There are a variety of stable-value (SV) funds. I don't see any connection to ETNs.
The SVs from insurance companies may be supported directly by their general accounts, or they may be portfolios of bonds at 3rd parties with an insurance wrapper.
The SVs from fund firms may just be pools of GICs, BICs and short-term Treasuries/agencies. I have written to some and asked how they will cover losses if there were any, and their answer was that they are just very careful and conservative. But no explicit guarantees from any insurance company or from the firm to step in case of trouble.
The SVs are available within the workplace retirement plans only where clauses to prevent runs, etc, can be implemented. For example, they may be frozen during company-wide restructurings; many don't allow moving money into competing options directly (but only after "equity-wash"); they may also not pay in full for employees who are let go for causes, etc. This is why they aren't offered in IRAs as there is no mechanism there for such restrictions.

@sma3. People love to talk about California being expensive but our property tax just went up 1.9% year over year. Wasn’t planning on buying a car ever again but our perfect retirement car recently was totaled in an accident. Shit happens.

Damn. That sucks. Sorry to hear, and I do hope there were no injuries. Will you let us know?
Here's a weird one: I loved our old Jeep Patriot. White. Then we had a fire under the hood. The firemen found green boughs in there. THAT'S what ignited. Some damn animal made a NEST in there. I was less happy with the replacement we bought: a Jeep Cherokee. I think it was the first year the company resurrected that brand. With the crazy looking headlights.

@sma3. People love to talk about California being expensive but our property tax just went up 1.9% year over year. Wasn’t planning on buying a car ever again but our perfect retirement car recently was totaled in an accident. Shit happens.

Introductory question: if it were economically better to roll half the 401(k) into an IRA, wouldn't the benefit be even greater if you rolled the whole 401(k) into an IRA?
It's pretty clear that if your tax rates (or those of your beneficiaries) are lower in retirement, you're better off keeping the money in your 401(k). That's assuming you would use the same investment, the only difference being an extra 5 basis points in expenses.
Say you continue employment for another decade. (After retirement, you'd have RMDs in the 401(k) so there would be little reason to keep the money in that higher cost vehicle as opposed to a lower cost IRA).
So your investment cost for not moving the money would be about 10 x 5 basis point = 1/2%. (This ignores the minuscule compounding effect of 5 basis points.) That is petty in comparison with the reduction in taxes (if any) post-retirement.
OTOH, even if there is no reduction in taxes, by moving $500K to the IRA, you'd lose the (investment) use of the taxes owed on $20K/year. That is, you lose the tax deferral value of keeping the RMD amount tax-sheltered.
At 40% (your current tax rate), that's $8K in taxes paid early that you won't have to invest. And you lose the use of an additional $8K each year for however long you still work and could defer RMDs with your 401(k).
Let's say that you get 5% return on your S&P 500 investment. If you leave the $500K in the 401(k), then each year, for so long as you work, you'll have an additional $8K earning 5% ($400) that you wouldn't have had by using the IRA. That's $400 extra the first year, $800 extra the second year, etc. The cost to you for those earnings is 5 basis points on $500K/year or $250/year.
Of course you'll owe taxes on those extra earnings once you withdraw them from your retirement plan. So the gain isn't quite this large, but it's still clearly positive. Even if your taxes don't go down in retirement.
The choice seems obvious. Saving 5 basis points is not worth the loss of use of tax money, let alone potential lower tax rates if distributions are deferred until (actual) retirement.
It might be worth the additional flexibility, but that's a whole 'nother story.

https://www.sec.gov/Archives/edgar/data/1638872/000139834423006380/fp0082174-7_497.htm
497 1 fp0082174-7_497.htm
CLOUGH FUNDS TRUST
Supplement dated March 20, 2023
to the Summary Prospectus, Prospectus and Statement of Additional Information, each dated
February 28, 2023
On March 16, 2023, the Board of Trustees (the “Board”) of the Clough Funds Trust (the “Trust”), based upon the recommendation of Clough Capital Partners L.P. (the “Adviser”), the investment adviser to the Clough Global Long/Short Fund (the “Fund”), a series of the Trust, approved a Plan of Liquidation for the Fund (the “Plan”). Effective as of the close of business on March 20, 2023, the Fund will cease selling shares and the Adviser will begin the process of liquidating the Fund’s investments under the terms of the Plan. The Adviser anticipates that the assets of the Fund will be fully liquidated and all outstanding shares redeemed on or about April 24, 2023 (the “Liquidation Date”).
Pursuant to the Plan, the Fund will liquidate its investments and thereafter redeem all of its outstanding shares by distribution of its assets to shareholders in amounts equal to the net asset value of each shareholder’s Fund investment after the Fund has paid or provided for all of its charges, taxes, expenses and liabilities. Although the Fund will be closed to new purchases, you may continue to redeem your shares, including reinvested distributions, as provided in the section of the Prospectus entitled “Buying and Redeeming Shares.” The Liquidation date may be changed without notice to shareholders, as the liquidation of the Fund’s assets or winding up of the Fund’s affairs may take longer than expected. Any shareholders who have not redeemed their shares of the Fund prior to the Liquidation Date will have their shares redeemed automatically as of the close of business on the Liquidation Date.
As a result of the anticipated liquidation of the Fund, the Fund is expected to deviate from its stated investment strategies and policies and will no longer pursue its stated investment objective. The Fund will begin liquidating its portfolio and will hold cash and cash equivalents, such as money market funds, until all investments have been converted to cash and all shares have been redeemed. During this period, your investment in the Fund may not experience the gains (or losses) that would be typical if the Fund were still pursuing its investment objective.
As is the case with any redemption of fund shares, these liquidation proceeds will generally be subject to federal and, as applicable, state and local income taxes if the redeemed shares are held in a taxable account and the liquidation proceeds exceed your adjusted basis in the shares redeemed. If the redeemed shares are held in a qualified retirement account such as an IRA, the liquidation proceeds may not be subject to current income taxation under certain conditions. You should consult with your tax adviser for further information regarding the federal, state and/or local income tax consequences of this liquidation that are relevant to your specific situation.
All expenses incurred in connection with the transactions contemplated by the Plan, other than the brokerage commissions associated with the sale of portfolio securities, will be paid by the Adviser.
Please retain this supplement with your Summary Prospectus, Prospectus and
Statement of Additional Information.

@Crash. In 2008 I was busy running a business and I was ten years from retirement. I didn’t have all day to follow the markets every move and digest a hundred other dudes fears. The future of democracy wasn’t in question and the crazy caucus wasn’t threatening default. And I don’t remember members of Congress calling for a civil war. But if the worst happened I had a decade for the market the climb back and short of that,,,, to save more money. Of course things look extra volatile now. If we live long enough, this too shall pass. Best regards to you Crash.

FYI per The NYT:
"If a brokerage firm is in financial trouble, an entity called the Securities Investor Protection Corporation, known as SIPC, serves as a backstop. It’s a nonprofit corporation that was created under the Securities Investor Protection Act of 1970.
SIPC generally covers up to $500,000 of securities and cash (including a $250,000 limit for the cash component) for each customer, though that can be higher for people with multiple accounts — depending on the account types and whether they’re individual accounts or jointly held.
A traditional individual retirement account, a Roth I.R.A. and an individual brokerage account, for example, would each qualify for a $500,000 limit at the same firm. The same goes for a separate joint account or a trust account.
But if you had two individual brokerage accounts at the same firm, for instance, you would receive only up to $500,000 in protection for both. A married couple with a joint brokerage account — as well as two individual brokerage accounts at the same firm — would receive an additional $500,000 in coverage for the joint account."

Question: In light of the recent bank failures in California, is or has anybody been breaking up their accounts at different brokerages to meet the SIPC's $500,000 coverage limit? Is anybody concerned in view of Schwab's recent market performance?
Just curious, since I never considered the possibility of a major national brokerage firm going bankrupt.
Fred

If you are covered by an employer plan, then income limits apply for full or partial deductibility of T-IRA contributions. There are no income limits for nondeductible T-IRA contribution (and that is why Backdoor Roth work).
Higher income limits apply to R-IRAs but those aren't deductible.
https://www.fidelity.com/retirement-ira/contribution-limits-deadlines

@sma3, tax the rich sounds better to me than paying a 30% sales tax with our retirement money.

I suggest that @msf follow up on this with M* or @ApplebyIRA at Twitter.
I'm rather antisocial (media) - no Facebook, Twitter, etc. accounts. And M* keeps making it harder to communicate with. Instead I'll try D. Appleby's website targeted at individuals, and relay what response I get.
About the website: https://retirementdictionary.com/about-us/
"The rules that govern IRAs, 401(k)s and other retirement accounts are complex. Need a plain-English explanation? Ask us!"
https://retirementdictionary.com/ask-an-expert/

Thanks for your thoughts. As I move toward mid retirement I find my need for income is less than anticipated but my loss aversion is greater than before. Thus my interest in lower risk investments.

https://www.sec.gov/Archives/edgar/data/799295/000172967823000013/prosai-stkr6919_0323.htm
497 1 prosai-stkr6919_0323.htm SUPPLEMENT TO PROSPECTUS AND SAI
March 8, 2023
BNY Mellon Investment Funds I
-BNY Mellon Diversified Emerging Markets Fund
Supplement to Summary Prospectus, Prospectus and Statement of Additional Information
The Board of Trustees of BNY Mellon Investment Funds I (the "Trust") has approved the liquidation of BNY Mellon Diversified Emerging Markets Fund (the "Fund"), a series of the Trust, effective on or about May 12, 2023 (the "Liquidation Date"). Before the Liquidation Date, and at the discretion of Fund management, the Fund's portfolio securities will be sold and shares held of underlying funds will be redeemed, and the Fund may cease to pursue its investment objective and policies. The liquidation of the Fund may result in one or more taxable events for shareholders subject to federal income tax.
Accordingly, effective on or about April 11, 2023 (the "Closing Date"), the Fund will be closed to any investments for new accounts, except that new accounts may be established by participants in group retirement plans if the Fund is established as an investment option under the plans before the Closing Date. The Fund will continue to accept subsequent investments until the Liquidation Date, except that subsequent investments made by check or pursuant to TeleTransfer or Automatic Asset Builder no longer will be accepted after May 2, 2023. However, subsequent investments by Individual Retirement Accounts and retirement plans sponsored by BNY Mellon Investment Adviser, Inc. or its affiliates (together, "BNYM Adviser Retirement Plans") pursuant to TeleTransfer or Automatic Asset Builder (but not by check) will be accepted after May 2, 2023.
Effective on the Closing Date, the front-end sales load applicable to purchases of the Fund's Class A shares will be waived on investments made in the Fund's Class A shares. In addition, as of that date, the contingent deferred sales charge ("CDSC") applicable to redemptions of Class C shares and Class A shares of the Fund will be waived on any redemption of such Fund shares.
To the extent subsequent investments are made in the Fund on or after the Closing Date, the Fund's distributor will not compensate financial institutions (which may include banks, securities dealers and other industry professionals) for selling Class C shares or Class A shares subject to a CDSC at the time of purchase.
Fund shares held on the Liquidation Date in BNYM Adviser Retirement Plans will be exchanged for Wealth shares of Dreyfus Government Cash Management ("DGCM"). Investors may obtain a copy of the Prospectus of DGCM by calling 1-800-373-9387.
6919STK0323

https://www.sec.gov/Archives/edgar/data/1591556/000159155623000015/stk62530323.htm
497 1 stk62530323.htm SUPPLEMENT TO PROSPECTUS AND SAI
March 8, 2023
BNY Mellon Investment Funds II, Inc.
- BNY Mellon Alternative Diversifier Strategies Fund
Supplement to Summary Prospectus, Prospectus and Statement of Additional Information
The Board of Directors of BNY Mellon Investment Funds II, Inc. (the "Company") has approved the liquidation of BNY Mellon Alternative Diversifier Strategies Fund (the "Fund"), a series of the Company, effective on or about May 12, 2023 (the "Liquidation Date"). Before the Liquidation Date, and at the discretion of Fund management, the Fund's portfolio securities will be sold and shares held of underlying funds will be redeemed, and the Fund may cease to pursue its investment objective and policies. The liquidation of the Fund may result in one or more taxable events for shareholders subject to federal income tax.
Accordingly, effective on or about April 11, 2023 (the "Closing Date"), the Fund will be closed to any investments for new accounts, except that new accounts may be established by participants in group retirement plans if the Fund is established as an investment option under the plans before the Closing Date. The Fund will continue to accept subsequent investments until the Liquidation Date, except that subsequent investments made by check or pursuant to TeleTransfer or Automatic Asset Builder no longer will be accepted after May 2, 2023. However, subsequent investments by Individual Retirement Accounts and retirement plans sponsored by BNY Mellon Investment Adviser, Inc. or its affiliates (together, "BNYM Adviser Retirement Plans") pursuant to TeleTransfer or Automatic Asset Builder (but not by check) will be accepted after May 2, 2023.
Effective on the Closing Date, the front-end sales load applicable to purchases of the Fund's Class A shares will be waived on investments made in the Fund's Class A shares. In addition, as of that date, the contingent deferred sales charge ("CDSC") applicable to redemptions of Class C shares and Class A shares of the Fund will be waived on any redemption of such Fund shares.
To the extent subsequent investments are made in the Fund on or after the Closing Date, the Fund's distributor will not compensate financial institutions (which may include banks, securities dealers and other industry professionals) for selling Class C shares or Class A shares subject to a CDSC at the time of purchase.
Fund shares held on the Liquidation Date in BNYM Adviser Retirement Plans will be exchanged for Wealth shares of Dreyfus Government Cash Management ("DGCM"). Investors may obtain a copy of the Prospectus of DGCM by calling 1-800-373-9387.
6253STK0323

Being able to do a partial transfer/rollover of an account with 72(t) distribtutions is nice, but it begs the question why would one want to do that? The usual advice, especially with respect to (employer-sponsored) retirement plans is to do full rollovers.
Jeffrey Levine (Kitches.com) has a nice discussion of many of the SECURE 2.0 Act provisions. He offers a good example of why one might want to do a partial transfer. In short, because there might be an investment opportunity that would lock up the money (e.g. CD). To take advantage of that opportunity while still being able to make the requisite distributions, one retains some of the money in the original account for withdrawals. See Example #5.
https://www.kitces.com/blog/secure-act-2-omnibus-2022-hr-2954-rmd-75-529-roth-rollover-increase-qcd-student-loan-match/
I am a bit confused by the recommendation on Yogi's page. "IRA owners and plan participants should keep 72(t) account balances segregated from other amounts."
ISTM 72(t) accounts must be segregated. 72(t) withdrawal amounts are based on the entire balance of the account being used. And you're not allowed to add money to the account once the withdrawals commence. That appears to originate with RR 2002-62 Section 2.02(e). So there's no commingling at the start of withdrawals, and no commingling after that.
Thus keeping 72(t) account balances segregated seems to be a requirement, not a recommendation. And this has little to do with SECURE 2.0. Prior to that Act, one could not do a full transfer into an existing IRA with a nonzero balance. 2.0 allows partial transfers, but the restriction appears to remain intact - one cannot do a transfer, partial or full, into an existing IRA.
The only effect that 2.0 seems to have on distributions is that while the total amount of the 72(t) distribution must be based on the combined balances of the split account, one is free to make the exact requisite withdrawal amount from any combination of the 72(t) accounts (that resulted from the split). In this respect, the 72(t) calculation and execution is like an RMD calculation and execution done across multiple accounts.

Interestingly, the Cares Act and the Secure Act 2.0 have withdrawal provisions that were and are worth keeping in mind. With the Cares Act we borrowed and returned retirement money over the three year reporting window.
I believe with the Secure Act 2.0 anyone can (withdraw and return) $1K (over a 3 year reporting period) from your qualified accounts penalty free for a "self certified emergency", $22K if one experiences a federal emergency, and unlimited penalty free withdrawals for a terminally illness (wow).
first-look-at-the-secure-2-0-act

I believe there are other IRA penalty free withdrawal provisions worth considering before considering a 72T withdrawal.

You can withdraw funds from your 457(b) plan penalty-free at any age once you leave your employer or retire. You won't owe an early withdrawal penalty even if you are not yet 59 ½, but you will pay federal and state income taxes on the withdrawal.

what-are-the-rules-for-withdrawing-from-a-457b
also,

What Is the Rule of 55?
Under the terms of this rule, you can withdraw funds from your current job’s 401(k) or 403(b) plan with no 10% tax penalty if you leave that job in or after the year you turn 55. (Qualified public safety workers can start even earlier, at 50.) It doesn’t matter whether you were laid off, fired, or just quit.
This rule applies to current – not former – 401(k) or 403(b) plans. The government does not permit penalty-free withdrawals before 59.5 from plans you had with a previous employer. If you want access to that money under the rule of 55, you would have to transfer those funds into your current 401(k) or 403(b) plan.
You won’t have to pay the penalty if you take distributions from a 401(k) early for these reasons:
- You become totally and permanently disabled.
-You pass away and your beneficiary or estate is withdrawing money from the plan.
-You’re taking distributions to pay deductible medical expenses that exceed 7.5% of your adjusted gross income.
-Distributions are the result of an IRS levy.
-You’re receiving qualified reservist distributions.

401k-403b-55-rule

72T uniform withdrawals allow PENALTY-FREE (but TAXABLE) withdrawals from retirement accounts (IRA, 401k, 403b) before the age of 59.5. However, the rules are COMPLEX to prevent excessive withdrawals & are very RIGID – once started, there couldn’t be any changes & the program must continue for 5 years or to age 59.5, whichever the later (even if there is risk of running out of money, triggering premature termination penalties). A less noted provision of the new SECURE 2.0 allows some flexibility for 72T in making partial transfers and rollovers after 12/31/23.
https://ybbpersonalfinance.proboards.com/thread/249/uniform-withdrawals-retirement-accounts-72t?page=1&scrollTo=964

update:
https://www.sec.gov/Archives/edgar/data/826732/000110465923027416/tm238039d1_497.htm
1 tm238039d1_497.htm 497
CALAMOS® FAMILY OF FUNDS
CALAMOS INVESTMENT TRUST
Calamos Global Sustainable Equities Fund (the “Fund”)
Supplement dated March 1, 2023 to the Fund’s
Summary Prospectus, Prospectus and Statement of Additional Information, each dated March 1, 2023, as supplemented
As previously disclosed in the prospectus supplements dated November 2, 2022 and February 17, 2023, the Fund’s Board of Trustees approved a proposal to liquidate the Fund at a meeting held on October 31, 2022.
It is expected that the Fund will liquidate on or about March 27, 2023 (the “Liquidation Date”). All dates noted in this announcement are effective as of the close of business on the respective date.
Effective February 21, 2023, the Fund stopped accepting purchases from new investors and existing shareholders, except that existing investors that hold Fund shares through defined contribution retirement plans as of February 17, 2023, may continue to purchase Fund shares through March 20, 2023. At this time, no final distribution is anticipated. If a final distribution is subsequently required, it will be paid no later than Wednesday, March 22, 2023. The Fund reserves the right to modify the extent to which sales of shares are limited prior to the Fund’s liquidation.
Any contingent deferred sales charge that would be applicable on a redemption of the Fund’s shares shall be waived from February 21, 2023 to the Liquidation Date.
Calamos expects to begin to reduce the remaining assets of the Fund to distributable form in cash on or around March 20, 2023, to facilitate the Fund’s liquidation. Beginning on that date, the Fund may no longer be invested in accordance with its principal investment strategies. The last date to place redemptions via the NSCC is Friday, March 24, 2023. After the close of business on the Liquidation Date, the Fund will liquidate any remaining shareholder accounts and will send shareholders the proceeds of the liquidation.
PLEASE RETAIN SUPPLEMENT FOR FUTURE REFERENCE

Cutting a low-cost provider like BlackRock out of the bidding to run state retirement plans makes no sense financially, and it's easy to see how costs for plan participants would tick higher as a result.

https://www.sec.gov/Archives/edgar/data/1535538/000174177323000598/c497.htm
497 1 c497.htm
948 P1 03/23
SUPPLEMENT DATED MARCH 1, 2023
TO THE PROSPECTUS DATED OCTOBER 1, 2022
OF
K2 LONG SHORT CREDIT FUND
(a series of Franklin Alternative Strategies Funds)
The prospectus is amended as follows:
The following paragraphs are added to the beginning of the “Fund Summary” and “Fund Details” sections of the prospectus:
On February 28, 2023, the Board of Trustees of Franklin Alternative Strategies Funds, on behalf of K2 Long Short Credit Fund (the “Fund”), approved a proposal to liquidate and dissolve the Fund. The liquidation is anticipated to occur on or about May 12, 2023 (Liquidation Date); however, the liquidation may occur sooner if at any time before the Liquidation Date there are no shares outstanding in the Fund. The liquidation may also be delayed if unforeseen circumstances arise. The Fund may deviate from its investment objective and investment strategies at any time prior to the Liquidation Date.
At the close of market on April 3, 2023, the Fund will be closed to new investors, except as noted below. Existing investors who had an open and funded account on April 3, 2023, can continue to invest in the Fund through exchanges and additional purchases after such date. The following categories of investors may continue to open new accounts in the Fund after the close of market on April 3, 2023: (1) clients of discretionary investment allocation programs where such programs had investments in the Fund prior to the close of market on April 3, 2023, and (2) Employer Sponsored Retirement Plans or benefit plans and their participants where the Fund was available to participants prior to the close of market on April 3, 2023. The Fund will not accept any additional purchases after the close of market on or about May 9, 2023. The Fund reserves the right to change this policy at any time.
Shareholders of the Fund on the Liquidation Date will have their accounts liquidated and the proceeds will be delivered to them. For those shareholders with taxable accounts and for Federal, state and local income tax purposes: (a) any liquidation proceeds paid to such shareholder should generally be treated as received by such shareholder in exchange for the shareholder’s shares and the shareholder will therefore generally recognize a taxable gain or loss; (b) in connection with the liquidation, the Fund may declare taxable distributions of its income and/or capital gain; and (c) an exchange out of the Fund prior to the Liquidation Date may be considered a taxable transaction and such shareholders may recognize a gain or loss. Shareholders should consult their tax advisers regarding the effect of the Fund’s liquidation in light of their individual circumstances. Participants in an Employer Sponsored Retirement Plan that is a Fund shareholder should consult with their plan sponsor for further information regarding the impact of the liquidation. In considering new purchases or exchanges, shareholders may want to consult with their financial advisors to consider their investment options.
Please keep this supplement with your prospectus for future reference.