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PLANSPONSOR NEWSDASH LOGO July 2nd, 2020
Insight on Plan Design & Investment Strategy Every Weekday
Investment Focus
It Takes Two
It Takes Two
Sponsors may offer an income product, but do participants understand and use it?
Data and Research
No Massive Pullback From Retirement Savings Seen Yet
Research finds few retirement savers have lowered savings rates or withdrawn money; however, those with lower incomes and in certain industries may be disproportionately affected.
Most Read
Compliance
DOL ESG Proposal Throws a Cloud Over Prior Guidance
Compliance
Lawsuit Says Plan Fiduciaries Should Have Chosen Less Expensive CITs
Opinions
COVID-19 Compliance Corner: IRS Expands CRD Eligibility and Clarifies Loan Rules
Economic Events
Construction spending during May was estimated at a seasonally adjusted annual rate of $1,356.4 billion, 2.1% below the revised April estimate of $1,386.1 billion, the Census Bureau reported. The May figure is 0.3% above the May 2019 estimate of $1,352.9 billion. During the first five months of this year, construction spending amounted to $543.2 billion, 5.7% above the $513.7 billion for the same period in 2019.
Market Mirror
Wednesday, the Dow was down 77.91 points (0.30%) at 25,734.97, the NASDAQ gained 95.86 points (0.95%) to finish at 10,154.63, and the S&P 500 closed 15.57 points (0.50%) higher at 3,115.86. The Russell 2000 climbed 48.53 points (3.52%) to 1,427.31, and the Wilshire 5000 increased 108.64 points (0.34%) to 31,739.15.

The price of the 10-year Treasury note was down 2/32, increasing its yield to 0.672%. The price of the 30-year Treasury bond decreased 25/32, bringing its yield up to 1.421%.
Opinions
Barry’s Pickings: ESG QDIA
Michael Barry, president of O3 Plan Advisory Services LLC, offers his thoughts on the DOL’s proposal to ban ESG-centric funds from DC plan QDIAs—and suggests a middle ground.
Investing
Will ‘Whiplash’ Volatility Continue in Q3? Most Likely.
The global equity markets dropped by about 20% during the first quarter before snapping back in the second. Analysts are pondering what comes next.
Small Talk
ON THIS DATE: In 1776, Richard Henry Lee’s resolution that the American colonies “are, and of right ought to be, free and independent States” was adopted by the Continental Congress. In 1881, Charles J. Guiteau fatally wounded President James A. Garfield in Washington, D.C. In 1926, Congress established the Army Air Corps. In 1937, American aviation pioneer Amelia Earhart disappeared in the Central Pacific during an attempt to fly around the world at the equator. In 1939, at Mount Rushmore, Theodore Roosevelt’s face was dedicated. In 1947, an object crashed near Roswell, New Mexico. The U.S. Army Air Force insisted it was a weather balloon, but eyewitness accounts led to speculation that it might have been an alien spacecraft. In 1964, President Lyndon B. Johnson signed into law the Civil Rights Act in a nationally televised ceremony at the White House. In 1976, North Vietnam and South Vietnam were reunited. In 1980, President Jimmy Carter reinstated draft registration for males 18 years of age. In 1985, General Motors announced that it was installing electronic road maps as an option in some of its higher-priced cars.

It’s not Friday, but since we at PLANSPONSOR will be taking a holiday tomorrow, now it’s time for some FRIDAY FUN!
Brave and helpful dog eliminates weed in yard.

The way we’ll all greet each other when this is over.

What I’d do on a paddle board.

For those who will miss local fireworks celebrations this weekend, here you go.

In London, England, a man found caterpillars in broccoli purchased from a local supermarket. Rather than getting upset, he decided to keep them and raise them. “I’m a firm believer in not harming any animals or insects if possible and I just sort of knew what I had to do after googling how to keep a caterpillar,” he said, according to the Huffington Post. The man named the caterpillars and took care of them as they cocooned and transformed into butterflies. The radio personality documented his experience on Twitter.

In Edmonton, Alberta, Canada, a doctor at the Royal Alexandra Hospital says his daily commute to work is the best part of his day. He starts his two-hour commute by towing his canoe behind his bike from his house to a boat launch. Then he paddles his canoe down the North Saskatchewan River. After he docks, he bikes, mostly uphill, to the hospital with the canoe still in tow. He usually starts his night shift at 4 p.m. and heads home the next day at 7 a.m. “If it’s a bad day, I have something to look forward to. If it’s a good day, I get my exercise before I even have to worry about the next shift,” he said, according to Global News.

In Bossier City, Louisiana, police were able to find a man shown in a video swimming in a fish tank at a sporting goods store. A shopper heard a big splash and when she saw the man swimming in the tank, she took a video. Bass Pro Shops filed a complaint with police, saying it cost them money to empty out the 13,000-gallon aquarium and clean it, KTAL-TV reported. The man said he jumped in the fish tank to fulfill a promise to his TikTok followers that he would do so if he got 2,000 likes. He was charged with simple criminal damage to property.

Have a safe and happy weekend, everyone!
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