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Weekday news and analysis for retirement plan advisers
Monday, June 26, 2023
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American Benefits Council: Roth Catch-ups Can’t Be Done in Time
PA-PAPS-06232023-NAGDCA letter
The new mandatory Roth treatment for certain catch-ups introduced by SECURE 2.0 continues to concern retirement professionals.
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Median Retirement Plan Value Hits Record Low in 2022
Market volatility also contributed to declines in average plan balances, contribution rates and overall plan participation, according to Alight.  
Today’s Most Read
1. Second Lawsuit Filed Against Cigna Over 401(k) Plan Forfeitures
2. Gen Z, Millennials Redefining the Future of Work
3. Investors Concerned About the Big, Beautiful Bill's Section 899
CalPERS, CalSTRS Hit By Third-Party Cybersecurity Breach
The public employee retirement systems are working to notify people with exposed accounts. 
Retirement Industry People Moves
DriveWealth appoints Pizzorusso as global CFO; Burke joins Cetera Advisors; Hub International Mountain Welcomes Executive VP; and more.  
IAA: SEC’s Pending Adviser Proposals Are Redundant, Inconsistent
A letter from the industry association outlines what it calls overlap and inconsistencies between them.
Market Mirror Market Mirror Graph

Friday, the Dow fell 219.28 points (0.65%) to close at 33,727.43, the Nasdaq fell 138.09 points (‎1.01%) to close at 13,492.52, and the S&P 500 fell 33.56 points (0.77%) to close at 4,348.33. The Russell 2000 fell 26.54 (1.44%) to close at 1,821.63, and the FT Wilshire 5000 Total Market Index fell 364.89 points (0.83%) to close at 43,765.81.

The price of the 10-year Treasury note rose 5/32, bringing the yield to 3.740%. The price of the 30-year Treasury bond rose 32/32, bringing the yield to 3.813%.

For the week ending June 23, the Dow fell 1.67%, the Nasdaq fell 1.44% and the S&P 500 fell 1.39%. The Russell 2000 fell 2.87%, and the FT Wilshire 5000 Total Market Index finished 1.59% lower.

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