eligible. Are we correct?” 
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EVENTS
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Your HSA Questions Answered
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Summary Join PLANSPONSOR and industry experts for a webinar October 13 during which you will increase your understanding of health savings accounts by comparing features to those of defined contribution plans, learn how to position HSAs on your menu of benefits, and hear tips for increasing employee engagement with HSAs. Register today.
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SURVEYS
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DC Survey Now Open
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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.
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ON THIS DATE: General George Washington wrote to the president of the Continental Congress, John Hancock, to inform him that a letter from Dr. Benjamin Church, surgeon general of the Continental Army, to Lieutenant General Sir Thomas Gage, British commander in chief for North America, had been intercepted. In 1921, the World Series was broadcast on the radio for the first time. The game was between the New York Giants and the New York Yankees. In 1947, Harry Truman delivered the first-ever presidential speech on TV. In 1959, Maya Lin, an artist and the architect of the Vietnam Memorial in Washington D.C. and other public sculptures, was born. In 1970, PBS began broadcasting on U.S. television, and it has become known for various programs, notably the children’s shows Sesame Street and Mister Rogers’ Neighborhood (starring Fred Rogers). In 2001, Barry Bonds of the San Francisco Giants broke Mark McGwire’s single-season home-run record when he hit his 71st and 72nd home runs of the season and finished the season with 73. In 2011, Steve Jobs, the co-founder of Apple Inc., died at age 56 of complications from pancreatic cancer. In 2017, The New York Times published a detailed investigation into allegations of sexual harassment against film producer Harvey Weinstein. The bombshell report led to Weinstein’s eventual arrest and conviction on charges of rape and other sexual misconduct.
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| Industry Intel Roundup—Featured Webinars | | PLANSPONSOR is pleased to present the next edition of our Industry Intelligence roundup. This week, we are featuring webinars sponsored by experienced providers in the industry. The content was created to educate, inform and offer ideas for plan sponsors regarding plan design, investing, administration and compliance. |  | | SPONSORED BY: Corebridge | February 25, 2025 | | Impacts on retirement planning: Taking action on the latest changes to Medicare and Social Security | | With the recent changes in nearly every part of retirement, it can be challenging for employers—and their employees—to keep up. We seem to be in a particularly active time with new laws coming on the books, existing law sections rolling out, and changes from every corner.
In this webinar, you will get the latest information and updates to Social Security and Medicare. There is a swirl of activity in both programs, causing more concern than ever about the viability of Social Security. Plus new, hidden costs in Medicare drug plans have taken folks by surprise.
You’ll also see how these changes impact employees as they adjust their plans for retirement. Planning with high costs of goods and services along with complex law changes puts added pressure on employees’ ability to save sufficiently for retirement. |
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|  | | SPONSORED BY: Lincoln Financial Group | February 4, 2025 | | Benefits at Work: How Financial Wellness Fuels Productivity | | Today’s employees seek meaningful benefits that address their holistic health and financial well-being. To meet their expectations, 80% of employers surveyed agree that a well-rounded, competitive benefits offering is critical, according to our 2024 Small Business Owner survey. More than ever, small businesses need to invest in programs that strengthen employee productivity, loyalty, and morale.
By joining this complimentary webcast, you’ll learn how to:
• Engage today's workforce, including the changing values of millennials and Gen Z, lingering financial concerns, and the key factors driving talent attraction and retention
• Gain a competitive edge for employees with comprehensive benefits, including voluntary employee benefits coverage, retirement savings plans, and financial wellness solutions
• Provide benefits education and wellness programs to help employees take full advantage of their benefits
• Deliver a holistic employee experience with simple plan administration by using a single-source benefits provider |
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|  | | SPONSORED BY: Edelman | December 17, 2024 | | Managed Accounts as QDIA: Which Approach Works Best for Your Participants? | | Plan sponsors have multiple tools at their disposal to help deliver the right solution at the right time for their participants while maintaining their fiduciary responsibilities. Many plan sponsors have adopted managed accounts as a QDIA, whether for targeted segments of their participant population or as a broader approach. As the #1 DC managed account provider since 2008 (per Cerulli Associates), Edelman Financial Engines is excited to host this webinar and discussion.
This webinar will cover:
Different ways that plan sponsors use managed accounts as a default investment option, and the impact on participants, addressing legal and regulatory concerns with different default structures, how managed accounts and target date funds fit together in a Dual QDIA structure and insights from a leading plan sponsor that uses managed accounts as a default to understand their decision-making process and how the solution improves participant outcomes. |
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|  | | December 12, 2024 | | Plan Benchmarking | | How do plan sponsors determine the right goals for their plans or measure plan success? What tools are available to benchmark retirement plans? What should plans be measuring and how often? What kinds of actions or improvements can measurements drive? These questions and more will be answered in PLANSPONSOR’s final editorial webinar of 2024. |
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|  | | SPONSORED BY: Income America | November 19, 2024 | | Changing the Conversation on Guaranteed Retirement Income | | As retirement plans transition from supplemental savings vehicles to the primary income source for many retirees, plan participants’ perspectives on retirement have shifted significantly. This session will delve into the findings from American Century’s 11th Annual Retirement Survey, highlighting how these evolving views are influencing employers’ goals and strategies in designing their organizations’ plans. With income replacement becoming a critical focus for participants, plan sponsors are increasingly recognizing the need to align retirement plans with these expectations. Additionally, there is a growing emphasis on guaranteed income solutions to better meet the evolving retirement goals of employees. By adapting plans to meet participants’ needs and incorporating sought-after design features, plan sponsors can drive deeper engagement and achieve better outcomes for their participants. |
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