Defined Contribution Plan Legislative Update – 2Q 2022

June 09, 2022

This legislative update covers the SECURE Act 2.0, summarizes requirements in the SECURE Act for defined contribution plans to provide participants with lifetime income illustrations, addresses the Department of Labor’s recent guidance regarding cryptocurrencies in retirement plans, and reviews plan features and enhancements employers are considering to improve employee retention amidst the “Great Resignation.”

Read > 2Q 2022 DC Legislative Update


The opinions expressed herein are those of Marquette Associates, Inc. (“Marquette”), and are subject to change without notice. This material is not financial advice or an offer to purchase or sell any product. Marquette reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs.

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Two-line chart showing U.S. consumer sentiment and average gas price per gallon. Chart subtitle: Consumer sentiment fell in May to the lowest level in more than 10 years. Chart visual description: Chart has two y-axes. Left y-axis shows University of Michigan Consumer Sentiment Index Level, ranging from 50 to 120, with corresponding line in light purple. Right y-axis shows U.S. National Avg. Retail Gas Price, from $5.00 to $0 (inverted), with corresponding line in slate. X-axis shows years from 1990 through May 31, 2022 (though labels only show through 2021) in two-year increments. Recession periods are shaded in light green. Chart data description: As described in the write-up, since its inception in 1978, the consumer sentiment index has posted a reading below 60 in only three other distinct periods: the late stages of the stagflationary environment in 1980, the Global Financial Crisis in 2008-2009, and a brief period in 2011 when S&P Global Ratings downgraded U.S. Treasury debt. The May reading came in at 58.4, the lowest reading since August 2011. The gasoline price line very closely parallels the consumer sentiment index line across all time shown, with the exception of the Global Financial Crisis, when gasoline prices decreased along with consumer sentiment. May 2022’s average price per gallon was $4.44. Chart sources: University of Michigan, U.S. Energy Information Administration, Bloomberg. End chart description.


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Area chart showing U.S. household wealth tied to equities. Chart subtitle: The level of U.S. household wealth tied to equities is at an all-time high. Chart visual description: Y-axis shows Equities as a % of Household and Non-Profit Financial Assets, ranging from 0% to 45%. X-axis shows years in 2-year increments, frfom 1979 to 2021. Data is plotted in light orange. Chart data description: In 1979, where chart data begins, 12% of household financial assets were held in equities. That percentage consistently climbs across the years plotted, with a dip every few years. The first peak in 2000 hit 38%, before declining to 22% in 2003 in the wake of the Dot-Com Bubble, then climbed again to 32% in 2007 before declining sharply to 18% in 2009 in the wake of the Global Financial Crisis. Since 2009, it has continued to climb fairly steadily. Though it did dip in early 2020, from 36% in October 2019 to 30% by January 2020, it has only increased since then, to a current 41.9%. Chart source: Source: FRED, Federal Reserve Bank of St. Louis as of December 31, 2021. End chart description.


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