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Insight on Plan Design & Investment Strategy Every Weekday
Money Manager’s COVID-19 Message: Stay the Course
“Rather than panic and act on their emotions, the vast majority of participants allowed their DC plans to do the job they were meant to do,” says Katherine Roy at J.P. Morgan, recalling the lessons learned from the Great Recession.
Retirees Returning to the Public Sector Face Limitations
The growing need for public-sector employees has retirees willing to return to work, but limitations on public pensions and Social Security may deter them.
Most Read
Participants Will Need Support to Understand Lifetime Income Projections
Data and Research
DB Plans Retain Cost Advantage Over DC Plans
DC Plan Design Can Be Creatively Used to Get Participants Back on Track
Economic Events
Advance estimates of U.S. retail and food services sales for March, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $483.1 billion, a decrease of 8.7% from the previous month, and 6.2% below March 2019, the Census Bureau reported. Total sales for the January through March period were up 1.1% from the same period a year ago. Retail trade sales were down 6.2% from February, and 3.8% below last year. Food and beverage stores were up 28% from March 2019, while clothing and clothing accessories stores were down 50.7% from last year.

The combined value of distributive trade sales and manufacturers’ shipments for February, adjusted forseasonal and trading day differences but not for price changes, was estimated at $1,464.2 billion, down 0.5% from January, but up 1.4% from February 2019.
Market Mirror
Wednesday, the Dow decreased 445.41 points (1.86%) to 23,504.35, the NASDAQ was down 122.56 points (1.44%) at 8,393.18, and the S&P 500 closed 62.70 points (2.20%) lower at 2,783.36. The Russell 2000 fell 53.36 points (4.31%) to 1,183.98, and the Wilshire 5000 lost 639.48 points (2.25%) to finish at 27,837.88.

The price of the 10-year Treasury note increased 1 1/32, bringing its yield down to 0.636%. The price of the 30-year Treasury bond climbed 3 5/32, decreasing its yield to 1.273%.
DB Plan Sponsors Should Develop a Strategy Now for the Next Market Fallout
Plan sponsors that already have an LDI strategy in place may be able to better capture opportunities in the current environment, and for those that don’t, it’s never too late to start.
Parties in Princeton University ERISA Lawsuit Reach Agreement to Settle
The District Court had previously denied a motion to reconsider an earlier decision to let parts of the lawsuit move forward.
Cerner Corp. Faces Second Excessive Fee Suit
This new challenge is being filed in a different district court and claims that the participant has not signed an arbitration agreement of the type that could stymie the first complaint.
Ameritas Waives Fees to Relieve COVID-19 Financial Burdens
Plan sponsors can opt in to the voluntary provisions.
Small Talk
ON THIS DATE: In 1705, Queen Anne of England knighted Isaac Newton. In 1818, the Senate ratified the Rush-Bagot amendment to form an unarmed U.S.-Canada border. In 1900, the first book of postage stamps was issued. In 1905, Andrew Carnegie donated $10,000,000 of personal money to set up the Carnegie Foundation for the Advancement of Teaching. In 1912, Harriet Quimby became the first woman to fly across the English Channel. In 1948, in Paris, the Organization for European Economic Co-operation was set up. In 1999, Wayne Gretzky announced his retirement from the National Hockey League (NHL). In 2007, 32 people died after being gunned down on the campus of Virginia Tech by a student at the college who later died by suicide. In 2018, the Pulitzer Prize Board awarded the Pulitzer Prize for Music to rapper Kendrick Lamar for his 2017 album, DAMN. The Pulitzer committee called DAMN. “a virtuosic song collection unified by its vernacular authenticity and rhythmic dynamism that offers affecting vignettes capturing the complexity of modern African-American life.”
SURVEY SAYS: Many employees have transitioned to working remotely from home because of the novel coronavirus pandemic. This week, I’d like to know, do you work remotely and in what ways has it affected your work? You may respond to this week’s survey by 6 p.m. Pacific time today.
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