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PLANSPONSOR NEWSDASH LOGO October 5th, 2022
Insight on Plan Design & Investment Strategy Every Weekday
Compliance
ERISA Amendment Could Lead to Increased Investment in Alternative Assets
ERISA Amendment Could Lead to Increased Investment in Alternative Assets
The Retirement Savings Modernization Act would explicitly state that 401(k) plans can include investments in all asset classes, though this is not currently banned under existing law.
Compliance
AAA Carolinas ERISA Lawsuit Settled for $500,000
The plaintiffs received early approval for class settlement in a retirement plan lawsuit against the Carolinas Auto Club that alleged breach of fiduciary duty.
Most Read
Compliance
Bills to Nullify the Retirement Security Rule Proposed in Congress
Administration
Dealing with Stress, Burnout in the HR, Benefits Department
Deals and People
BlackRock’s Retirement Head Ackerley Moving to Adviser Role
ECONOMIC EVENTS
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.
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%.
ASK THE EXPERTS
When Can an Employee in a 457(b) Plan Use A Three-Year Catch-Up Election?
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?”
EVENTS
Your HSA Questions Answered
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. 
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: 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.
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: Inspira Financial | May 21, 2024
The growing value of HSAs for every generation
September 19, 2024
Financial Wellness
Plan sponsors, advisers and policy experts will offer suggestions for how best to define and measure the financial wellness of participants and drive financial confidence. The panel will also review how they evaluate the myriad new offerings appearing as a result of the voluntary benefits provisions of SECURE 2.0. Attendees will come away with tangible metrics for determining which programs will offer the most useful and valuable programs for their employees.
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.
SPONSORED BY: Allianz Life Insurance Company of North America | April 30, 2024
Retirement Income Roundtable
Growing concerns around retirement security have become increasingly prevalent in recent years. With low defined contribution plan account balances and economic uncertainties, plan participants are understandably worried about their financial future. Join PLANSPONSOR for a roundtable discussion in partnership with Allianz Life Insurance Company of North America (Allianz) during which industry professionals will share their insights on the following topics: • Recent research regarding plan participant attitudes towards retirement income • The importance of retirement income solutions in DC plans • Common myths and misconceptions about annuities and other income solutions • Guidance for identifying and implementing retirement income strategies and solutions During this event, speakers will provide valuable information and knowledge to help DC plan sponsors make informed decisions regarding retirement income for their plan. This content does not apply in the state of New York. Allianz Life Insurance Company of North America is not affiliated with PLANSPONSOR Magazine. For institutional use only – not for use with the public.
SPONSORED BY: Corebridge Financial | April 25, 2024
Constructing Retirement Paychecks – 7 steps for employers to help employees
Many employees look forward to a well-earned retirement. Unfortunately, many are going to find they are not as financially prepared as they are physically and mentally prepared for the realities of retirement. It’s shocking when their employer paycheck stops. Now, each employee is on the hook to construct their own retirement paycheck. For the next 20, 25 or 30+ years. That is a tall order. Most people struggle with the intricacies of dealing with so many different types of accounts and investments. They don’t understand the complex rules for retirees. And they don’t know where to turn to get clear, concise, correct information. In short, employees need help from their trusted employer to build their retirement paycheck. How prepared are you to help answer employees’ questions such as: • How can employees stretch their savings long enough to pay for retirement? • When should employees start pensions, Social Security, and annuity payouts? • Why is Medicare so different from employer health insurance? Employees are raising their hands for help. Can you help more employees become more successful retirees? In this session, our guest speaker will cover 7 practical steps employers can take to help prepare employees at every age to construct a paycheck in retirement.
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