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PLANSPONSOR NEWSDASH LOGO April 24th, 2020
Insight on Plan Design & Investment Strategy Every Weekday
Data and Research
Retirement Confidence Remains Steady
Workers’ retirement confidence was not only comparable to last year but was relatively unchanged when EBRI refielded its survey in late March.
PLANSPONSOR Awards
Get to Know Our Plan Sponsor of the Year Finalists
PLANSPONSOR is pleased to present profiles of our plan sponsor of the year finalists in the Corporate 401(k) $25MM–$50MM 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
Economic Events
Sales of new single‐family houses in March were at a seasonally adjusted annual rate of 627,000, according to estimates released jointly by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 15.4% below the revised February rate of 741,000 and is 9.5% below the March 2019 estimate of 693,000.

In the week ending April 18, the advance figure for seasonally adjusted initial claims for unemployment insurance was 4,427,000, a decrease of 810,000 from the previous week’s revised level of 5,237,000, the Labor Department reported. The four-week moving average was 5,786,500, an increase of 280,000 from the previous week’s revised average of 5,506,500.

Interest on a 30-year fixed-rate mortgage averaged 3.33% for the week ending April 23, up slightly from last week when it averaged 3.31%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 4.20%. Interest on a 15-year fixed-rate mortgage averaged 2.86%, up from last week when it averaged 2.80%. A year ago at this time, the 15-year FRM averaged 3.64%.
Market Mirror
Thursday, the Dow increased 39.44 points (0.17%) to 23,515.26, the NASDAQ was virtually unchanged at 8,494.75, and the S&P 500 was down 1.51 points (0.05%) at 2,797.80. The Russell 2000 closed 12.54 points (1.04%) higher at 1,214.07, and the Wilshire 5000 was up 35.47 points (0.13%) at 28,096.83.

The price of the 10-year Treasury note was up 3/32, decreasing its yield to 0.598%. The price of the 30-year Treasury bond increased 1 3/32, bringing its yield down to 1.177%.
Compliance
Administrator of Self-Funded Health Plans Ordered to Restore Funds
The Department of Labor found WH Administrators failed to provide proper plan funding and pay medical claims, as well as improperly collected fees.
Products,
Alight Solutions Introduces Employee Well-being Offering
Alight Well provides employees with access to personalized communications, individual and team contests and redeemable rewards.
Investment Product and Service Launches
Wells Fargo launches Retirement Income Solution, and Morningstar to acquire Sustainalytics.
Small Talk
ON THIS DATE: In 1800, President John Adams approved legislation to appropriate $5,000 to purchase “such books as may be necessary for the use of Congress,” thus establishing the Library of Congress. In 1889, the Edison General Electric Company was organized. In 1897, William Price became the first to be named White House news reporter. In 1898, Spain declared war on the U.S., rejecting America’s ultimatum for Spain to withdraw from Cuba. In 1916, on Easter Monday in Dublin, the Irish Republican Brotherhood, a secret organization of Irish nationalists led by Patrick Pearse, launched the so-called Easter Rebellion, an armed uprising against British rule. In 1953, Winston Leonard Spencer Churchill, the British leader who guided Great Britain and the Allies through the crisis of World War II, was knighted by Queen Elizabeth II. In 1962, MIT sent a TV signal by satellite for the first time. In 1990, the space shuttle Discovery blasted off from Cape Canaveral, Florida. It was carrying the $1.5 billion Hubble Space Telescope. In 1997, the Senate ratified the Chemical Weapons Convention. The global treaty banned the development, production, storage and use of chemical weapons.

And now for some FRIDAY FUN!
A way to keep cats entertained during stay-at-home orders.

What is God’s first name?

In Indian Trail, North Carolina, a farm is offering a way to provide some levity for tedious virtual meetings during the coronavirus pandemic, according to the Associated Press. Peace N Peas Farm will rent Mambo, the 8-year-old miniature donkey, and his friends to crash company conference calls, The Charlotte Observer reported. This camera crowding donkey is “like a pesky little brother” that “doesn’t let anyone relax too long,” Francie Dunlap, Mambo’s owner, said. Companies can choose other farm animals they want to invite as guests on their video calls. According to the farm animal’s meeting registration website, they include three horses, some chickens and ducks. “I think it would get some laughs,” Dunlap said. Customers can reserve 10 minutes with the animals for $50, and Dunlap said co-workers can also choose a virtual meeting name for the farm animal.

At the Mollehusvej border crossing, an 89-year-old retired farmer and an 85-year-old former caterer have found a way to keep their love alive despite a border lockdown. He lives in Northern Germany and she lives in Southern Denmark. Prior to March 13, when the Danish government announced it would close its borders the next day to all but people traveling for work, she would typically go to his house daily and they would cook a meal together and chat. According to The New York Times, they didn’t let the border lockdown stop their daily meetings. She drives from the Danish side and he cycles from the German side to the border. She brings the coffee and the table, he the chairs and the schnapps. Then they sit down on either side of the border, a yard or two apart, to chat, joke and drink.

Hope everyone has a wonderful weekend!
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