October 6th, 2022 Insight on Plan Design & Investment Strategy Every Weekday Data and Research Study Finds Millennials Are Less Likely to be Secure in Their Retirement New research from the Pension Research Council shows job rates, marriage and home ownership down for early millennials. Data and Research Provider Friction to Invest HSA Assets Stymies Usage Despite growth for total HSA assets reaching nearly $100 billon, invested assets are still stubbornly sluggish.  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 MARKET MIRROR Wednesday, the Dow lost 42.45 points (0.14%) to finish at 30,273.87, the Nasdaq decreased 27.77 points (0.25%) to close at 11,148.638 and the S&P 500 lost 7.65 points (0.20%) to close at 3,783.28. The Russell 2000 lost 13.08 points (0.74%) to close at 1,762.69 and the Wilshire 5000 decreased 97.37 points (0.26%) to close at 37,847.35. The price of the 10-year Treasury note decreased 31/32 bringing the yield up to 3.7563. The price of the 30-year Treasury note decreased 31/32 bringing the yield up to 3.751%.  Compliance Metro Bank Founder, Wife Reach Settlement with DOL over Profit-Sharing Plan Losses Vernon and Shirley Hill will pay more than $2 million after claims the couple invested as much as 70% of a profit-sharing plan’s assets in the stock of Metro Bank PLC, where Vernon Hill was the founder and chairman. EVENTS Webinar: Your HSA Questions Answered 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: In 1683, encouraged by William Penn’s offer of 5,000 acres of land in the colony of Pennsylvania and the freedom to practice their religion, the first Mennonites arrived in America aboard the Concord. In 1884, the Naval War College was established in Newport, RI. In 1926, Yankee slugger Babe Ruth hit a record three home runs against the St. Louis Cardinals in the fourth game of the World Series. In 1973, the Yom Kippur War nearly brought the U.S. and USSR to the brink of conflict. After the surprise attack by Egyptian and Syrian forces on Israel in October 1973 the Middle East was thrust into turmoil and the attack threatened to bring the U.S. and the Soviet Union into direct conflict for the first time since the Cuban Missile Crisis in 1962. In 1979, Pope John Paul II became the first pontiff to visit the White House. In 1981, Egyptian President Anwar Sadat was assassinated by members of the radical fringe of the Muslim opposition. In 1993, Michael Jordan retired from professional basketball, saying “I don’t have anything else to prove,” only to return in March 1995. 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