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Will Multiemployer Plan Financial Assistance Work?
Will Multiemployer Plan Financial Assistance Work?
Stakeholders take issue with the permissible investments under the PBGC’s interim final rule, among other things, and even if special financial assistance works, it is only a temporary solution.
Editor’s Note
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Most Read
2021 Best in Class DC Providers
2021 Recordkeeping Survey
TRIVIAL PURSUITS: What do the M’s stand for in M&Ms?
TRIVIAL PURSUITS: Which are the most northern, southern, eastern and western U.S. States?
Detailed Analysis of the Supreme Court’s Northwestern University Ruling
Economic Events
Total nonfarm payroll employment rose by 235,000 in August, and the unemployment rate declined to 5.2%, the Bureau of Labor Statistics announced. Job gains occurred in professional and business services, transportation and warehousing, private education, manufacturing, and other services. Retail trade lost jobs.

Thursday, the Labor Department will issue its initial claims report, and Freddie Mac will update average mortgage rates for the week. Friday, the Bureau of Labor Statistics will reveal the producer price index for August.
Market Mirror
Friday, the Dow closed 74.73 points (0.21%) lower at 35,369.09, the Nasdaq closed 32.34 points (0.21%) higher at 15,363.52, and the S&P 500 was down 1.52 points (0.03%) at 4,535.43. The Russell 2000 lost 11.97 points (0.52%) to finish at 2,292.05, and the Wilshire 5000 decreased 10.12 points (0.02%) to 47,198.30.

The price of the 10-year Treasury note was down 4/32, increasing its yield to 1.327%. The price of the 30-year Treasury note decreased 1 1/32, bringing its yield up to 1.944%.

For the week ending September 3, the Dow was down 0.24%, the Nasdaq climbed 1.55%, and the S&P 500 increased 0.58%. The Russell 2000 finished 0.65% higher, and the Wilshire 5000 gained 0.68%.
NLRB Finds Company Did Not Violate Bargaining Agreement by Changing 401(k) Match Formula
The National Labor Relations Board found that the match formula stated in a memorandum of agreement between an employer and an employee union did not reflect what was agreed to or what was actually provided to participants.
Former Fiduciary Sanctioned Over Illegal Transaction
The Department of Labor says the fiduciary diverted tens of millions of dollars in plan assets for their own personal benefit through a variety of illegal transactions.
Deals and People
Retirement Industry People Moves
Lincoln Financial Group announces executive leader succession plans; Thrivent Advisor Network expands management team; GTCR and Reverence Capital Partners add chief legal officer; and more.
Small Talk
ON THIS DATE: In 1813, the nickname “Uncle Sam” was first used as a symbolic reference to the United States. The reference appeared in an editorial in the New York’s Troy Post. In 1880, George Ligowsky was granted a patent for his device that threw clay pigeons for trapshooters. In 1915, Johnny Gruelle received a patent for his Raggedy Ann doll. In 1921, Margaret Gorman of Washington, D.C., was crowned the first Miss America in Atlantic City, New Jersey. In 1930, the cartoon “Blondie” made its first appearance in the comic strips. In 1963, the National Professional Football Hall of Fame was dedicated in Canton, Ohio. In 1977, President Jimmy Carter and Panamanian dictator Omar Torrijos signed a treaty agreeing to transfer control of the Panama Canal from the United States to Panama at the end of the 20th century. In 1979, ESPN, the Entertainment and Sports Programming Network, made its debut on cable TV. In 1986, Dan Marino of the Miami Dolphins threw his 100th career touchdown pass, in only his 44th NFL game, which set an NFL record. In 1996, hip-hop recording artist Tupac Shakur was shot several times in Las Vegas, Nevada. He died several days later.
SURVEY SAYS RESPONSES: Last week, I asked NewsDash readers, “Do you think DC plan participants should be allowed to invest in cryptocurrency?” The vast majority (82%) said defined contribution (DC) plan participants should not be allowed to invest in cryptocurrency. Still, the rest said they should, with 4% saying its should only be through self-directed brokerage accounts (SDBAs). There was a mix of sentiment among readers who chose to share comments—from a firm negative to some who say participants should have freedom to choose. In between, there were responding readers who expressed belief that now is not the time, but cryptocurrency might have a place in DC plans in the future. Editor’s Choice goes to the reader who said: “I don’t see how a fiduciary would see cryptocurrency as a prudent investment choice for a retirement plan. At this point it is too volatile. Just because participants want to invest in it, doesn’t mean we should offer it in our plan.” A big thanks to everyone who participated in the survey!
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