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PLANSPONSOR NEWSDASH LOGO September 8th, 2023
Insight on Plan Design & Investment Strategy Every Weekday
Compliance
Republicans Challenge Acting Secretary of Labor’s Authority Amid Rumors of New Fiduciary Rule
Republicans Challenge Acting Secretary of Labor’s Authority Amid Rumors of New Fiduciary Rule
Industry watchers expect the Department of Labor to submit a proposed new rule this month.
Data and Research
Plan Sponsors’ Retirement Income Thinking Has ‘Evolved’
More employers are considering in-plan decumulation options.
Most Read
Administration
Another Trump Term May Change Tax Treatment of Retirement Plans
Benefits
What the Boeing Union Deal Means for Retirement Benefits
Administration
Senate HELP Committee Chair Likely to Flip Under GOP Control
ECONOMIC EVENTS
In the week ending September 2, the advance figure for seasonally adjusted initial claims was 216,000, a decrease of 13,000 from the previous week’s revised level of 229,000, the Department of Labor reported. The four-week moving average was 229,250, a decrease of 8,500 from the previous week’s revised average of 237,750.

Interest on a 30-year fixed-rate mortgage averaged 7.12% for the week ending September 7, down from last week when it averaged 7.18%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 5.89%. Interest on a 15-year fixed-rate mortgage averaged 6.52%, down from last week when it averaged 6.55%. A year ago at this time, the 15-year FRM averaged 5.16%. 
MARKET MIRROR
Thursday, the Dow rose 57.54 points (0.17%) to close at 34,500.73, the Nasdaq fell 123.64 points (0.89%) to close at 13,748.83 and the S&P 500 fell 14.34 points (0.32%) to close at 4,451.14. The Russell 2000 lost 18.52 points (0.99%) to close at 1,855.76, and the FT Wilshire 5000 Index lost 168.23 points (0.37%) to close at 44,888.65.

The 10-year Treasury note increased 25/32, bringing the yield to 4.248%. The 30-year Treasury bond increased 2/32, bringing the yield to 4.340%. 
Benefits
Saver’s Match: Opportunity to Help Close Retirement Savings Access Gap
Outlined in SECURE 2.0 to be introduced for the 2027 tax year, the Saver’s Match is a 50% federal matching contribution deposited directly into a taxpayer’s IRA or retirement plan.
Compliance
Proposed Bill Would Block ESG Use in Retirement Plans
House Republicans again push to roll back ESG investing for plan participants.
PRODUCTS
Investment Product and Service Launches
Human Interest launches Fast Track 401(k); AllianzIM introduces September buffered ETFs; Madison Investments unveils latest actively managed ETF Suite; and more.
SMALL TALK
ON THIS DATE: In 1429, French heroine Joan of Arc, a peasant girl who believed she was acting under divine guidance, attempted to oust the duke of Burgundy and take Paris for newly crowned King Charles VII; she successfully led a French force to break the siege. In 1941, German and Finnish armies began a siege of Leningrad (now St. Petersburg), Russia, which lasted for 872 days. In 1945, at the end of World War II, the first U.S. troops entered the Korean peninsula south of the 38th parallel to receive the Japanese surrender; north of the parallel, Japanese troops surrendered to Soviet forces. In 1960, the psychological thriller “Psycho,” directed by Alfred Hitchcock and based on real-life serial killer Ed Gein, was released in American theaters. In 1966, the first episode of the sci-fi series “Star Trek” aired on American television. In 1974, Richard Nixon, who had resigned the U.S. presidency, was pardoned by his successor, Gerald Ford. In 1998, Mark McGwire of the St. Louis Cardinals broke Roger Maris’s 1961 record for most home runs in a professional baseball regular season by hitting his 62nd of the season (he finished the season with 70 home runs). In 2015, comedian Stephen Colbert debuted as host of the “Late Show,” replacing David Letterman. In 2022, after more than seven decades on the British throne, Elizabeth II died at the age of 96; her eldest son became King Charles III.
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