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Weekday news and analysis for retirement plan advisers
Thursday, December 22, 2022
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Compliance
Employee Stock Ownership Plans To Get a Boost from Omnibus Package
PA-122122-ESOP provisions-1233956220-web
Provisions found in the Work Act and SECURE 2.0 Act, both parts of the spending package, are intended to promote employee ownership through ESOPs.
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Compliance
Behind Robinhood’s Retirement Push
Online brokerage Robinhood’s head of investment management left a 21-year career at J.P. Morgan to reach a wider population of American investors. She’s getting the chance with an IRA aimed at the gig economy.
Today’s Most Read
1. Delta Taps Fidelity to Run New Emergency Savings Program
2. SECURE 2.0 Error Threatens Catch-Up Contributions, but Meaning Is Clear
3. Small Businesses and SECURE 2.0: Exemptions and Tax Credits
Adviser NFP Absolved in ERISA Case; Molina Healthcare and flexPATH Still Face Charges
The plaintiffs in a suit against plan sponsor Molina Healthcare had sought to include advisory NFP for recommending “untested” TDFs. A judge dismissed the charges against NFP, but kept those against Molina and flexPATH.
Legislative and Judicial Actions
A round-up of the latest retirement judicial and legislative actions.
2023 Retirement Plan Adviser of the Year Nominations Are Open
We need your help recognizing the best advisers and adviser teams in the country. Nominations are now being accepted in six categories: Plan Sponsor Service; Plan Participant Service; Mentorship; Efforts in Diversity, Equity and Inclusion (DEI); Community Impact and Giving Back; and Closing the Coverage Gap. Self-nominations are not allowed, and nominations for the Plan Sponsor Service and Plan Participant Service categories can only come from plan sponsor clients. Nominations close January 15, so make your submission soon.
Market Mirror Market Mirror Graph

Wednesday, the Dow rose 526.74 points (1.60%) to close at 33,376.48, the Nasdaq increased 162.26 points (1.54%) to close at 10,709.37 and the S&P 500 was up 56.82 points (1.49%) to close at 3,878.44. The Russell 2000 rose 28.92 points (1.65%) to close at 1,776.94 and the Wilshire 5000 increased 571.68 points (1.51%) to 37,462.92.

The price of the 10-year Treasury note rose 1/32, bringing the yield to 3.673%. The price of the 30-year Treasury bond rose 4/32, bringing the yield to 3.723%.

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