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PLANSPONSOR NEWSDASH LOGO September 30th, 2022
Insight on Plan Design & Investment Strategy Every Weekday
Compliance
Senate Confirms Lisa Gomez as EBSA Head
Senate Confirms Lisa Gomez as EBSA Head
The full Senate voted, 49-36, to confirm the new assistant secretary of labor for the Employee Benefits Security Administration.
Compliance
ERISA Self-Dealing Lawsuit Targets Wells Fargo and Ex-CEO Sloan
Former employees allege that retirement plan fiduciaries engaged in prohibited transactions and breached their fiduciary duty to participants.
Most Read
Investing
Morgan Stanley Expands Robo-Advising Tech with Blooom Purchase
Compliance
Why Cybersecurity for Retirement Plans is More Important Than Ever
Ask the Experts
Are There Annual or Lifetime Limitations on Roth Conversions?
ECONOMIC EVENTS
In the week ending September 24, the advance figure for seasonally adjusted initial claims for unemployment insurance was 193,000, a decrease of 16,000 from the previous week’s revised level, the Labor Department reported. The previous week’s level was revised down by 4,000 from 213,000 to 209,000. The four-week moving average was 207,000, a decrease of 8,750 from the previous week’s revised average. The previous week’s average was revised down by 1,000 from 216,750 to 215,750.

Interest on a 30-year fixed-rate mortgage averaged 6.70% for the week ending September 29, up from last week when it averaged 6.29%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 3.01%. Interest on a 15-year fixed-rate mortgage averaged 5.96%, up from last week when it averaged 5.44%. A year ago at this time, the 15-year FRM averaged 2.28%.
MARKET MIRROR
Thursday, the Dow fell 458.13 points (1.54%) to end trading at 29,225.61, the Nasdaq decreased 314.13 points (2.84%) to close at 10,737.506 and the S&P 500 decreased 78.57 points (2.11%) to close at 3,640.47. The Russell 2000 was down 40.31 points (2.35%) to close at 1,674.93 and the Wilshire 5000 was down 814.39 points (2.19%) to close at 36,324.00.

The price of the 10-year Treasury note decreased 3/32, bringing the yield up to 3.775%. The price of the 30-year Treasury bond decreased 2/32, bringing the yield up to 3.713%.
Benefits
Congressman Jim Himes Optimistic SECURE 2.0 Will Pass
Himes tells the Investment Adviser Association of the bipartisan support for SECURE 2.0, and shares his views on sanctions.
PRODUCTS
Investment Product and Service Launches
AllianzIM announces new ticker symbols for eight buffered outcome ETFs; ARK Investment Management launches the ARK Venture Fund; Putnam Investments to launch two active ETFs; and more.
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 1776, General George Washington penned a letter to his nephew, Lund Washington, plantation manager of Mount Vernon, expressing his displeasure with the undisciplined conduct and poor battlefield performance of the American militia. Washington blamed the Patriot reliance on the militia as the chief root of his problems in the devastating loss of Long Island and Manhattan to the British. In 1777, the U.S. Congress was moved to York, Pennsylvania, due to advancing British forces. In 1822, Joseph Marion Hernández became the first person of Hispanic descent elected to Congress. In 1875, Anne Martin, who helped win equal suffrage in Nevada, was born. She was the first woman to run for the U.S. Senate, in 1918. In 1899, Wyoming legislators wrote the first state constitution to grant women the vote. In 1927, Babe Ruth hit his 60th home run of the 1927 season and with it set a record that would stand for 34 years. In 1947, the New York Yankees beat the Brooklyn Dodgers, 5-3, in Game 1 of the World Series—the first Fall Classic game broadcast on television. It was the second “Subway Series” between the Yankees and the Dodgers and the first World Series to involve a Black player, the Dodgers’ Jackie Robinson, who broke Major League Baseball’s color barrier six months earlier. In 1955, actor James Dean, who became a symbol of the confused, restless and idealistic youth of the 1950s, died in an automobile crash as he drove to a car rally in Salinas, California. In 2005, Michael Eisner resigned as the CEO of the Walt Disney Company after a 21-year tenure, where he is credited for helping transform it into an entertainment industry giant with properties including films, theme parks, a cruise line, television networks and sports teams.
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