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Weekday news and analysis for retirement plan advisers
Monday, August 28, 2023
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IRS Extends Roth Catch-up Contribution Deadline
PA-082823-IRS-Catch-Up-Contributions-Extended-1405798496-web
The IRS extended the requirement by two years to 2026 so that any catch-up contributions from higher income earners must be designated Roth.
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Retirement Industry People Moves
Early assumes role of chief strategy officer at Vestwell; Principal selects Dessouki as chief marketing officer; Puerto joins J.P. Morgan Private Bank as head of retirement plan solutions.
Today’s Most Read
1. LPL Terminates CEO Arnold for Violating “Respectful Workplace” Rules
2. Charles Schwab CEO Walt Bettinger to Retire
3. DC Plan Experts See Slow, Steady Progress in Plan Personalization
Nationwide Reports Americans Worry Social Security Will Deplete in Lifetime
A separate survey by F&G Annuities and Life found 44% of U.S. retirees have returned to work or are considering doing so.
HSA-Eligible Plans Cover Increased Use of Certain Medical Services, EBRI Finds
Following a 2019 IRS policy change, 75% of large employers offering HSA-eligible plans have expanded their pre-deductible coverage for chronic condition-related medication. 
Relationship Errors
Clients are someone else’s prospects.
Market Mirror Market Mirror Graph

Friday, the Dow rose 247.48 points (0.73%) to close at 34,346.90, the Nasdaq rose 126.67 points (0.94%) to close at 13,590.65 and the S&P 500 rose 29.40 points (0.67%) to close at 4,405.71. The Russell 2000 rose 7.35 points (0.40%) to close at 1,853.63, and the FT Wilshire 5000 Index rose 285.68 points (0.65%) to close at 44,390.65.

The 10-year Treasury note rose 1/32, bringing the yield to 4.228%. The 30-year Treasury bond increased 26/32, bringing the yield to 4.282%.

For the week ending August 25, the Dow fell 0.45%, the Nasdaq rose 2.26% and the S&P 500 rose 0.82%. The Russell 2000 lost 0.31%, and the FT Wilshire 5000 Index ended 0.72% higher.

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