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PLANSPONSOR NEWSDASH LOGO April 20th, 2020
Insight on Plan Design & Investment Strategy Every Weekday
Benefits
Voluntary Benefits Provide Much-Needed Help During COVID-19 Crisis
Plan sponsors should consider an off-cycle voluntary benefits enrollment and prepare for a workforce that will pay more attention to voluntary benefits in the future.
PLANSPONSOR Awards
Get to Know Our 2020 Plan Sponsor of the Year Finalists
We are pleased to present profiles of our plan sponsor of the year finalists in the Public Defined Contribution (DC) category. Profiles can be seen by clicking on the name of the finalist.
Most Read
Compliance
Supreme Court Decision in Thole v. U.S. Bank Has Major Implications for Pensions
Compliance
Heroes Act Now In the Hands of a Skeptical Senate
Compliance
Court Finds Plan Sponsor Could Be Found Liable for Retirement Plan Cyberfraud
SPONSORED BY: MassMutual
Coronavirus and Your Company’s Retirement Plan
As more states respond to the Coronavirus by ordering people to shelter in place and closing nonessential business operations, commerce is screeching to a halt. Millions of Americans are being forced onto unemployment rolls, anxiously awaiting their next paycheck and, at least momentarily, postponing saving for retirement.
Economic Events
Tomorrow, the National Association of Realtors will report about existing home sales for March. Thursday, the Census Bureau will report about new home sales for March, and the Labor Department will release its initial claims report. Friday, the Census Bureau will report about durable goods orders for March.
Market Mirror
Friday, the Dow gained 704.81 points (2.99%) to finish at 24,242.49, the NASDAQ was up 117.78 points (1.38%) at 8,650.14, and the S&P 500 increased 75.01 points (2.68%) to 2,874.56. The Russell 2000 climbed 51.01 points (4.33%) to 1,229.10, and the Wilshire 5000 closed 775.29 points (2.77%) higher at 28,760.24.

The price of the 10-year Treasury note was down 3/32, increasing its yield to 0.649%. The price of the 30-year Treasury bond fell 1 4/32, bringing its yield up to 1.270%.

For the week ending April 17, the Dow increased 2.21%, the NASDAQ climbed 6.09%, and the S&P 500 gained 3.04%. The Russell 2000 was down 1.41%, and the Wilshire 5000 finished 2.94% higher.
Deals and People
Retirement Industry People Moves
SLC Management expands fixed income team; SS&C Technologies names VP for retirement plan administration team; Office leader joins Mercer Northern California division; and more.
Compliance
Lawsuit Argues Pharmaceutical Company Ignored Excessive 401(k) Investment Fees
The lawsuit alleges plan fiduciaries failed to use the lowest cost share class for many of the mutual funds within the plan and failed to consider lower-cost investment vehicles.
Small Talk
ON THIS DATE: In 1777, the first New York state constitution was formally adopted by the Convention of Representatives of the State of New York. In 1836, the territory of Wisconsin was created by Congress. In 1871, with passage of the Third Force Act, popularly known as the Ku Klux Act, Congress authorized President Ulysses S. Grant to declare martial law, impose heavy penalties against terrorist organizations and use military force to suppress the Ku Klux Klan (KKK). In 1902, Marie and Pierre Curie successfully isolated radioactive radium salts from the mineral pitchblende in their laboratory in Paris. In 1912, Fenway Park opened as the home of the Boston Red Sox. In 1945, during World War II, Allied forces took control of the German cities of Nuremberg and Stuttgart. In 1953, Operation Little Switch began in Korea. It was the exchange of sick and wounded prisoners of war. Thirty Americans were freed. In 1961, FM stereo broadcasting was approved by the FCC. In 1971, the U.S. Supreme Court upheld the use of busing to achieve racial desegregation in schools. In 1980, the Castro regime announced that all Cubans wishing to emigrate to the U.S. were free to board boats at the port of Mariel west of Havana, launching the Mariel Boatlift. In 1999, two teenage gunmen killed 13 people in a shooting spree at Columbine High School in Littleton, Colorado. In 1999, Jane Seymour received a star on the Hollywood Walk of Fame.
SURVEY SAYS RESPONSES: Last week, I asked NEWSDash readers, “Do you work remotely and in what ways has it affected your work?” The vast majority of responding readers (91.3%) have transitioned to working remotely. Around one-third (34.8%) are balancing work with child care/teaching responsibilities. Approximately 46% reported their productivity is about the same while working remotely. Four in 10 (39.5%) said they are more productive, and 13.9% said they are less productive. Six in 10 reported they are working about the same number of hours since transitioning to remote working, while 35% are working more hours and 4.6% are working less. Asked if they would like to work remotely all the time, only 19.6% said yes, 23.9% said no, and the majority (56.5%) indicated they would like to work remotely more than they used to but not all the time. I also asked respondents to share what they like or dislike about working remotely.
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