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Plan Progress Webinar: What to Expect From a Retirement Plan Adviser
Plan Progress Webinar: What to Expect From a Retirement Plan Adviser
As plan sponsors look to evaluate their relationship with their financial advisers, experts say it is critical that advisers understand more than just retirement.
Data and Research
Survey Shows Drop in Retirement Confidence Since February
A new Bank of America report reveals a recent downward trend in employees’ retirement confidence and financial wellness.
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UAW Members Ratify Contracts With Big 3 Automakers
Ask the Experts
Can a Plan Sponsor Limit Hardship Distributions?
Deals and People
Nomination Period Open for 2024 Plan Sponsor of the Year Awards
New orders for manufactured durable goods in August, down two consecutive months, decreased $0.6 billion or 0.2% to $272.7 billion, the Census Bureau announced. This decrease followed a 0.1% July decrease. Excluding transportation, new orders increased 0.2%. Excluding defense, new orders decreased 0.9%. Transportation equipment, also down two consecutive months, drove the decrease, $1.0 billion or 1.1% to $92.0 billion.

Sales of new single‐family houses in August were at a seasonally adjusted annual rate of 685,000, according to estimates released jointly by the Census Bureau and the Department of Housing and Urban Development. This is 28.8% above the revised July rate of 532,000 but is 0.1% below the August 2021 estimate of 686,000.

The Conference Board Consumer Confidence Index increased in September for the second consecutive month. The Index now stands at 108.0, up from 103.6 in August. The Present Situation Index—based on consumers’  assessment of current business and labor market conditions—rose to 149.6 from 145.3 last month. The Expectations Index—based on consumers’  short-term outlook for income, business, and labor market conditions—increased to 80.3 from 75.8. 
Tuesday, the Dow slipped 125.82 points (0.43%) to finish trading at 29,134.99, the Nasdaq rose 26.58 points (0.25%) to close at 10,829.503 and the S&P 500 sagged 7.74 points (0.21%) to close at 3,647.30. The Russell 2000 gained 6.62 points (0.40%) to end trading at 1,662.51 and the Wilshire 5000 spiked 2,775.93 points (7.62%) to reach 39,184.27.

The price of the 10-year Treasury note decreased 4/32 bringing the yield up to 3.977%. The price of the 30-year Treasury bond decreased 1 30/32 bringing the yield up to 3.858%.
Does a Plan’s Name Have to Change When a Plan Sponsor’s Name Changes?
Have you ever seen a plan sponsor go through a name change? I work with a 501(c) private tax-exempt health care client that is changing its name for branding purposes and has asked if there is anything it needs to do in terms of its 403(b) and 457(b); both plan names include the current organization name. I’m directing the client to its retirement plan counsel, of course, but was curious if the Experts had ever encountered this. Does the plan name typically change as well? The plan sponsor name is listed in the plan document, so I assume this requires an amendment at a minimum.”
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.
ON THIS DATE: In 1781, the Siege of Yorktown began, eventually leading on October 19 to the British surrender by General Lord Cornwallis and the end of the American Revolution. In 1789, the first Federal Congress passed a resolution that asked President George Washington to recommend to the nation a day of thanksgiving and several days later Washington issued a proclamation that named Thursday, November 26, 1789, as a “Day of Publick Thanksgiving.” The fixed-date for Thanksgiving Day, the fourth Thursday of November, was established on December 26, 1941. In 1920, in what became known as the Black Sox Scandal, eight members of the Chicago White Sox baseball team were indicted by a grand jury on charges that they had thrown the 1919 World Series to the Cincinnati Reds in return for a bribe. In 1941, on the last day of Major League Baseball’s regular season, the Boston Red Sox’s Ted Williams got six hits in eight at-bats during a doubleheader in Philadelphia, boosting his average to .406. He became the first player since 1930—and last since—to hit .400 or better. In 1958, Madagascar voted for autonomy within the French Community. In 1965, six years after he led the Cuban Revolution and four years after the failed U.S.-backed Bay of Pigs Invasion, Fidel Castro announced that any Cuban who wished to leave the island was free to do so. With Cuban forces no longer blocking civilians from leaving, a massive wave of emigration ensued, bringing hundreds of thousands of Cuban immigrants to Florida. In 2004, the U.S. Federal Reserve and the U.S. Secret Service introduced the first newly redesigned $50 bill. In 2008, SpaceX successfully launched Falcon 1, becoming the first privately owned company to send a liquid-fueled rocket into orbit.
Industry Intel Roundup—Featured Video
PLANSPONSOR is pleased to present the next edition of our Industry Intelligence roundup. This week, we are featuring videos from sources with authoritative knowledge about the industry. The content was created to educate, inform and offer ideas for plan sponsors regarding plan design, investing, administration and compliance.
A Conversation with PLANSPONSOR
Reporter Remy Samuels interviews Rachel Christman, Alaska Native Tribal Health Consortium
A Conversation with PLANSPONSOR
Reporter Noah Zuss interviews Monica De Agostino, MRIGlobal.
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