PLANADVISERdash – March 1, 2023

Weekday news and analysis for retirement plan advisers

Wednesday, March 01, 2023

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House Passes Resolution to Repeal DOL 401(k) ESG Rule

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The resolution catalyzes the debate over whether to allow ESG investing considerations in retirement savings plans, with the Senate next to weigh in.

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Biden To Nominate Su for Secretary of Labor

Deputy Secretary of Labor Julie Su has been selected to replace the outgoing Marty Walsh, but Senate confirmation may bring an ESG battle.

Today’s Most Read

1.	Fidelity Data Breach Exposed Info of 77,000 Clients
2.	Social Security Raises Benefit by 2.5% for 2025
3.	Northern Trust Reaches Tentative Settlement in 401(k) Suit

EBSA Head Says Disclosure, SECURE 2.0, ESG Are Key Priorities

EBSA’s Lisa Gomez identified upcoming regulatory priorities related to SECURE 2.0 and the importance of effective disclosure at a conference hosted by the NIRS.

IRS Proposes Rules That Require Retirement Forfeitures Be Used in 12 Months

A new IRS proposal formalizes guidelines on how plan administrators should manage and use retirement plan forfeitures.

The DB Summit is designed to help plan sponsors that have or are considering adding a DB plan make the important decisions. Discussions and presentations on March 8 and 9 will focus on whether the future environment is conducive to more pension risk transfers, to keeping plans active or to reopening closed plans, as well as what investing strategies can help plan sponsors reach their plan goals. Join us as we explore the prospective role of DB plans in American’s retirement security. Receive a $10 coffee card if you are among the first 100 registrants who log into the event each day.

Market Mirror

Tuesday, the Dow decreased 232.39 points (0.71%) to close at 32,656.70, the Nasdaq decreased 11.44 points (0.10%) to close at 11,455.54 and the S&P 500 lost 12.09 points (0.30%) to close at 3,970.15. The Russell 2000 gained 0.72 points (0.04%) to close at 1,896.99 and the Wilshire 5000 lost 104.71 points (0.26%) to close at 39,704.38.

The price of the 10-year Treasury note was unchanged, bringing the yield to 3.924%. The price of the 30-year Treasury bond increased 2/32, bringing the yield to 3.921%.

Industry Intel Roundup Featured Webinars

PLANADVISER is pleased to present the next edition of our Industry Intelligence roundup. This week, we are featuring webinars sponsored by or featuring experts in the industry. The content was created to supply actionable insights to retirement plan advisers regarding client service and practice management.

Sponsored by Allianz Life Insurance | October 24, 2024

Portability in Practice: Navigating Guaranteed Lifetime Income Options

This webinar will explore the intricacies of portability as it relates to in-plan guaranteed lifetime income products, such as annuities. It will delve into participant preferences, product design considerations, and limitations that can impact true portability. It will also look at how portability impacts the participant experience and strategies that can be employed to maintain engagement throughout various scenarios. Join Jessica Drake, Head of Operations, Employer Markets and Troy Sande, Head of Integrations and Experience, Employer Markets at Allianz Life Insurance Company of North America (Allianz) to discover strategies that can be used to address these challenges and help ensure a seamless experience across the retirement ecosystem. Guarantees are backed solely by the financial strength and claims-paying ability of the issuing insurance company. This content does not apply in the state of New York. Allianz Life Insurance Company of North America is not affiliated with PLANADVISER Magazine. For institutional use only- not for use with the public.