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PLANSPONSOR NEWSDASH LOGO December 13th, 2019
Insight on Plan Design & Investment Strategy Every Weekday
PS Coach
It Could Be Time to De-Clutter
It Could Be Time to De-Clutter
Tips for storing and disposing of old documents and amendments.
Products
Investment Product and Service Launches
Harbor Capital offers Robeco equity funds to U.S. clients; E*TRADE enhances stock plan administration platform; T. Rowe Price presents China Evolution Equity Fund; and more.
Most Read
Compliance
IRS Announces 2020 Contribution and Benefit Limits
Administration
Plan Sponsors Have Multiple Options for Creating Income Streams for Participants
Benefits
Social Security Administration Announced COLA for 2020
Economic Events
The Producer Price Index for final demand was unchanged in November, as a 0.3% rise in prices for final demand goods offset a 0.3% decrease in the index for final demand services, the Bureau of Labor Statistics reported. The final demand index advanced 1.1% for the 12 months ended in November.

In the week ending December 7, the advance figure for seasonally adjusted initial claims for unemployment insurance was 252,000, an increase of 49,000 from the previous week’s unrevised level of 203,000, the Labor Department reported. This is the highest level for initial claims since September 30, 2017, when it was 257,000. The four-week moving average was 224,000, an increase of 6,250 from the previous week’s unrevised average of 217,750.

The average interest rate for a 30-year fixed-rate mortgage is 3.73%, up from 3.68% one week ago, according to Freddie Mac. The average interest rate for a 15-year fixed-rate mortgage is 3.19%, up from 3.14%.
Market Mirror
Thursday, the Dow gained 220.75 points (0.79%) to finish at 28,132.05, the NASDAQ was up 63.27 points (0.73%) at 8,717.32, and the S&P 500 closed 26.94 points (0.86%) higher at 3,168.57. The Russell 2000 increased 12.89 points (0.79%) to 1,644.81, and the Wilshire 5000 climbed 257.81 points (0.81%) to 32,259.25.

The price of the 10-year Treasury note decreased 30/32, bringing its yield up to 1.895%. The price of the 30-year Treasury bond fell 2 0/32, increasing its yield to 2.319%.
Compliance
Plan Amendments After the 403(b) Remedial Amendment Period
Non-governmental 403(b) plans, for the first time, have a deadline for adopting plan amendments going forward.
DOL Plans Notice of Proposed Rulemaking on Proxy Voting
The DOL says the action would modernize fiduciary practices related to the voting rights associated with ERISA plan investments.
Small Talk
ON THIS DATE: In 1577, English seaman Francis Drake set out from Plymouth, England, with five ships and 164 men on a mission to raid Spanish holdings on the Pacific coast of the New World and explore the Pacific Ocean. In 1925, Dick Van Dyke, the actor in Mary Poppins and Chitty Chitty Bang Bang, as well as the popular 1960s TV sitcom The Dick Van Dyke Show, was born in West Plains, Missouri. In 2003, after spending nine months on the run, former Iraqi dictator Saddam Hussein was captured.

And now it’s time for FRIDAY FILES!
Southerners may appreciate this. I have actually had a problem with my phone understanding me.

If you ever have a bad day at work, think about this guy.

In Alpnach, Switzerland, the army has a dance for you.

In Las Cruces, New Mexico, an employee of a Subway sandwich shop is facing charges after police say she robbed the place. The Las Cruces Sun-News reports that she told officers she committed the robbery “to teach one of the employees a lesson about what could happen late at night in that part of town.”

In Las Vegas, Nevada, over the past week, there have been multiple reports of Las Vegas pigeons sporting various colored cowboy hats. Mariah Hillman, who runs Lofty Hopes, told the Huffington Post that after several days of searching, they finally tracked down the pigeon in the red hat, which they’ve named Cluck Norris. Coo-Lamity Jane, who wears a pink hat, is still out roaming. There’s also reportedly a brown-hatted pigeon on the loose. Some social media users noted that the National Finals Rodeo happened to be in town, but the Professional Rodeo Cowboys Association had “nothing to do with the pigeons wearing cowboy hats,” ProRodeo Sports News editor Scott Kaniewski told The New York Times. Hillman said that although she first thought the birds’ attire was cute, she quickly developed concerns for the safety of the cowboy pigeons when she realized the hats appeared to be permanently secured. On capture, the birds will need to spend some time at the rescue while they assess the situation.

In Memphis, Tennessee, a woman who went through the drive-thru line of a McDonald’s realized she received ketchup instead of the jelly she requests. In a sad tale of how violent our society has become, the Associated Press reports that as words were exchanged with several employees, the woman allegedly pulled out a gun and pointed it at them. Over jelly?!?

Have a wonderful weekend!
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