@msf The problem is images have their own reality in 2023. Fake news can lead to real election results, so ESG becomes a prop in the culture wars. And those results matter a great deal to the oil lobby.
There is also long-term climate risk assessment done by those relativist ESG funds that still hold XOM and those assessments make the fossil fuel industry nervous. They do not want there to be any acknowledgment that climate change is a material financial risk to their businesses which requires either divestment or changes to their business policies such as leaving certain assets in the ground.
In the short term there is much greenwashing and saber rattling. In the long term these matters are of grave importance, and retirement plans must think both short and long term about risk. For the sixty year old employee there is perhaps little financial risk in holding fossil fuel companies and perhaps rewards, but for the thirty year old employee in a retirement plan the risks are substantial.
What the DOL rule is about on a more granular level is allowing plan sponsors to consider climate risk as a material financial risk in their selection of funds and those funds investment strategies. That makes the fossil fuel industry uncomfortable.

There's a lot more evidence that active management doesn't help returns in aggregate, but you see plenty of high cost active funds in retirement plans, and no lobbyist funded political campaign to block them. This campaign to block ESG funds from retirement plans ironically is limiting the free market in funds. It's saying if you work for the Texas government and have a retirement plan where you want to invest in equity funds for your future, you have to buy fossil fuel and other questionable stocks from an ESG perspective via those funds whether you want to or not. Investors should be allowed to make those decisions for themselves, but again, ironically, big conservative supposedly free-market supporting government wants to prevent investors from having the choice to consume whatever they want.

Yessir. I lived for a while in a little town in B.C. with a smelter. It's gone, now. The air always smelled awful, evil. When I said something about the air, protests erupted in my face. "You're talking about our JOBS!" Well excuse me. I thought there might be a way to have good clean air AND jobs. Duh.

There's a lot more evidence that active management doesn't help returns in aggregate, but you see plenty of high cost active funds in retirement plans, and no lobbyist funded political campaign to block them. This campaign to block ESG funds from retirement plans ironically is limiting the free market in funds. It's saying if you work for the Texas government and have a retirement plan where you want to invest in equity funds for your future, you have to buy fossil fuel and other questionable stocks from an ESG perspective via those funds whether you want to or not. Investors should be allowed to make those decisions for themselves, but again, ironically, big conservative supposedly free-market supporting government wants to prevent investors from having the choice to consume whatever they want.

The fossil fuel lobbyist limiting consumer choice edition:
https://nytimes.com/2023/02/28/climate/esg-climate-backlash.html

It’s been a widely accepted trend in financial circles for nearly two decades. But suddenly, Republicans have launched an assault on a philosophy that says that companies should be concerned with not just profits but also how their businesses affect the environment and society.
More than $18 trillion is held in investment funds that follow the investing principle known as E.S.G. — shorthand for prioritizing environmental, social and governance factors — a strategy that has been adopted by major corporations around the globe.
Now, Republicans around the country say Wall Street has taken a sharp left turn, attacking what they term “woke capitalism” and dragging businesses, their onetime allies, into the culture wars.
The rancor escalated on Tuesday as Republicans in Congress used their new majority in the House to vote by a margin of 216 to 204 to repeal a Department of Labor rule that allows retirement funds to consider climate change and other factors when choosing companies in which to invest. In the Senate, Republicans are lining up behind a similar effort that has been joined by Senator Joe Manchin III, Democrat of West Virginia.
….It is unclear whether applying environmental and social principles to investing is actually good for business. Some studies have shown that companies that embrace environmental and social goals outperform their peers in the long run. But other studies show the opposite. And as the stock market slumped last year, oil and gas stock prices rose sharply.
…
Senator Sheldon Whitehouse, Democrat of Rhode Island, said he believed the Republican position on E.S.G. was more about ginning up outrage than about just how much of a financial risk climate change posed to long term investments.
“They invent culture-war provocations that drive clicks, and woke capitalism is part of that,” he said.
Mr. Whitehouse added that he believed the fossil fuel industry was responsible for funding much of the pushback. Groups like the Texas Public Policy Foundation, which has been opposing climate action around the country, are supported by oil and gas companies. And the oil and gas industry continues to donate to Republicans at a far greater rate than it does to Democrats, according to data compiled by OpenSecrets.

Of course, having a rule that merely allows retirement plan investors the choice of buying an ESG fund is a terrible threat that will destroy America in the lobbyists view. There is no definitive evidence that ESG criteria or funds either outperform or underperform in the aggregate. There are strong ESG fund performers, too, as well as low cost ones. So, why not let investors decide for themselves by giving them the option to buy one? Somehow this is allowed in the rest of the world and a hell mouth hasn’t opened.

A format change from a continuous-running thread to new monthly posts.
TIAA Traditional (Accumulation) Rates
Restricted RC 6.25%, RA 6.00%
Flexible RCP 5.50%, SRA 5.25%, Newer IRAs 3.45%
TSP G Fund hasn't updated yet (previous monthly rate was 3.625%).
Options outside of workplace retirement plans include m-mkt funds, bank m-mkt accounts (FDIC insured), T-Bills, short-term brokered CDs.
#401k #403b #StableValue #TIAA #TSP
https://ybbpersonalfinance.proboards.com/post/956

Thanks @Mark. I recently made a switch from AKREX to this ETF. Certainly not an apples to apples category switch, but I like the components and process of AVGE. If I remember correctly, when the Aker fund started out, in it's hay day, it was also multi-cap. I think after years of success it got to big to be that and settled in as a large cap. Possibly the retirement of Chuck Aker also has something to do with 3 years of under performance. But in any case, I made the switch to AVGE.

For those without a Bloomberg subscription, the piece is syndicated and can be read here;
https://www.fa-mag.com/news/wall-street-s-mutual-fund-to-etf-magic-trick-is-failing-to-wow-71984.html
By converting an existing fund, issuers hope to bring an established track record and assets to the ETF market, giving each strategy a head start
This is also one of the rationales that Vanguard gives for its ETF share class of OEFs. Not so much for the track record as for not needing to accumulate assets from scratch.
Yet, there remain headwinds for many fund issuers exploring a conversion. One is the entrenched position of mutual funds in the American retirement system, where their stability and fractional share trading are more valuable than their ETF counterparts.
This is beginning to change, with firms like Fidelity and Schwb offering fractional trading of ETFs.
https://www.fidelity.com/learning-center/trading-investing/fractional-shares
https://www.schwabmoneywise.com/essentials/fractional-shares
OTOH, some firms, like Merrill still don't seem fully comfortable with fractional OEF shares, let alone fractional ETF shares. For example, see this partial transfer form for Merrill, requiring one to specify full shares.
https://olui2.fs.ml.com/publish/content/application/pdf/GWMOL/Partial_Asset_Transfer_Authorization_Letter.pdf

and now
https://www.nytimes.com/2023/02/24/opinion/retirement-long-term-care-annuity.html
and the (generally) 'no way' comments to the side

https://www.sec.gov/Archives/edgar/data/874964/000093041323000476/c105767_497.htm
497 1 c105767_497.htm
THE LAZARD FUNDS, INC.
Lazard Emerging Market Debt Portfolio
Supplement to Current Summary Prospectus and Prospectus
The Board of Directors of The Lazard Funds, Inc. (the “Fund”) has approved the liquidation of Lazard Emerging Market Debt Portfolio (the “Portfolio”).
No further investments are being accepted into the Portfolio, except for investments by certain brokers or other financial intermediaries or employee benefit or retirement plans (acting on behalf of their clients or participants) with pre-existing investments in the Portfolio pursuant to an agreement or other arrangement with the Fund, the Distributor or another agent of the Fund regarding Portfolio investments. Promptly upon completion of liquidation of the Portfolio’s investments, the Portfolio will redeem all its outstanding shares by distribution of its assets to shareholders in amounts equal to the net asset value of each shareholder’s Portfolio investment. It is anticipated that the Portfolio’s assets will be distributed to shareholders on or about April 25, 2023.
Prior to the liquidation of the Portfolio, depending on the arrangements of any broker or other financial intermediary associated with your account through which Portfolio shares are held, the Fund’s exchange privilege may allow you to exchange shares of the Portfolio for shares of the same Class of another series of the Fund in an identically registered account. Please see the section of the Prospectus entitled “Shareholder Information—Investor Services—Exchange Privilege” for more information.
Dated: February 24, 2023

Preparing to make our monthly contribution to David Giroux"s retirement fund, I mean TRAIX. ;)

I've been in it since Nov. 2013. Through thick and thicker, it's served me well. Lately, when it's had a couple of very good days, I grabbed some small chunks and reassigned them into junk bond fund PRCPX. I'm growing that one. Letting TUHYX just ride. In hard dollars, I figure I've devoted enough to TUHYX already.

Preparing to make our monthly contribution to David Giroux"s retirement fund, I mean TRAIX. ;)

To @msf's good list, I may add that within retirement accounts (401k, 403b, TSP, etc), Stable-Value (SV) Funds.
There are also Money Market ACCOUNTS by banks that are FDIC insured.

More interest read on Ray Dalio:

Billionaire Ray Dalio, founder of the hedge fund Bridgewater Associates, will receive billions of dollars in exchange for his retirement from the firm after “more than six months of frantic behind-the-scenes wrangling,” according to the New York Times, and after controversial comments about China raised eyebrows.

https://forbes.com/sites/tylerroush/2023/02/20/ray-dalio-worth-19-billion-will-get-billions-more-after-frantic-exit-negotiations-report-says/?sh=49fd6cba4a01

No access to NYT
(The link is to a subscriber-only newsletter.)
Courtesy of Google:
Cached copy
If that link doesn't work, try doing a Google search on:
warshawsky TIAA annuity
Mark Warshawsky worked for TIAA and wrote a paper about this 20 years ago. His idea is the subject of this NYTimes OpEd.

https://www.sec.gov/Archives/edgar/data/826732/000110465923023265/a23-7211_1497.htm
497 1 a23-7211_1497.htm 497
CALAMOS INVESTMENT TRUST
Calamos Global Sustainable Equities Fund (the "Fund")
Supplement dated February 17, 2023 to the
CALAMOS® FAMILY OF FUNDS
Summary Prospectus, Prospectus and Statement of Additional Information dated March 1, 2022, as Supplemented
As previously disclosed in the prospectus supplement dated November 2, 2022, 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 will stop 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. If a final distribution is 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

https://www.sec.gov/Archives/edgar/data/1355064/000158064223000908/dayhagen_497.htm
Day Hagan Smart Value Fund
Class A: DHQAX Class C: DHQCX Class I: DHQIX
(the “Fund”)
Supplement dated February 15, 2023 to the Prospectus, Summary Prospectus and Statement of Additional Information, each dated November 1, 2022.
______________________________________________________________________________
The Board of Trustees of Mutual Fund Series Trust has concluded that it is in the best interests of the Fund and its shareholders that the Fund cease operations. The Board has determined to close the Fund and redeem all outstanding shares on March 17, 2023 (“Liquidation Date”).
Effective immediately, the Fund will not accept any new investments and may no longer pursue its stated investment objective. The Fund will begin liquidating its portfolio and will invest in cash equivalents until all shares have been redeemed. Any capital gains will be distributed as soon as practicable to shareholders and reinvested in additional shares, unless you have previously requested payment in cash. Shares of the Fund are otherwise not available for purchase.
ANY SHAREHOLDERS WHO HAVE NOT REDEEMED OR EXCHANGED THEIR SHARES OF THE FUND PRIOR TO MARCH 17, 2023, WILL HAVE THEIR SHARES AUTOMATICALLY REDEEMED AS OF THAT DATE, AND PROCEEDS WILL BE SENT TO THE ADDRESS OR ACCOUNT OF RECORD. If you have questions or need assistance, please contact the Fund at 1-877-329-4246 (877-DAY-HAGN).
IMPORTANT INFORMATION FOR RETIREMENT PLAN INVESTORS
If you are a retirement plan investor, you should consult your tax advisor regarding the consequences of a redemption of Fund shares. If you receive a distribution from an Individual Retirement Account or a Simplified Employee Pension (SEP) IRA, you must roll the proceeds into another Individual Retirement Account within sixty (60) days of the date of the distribution in order to avoid having to include the distribution in your taxable income for the year. If you receive a distribution from a 403(b)(7) Custodian Account (Tax-Sheltered account) or a Keogh Account, you must roll the distribution into a similar type of retirement plan within sixty (60) days in order to avoid disqualification of your plan and the severe tax consequences that it can bring. If you are the trustee of a Qualified Retirement Plan, you may reinvest the money in any way permitted by the plan and trust agreement.
You should read this Supplement in conjunction with the Prospectus, any Summary Prospectus and the Statement of Additional Information for the Fund, each dated November 1, 2022, which provide information that you should know about the Fund before investing. These documents are available upon request and without charge by calling the Fund toll-free at 1-877-329-4246 (877-DAY-HAGN) or by writing to 4221 North 203rd Street, Suite 100, Elkhorn, Nebraska 68022.
Please retain this Supplement for future reference.

@sma3,
another retirement planner...allows you to include a spouse and added parameters. It's Free.
https://i-orp.com/Plans/index.html

Congress passed a massive year-end spending bill that included enhancements to retirement savings known as the SECURE Act 2.0. These changes build on the SECURE Act of 2019 and address issues that were not part of the original act, with the ultimate goal of increasing retirement preparedness for Americans.
McLean is hosting a webinar to provide insight into the meaningful changes brought by this new legislation. Moderated by Brian Bass, you will hear from McLean thought leaders Wade Pfau, Rob Cordeau, and Jason Rizkallah as we discuss what has changed and what financial planning opportunities are possible due to SECURE Act 2.0.
Topics include:
Required Minimum Distributions (RMDs)
529 College Savings Plans
Qualified retirement plans - both Traditional and Roth
Charitable planning
SEP and SIMPLE Roth accounts
Employer contributions to Roth accounts
Updates to benefit retirement savings

webinar secure act 2.0

@yogibearbull - Thank you for the correction. You are correct that the term flash-crash doesn’t fit what happened in October ‘87. I’ve attached an excerpt from Investopedia that more correctly defines flash-crash. I continue to learn so much here.
All I remember is I was driving home from work late in the afternoon when they interrupted the music on the radio to explain what had happened in the markets. Stunning. Lots of grim faces at work the next morning from those nearing retirement who had a lot more invested than I did at the time.
”The term flash crash refers to an event in the electronic securities markets wherein stock withdrawal orders rapidly amplify price declines before quickly recovering. The result of a flash crash appears to be a rapid sell-off of securities that can happen over a few minutes, resulting in dramatic declines. But as prices by the end of the day, it's as if the flash crash never happened”
Above excerpt from Investopedia (“Flash-crash” definition)
Here’s the earlier cited Wikipedia Article on the Crash of 1987