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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
Senator Cardin Worried SECURE 2.0 Won’t Pass This Year
Investing
Morgan Stanley Expands Robo-Advising Tech with Blooom Purchase
Compliance
Republicans Move to Prevent SEC Climate Disclosure Requirements
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 Webcasts
PLANSPONSOR is pleased to present the next edition of our Industry Intelligence roundup. This week, we are featuring webcasts 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: SSGA
Are CITs on the Horizon for 403(b) Plans?
The anticipated imminent passage of SECURE 2.0 is poised to change the 403(b) investing landscape by extending the ability to invest in collective investment trusts (CITs). In anticipation of the enactment of this provision, it is important to consider the changes in store for 403(b) plans. Join experts from State Street Global Advisors and Aon for a discussion of: - the current state of the proposed bill - a roadmap for preparing plan sponsors to consider the integration of CITs into their plans, led by a Consultant having these conversations now - how to communicate these changes to participants and prepare for implementation.
2022 PS Plan Progress Webinar Series: Student Loan Debt Benefits
Sponsored by Corebridge Financial Employees burdened with student loan debt might feel limited in their ability to save for retirement. As financial worries can affect employee productivity, and retirement insecurity can affect workforce management, employers often consider how they can help employees with student loan debt management. Join PLANSPONSOR and a panel of experts to learn: • What options are available for student loan debt benefits, their structure and cost, • How student loan repayment help fits into an employer’s overall financial wellness benefits, • What communications employees need about student loan debt and saving for retirement, and more. You won’t want to miss the last iteration of PLANSPONSOR’s 2022 Plan Progress webinar series!
SPONSORED BY: Corebridge
Avoiding Medicare Quicksand and Hidden Traps: Help employees make a successful transition from employer health insurance to Medicare
The transition into retirement is daunting for most employees. Even when they feel prepared. Unbeknownst to most, the road can be unexpectedly and wildly complicated. And filled with hidden traps and pockets of quicksand. At the top of the list of surprises for your employees is Medicare. On its own, it is a powerful, yet complex program. But add in outside forces, and it is difficult to successfully enter Medicare at the exact right moment employer coverage is ending. While employers are not required to master Medicare, understanding the transition your employees will go through can help them side-step the quicksand. In this webinar, you'll get some tips and extra help to take back to your employees, including: • Addressing how employees are cost-blind then cost-blindsided when joining Medicare • Avoiding confusion when older employees think they can choose COBRA • Shoring up details on offering "retiree" health insurance to avoid missteps • Helping employees understand how Social Security triggers Medicare ... and trips up HSA contributions months earlier than they realize
SPONSORED BY: SecureSave
Emergency Savings as an Employee Benefit with Suze Orman
Employees are stressed about their finances – and inflation is making it worse. That stress is showing up in the workplace. PWC says cash-strapped employees are 4.9x more likely to miss deadlines and produce lower quality work. When employees do have emergencies, they often look to their employers for small loans or take a withdrawal from their 401k. These problems can be solved with improved financial wellness. What if there was a benefit that could have an immediate and tangible impact on employees’ financial security while also teaching them savings habits that will last them a lifetime? Employer-sponsored emergency savings accounts help employees feel and be secure. With participation rates close to 60%, employers see a tangible impact on employee financial well-being, leading to improved employee satisfaction, productivity, retention and recruiting. Join the session on this trending employee benefit from SecureSave co-founders Suze Orman and Devin Miller to hear more about: - Why a SecureSave ESA drives employee adoption rates of 60% compared to regular savings accounts or education alone, which see 1-5% - Why employee emergency savings should come before other types of financial planning and how it fits into your overall benefits strategy - How using software to automate and promote employee saving is the best way to drive adoption and create impactful outcomes - Why offering ESAs is one of the easiest and most impactful benefits a company can offer, plus it requires no complicated paperwork or training ​
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