February 14th, 2023 Insight on Plan Design & Investment Strategy Every Weekday Data and Research Pre-Retirees Less Confident Their Retirement Income Will Last to Age 90 Confidence among pre-retirees that they will receive enough income from all their accumulated retirement sources to cover basic living expenses throughout retirement has dropped in four of the last five years.   Compliance DOL Seeks More Comments on Correction Program The Department of Labor extended to mid-April the deadline for public comments on amendments to the Voluntary Fiduciary Correction Program to reflect the impact of the SECURE Act 2.0. Most Read Compliance Judge Dismisses Pfizer 401(k) Plan Fee Lawsuit Products Agilis Launches Lifetime Income Tool PensionBuilder Benefits Retirement Benefits Remain a Sticking Point in Boeing Strike MARKET MIRROR Monday, the Dow increased 376.66 points (1.11%) to close at 34,245.93, the Nasdaq increased 173.67 points (1.48%) to close at 11,891.79 and the S&P 500 increased 46.83 points (1.14%) to close at 4,137.29. The Russell 2000 gained 22.33 points (1.16%) to close at 1,941.14 and the Wilshire 5000 increased 464.76 points (1.14%) to close at 41,255.16. The price of the 10-year Treasury note decreased 1/32, bringing the yield to 3.705%. The price of the 30-year Treasury bond decreased 2/32, bringing the yield to 3.779%.   Administration Empower Joins Fidelity, Vanguard and Alight in Portability Consortium Growing recordkeeper clearinghouse will help participants with balances of $5,000 or less move accounts when they change jobs.  COMPLIANCE Risk Protection Annual operational reviews can shield a plan from compliance errors. EVENTS SECURE 2.0 Has Passed. Now What? Join PLANSPONSOR, PLANADVISER and industry experts for a webinar on February 22 as we discuss the impact many provisions in the SECURE 2.0 legislation will have on plan sponsors and participants; a timeline for the issuance of new rules and regulation effective dates; and what actions plan sponsors must take now to comply with the law. SMALL TALK ON THIS DATE: In 1760, Richard Allen, founder of the African Methodist Episcopal Church, was born in Philadelphia. In 1859, Oregon became the 33rd state of the United States. In 1876, Alexander Graham Bell applied for a patent for the telephone. In 1912, Arizona was admitted as the 48th state. In 1920, with the establishment of women’s suffrage in the United States, Carrie Chapman Catt formed the League of Women Voters in Chicago. In 1929, members of Al Capone’s gang of bootleggers massacred a rival gang run by George Moran in Chicago during the Prohibition era. In 1946, the first general-purpose high-speed electronic digital computer, the ENIAC [Electronic Numerical Integrator and Computer], was demonstrated to the public by its creators, J. Presper Eckert, Jr., and John W. Mauchly. In 2005, Steve Chen, Chad Hurley, and Jawed Karim registered video sharing website YouTube, more than one billion unique users visit the site every month.  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