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PLANSPONSOR NEWSDASH LOGO April 5th, 2021
Insight on Plan Design & Investment Strategy Every Weekday
Compliance
Claims Over Fidelity’s Use of Participant Data Dismissed
Claims Over Fidelity’s Use of Participant Data Dismissed
A federal judge determined participant data is not considered plan assets, meaning Fidelity was not a fiduciary with regard to the claims.
Editor’s Note
Change of NewsDash ‘From’ Email Address
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Most Read
Research
2021 Recordkeeping Survey
Compliance
DOL Clears Up Timing for Lifetime Income Illustrations

2020 Recordkeeping Survey
Products
Investment Product and Service Launches
Wisconsin and Voya Investment Management reduce fees on Tomorrow’s Scholar 529 program; Russell Investments and Hamilton Lane announce partnership; As You Sow Launches S&P 500 Racial Justice and DEI Scorecards; and more.
Economic Events
Interest on a 30-year fixed-rate mortgage averaged 3.18% for the week ending April 1, up from last week when it averaged 3.17%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 3.33%. Interest on a 15-year fixed-rate mortgage averaged 2.45%, unchanged from last week. A year ago at this time, the 15-year FRM averaged 2.82%.

Construction spending during February was estimated at a seasonally adjusted annual rate of $1,516.9 billion, 0.8% below the revised January estimate of $1,529.0 billion, the Census Bureau reported. The February figure is 5.3% above the February 2020 estimate of $1,441.1 billion. During the first two months of this year, construction spending amounted to $213.2 billion, 4.9% above the $203.2 billion for the same period in 2020.

In the week ending March 27, the advance figure for seasonally adjusted initial claims for unemployment insurance was 719,000, an increase of 61,000 from the previous week’s revised level of 658,000, the Labor Department reported. The four-week moving average was 719,000, a decrease of 10,500 from the previous week’s revised average of 729,500. This is the lowest level for this average since March 14, 2020, when it was 225,500.
Market Mirror
Thursday, the Dow closed 171.66 points (0.52%) higher at 33,153.21, the Nasdaq gained 233.24 points (1.76%) to finish at 13,480.11, and the S&P 500 was up 46.98 points (1.18%) at 4,019.87. The Russell 2000 increased 58.11 points (2.65%) to 2,253.90, and the Wilshire 5000 climbed 539.10 points (1.29%) to 42,280.97.

The price of the 10-year Treasury note increased 5/32, bringing its yield down to 1.685%. The price of the 30-year Treasury bond climbed 1 27/32, decreasing its yield to 2.334%.

For the week ending April 1, the Dow was up 0.24%, the Nasdaq climbed 2.60%, and the S&P 500 increased 1.14%. The Russell 2000 gained 1.46%, and the Wilshire 5000 finished 1.34% higher.
Compliance
ICON Clinical Research Sued for Excessive Fees
The text of the new complaint closely resembles others from the increasingly well-known law firm Capozzi Adler, which has filed numerous ERISA excessive fee lawsuits in the past several years.
Events
Evaluating Guaranteed Income Products
Join PLANSPONSOR and retirement industry sources Thursday, Apirl 15, for a discussion about the types of guaranteed income products available for sponsors of defined contribution (DC) plans; what plan and participant data to take into consideration to select the most appropriate guaranteed income product; and elements of guaranteed income products to evaluate when selecting one.
Investing
Asset Managers: Financial Factors Are Important Part of ESG Investment Selection
Investments should rank well on both financial and ESG metrics, and plan sponsors should know how their asset managers approach ESG investments.
Deals and People
Retirement Industry People Moves
Loomis, Sayles & Company add leaders to ESG practice; The Standard hires retirement plan consultant; TPA Services VP joins Transamerica; and more.
Small Talk
ON THIS DATE: In 1792, President George Washington cast the first presidential veto. The measure was for apportioning representatives among the states. In 1951, Americans Julius and Ethel Rosenberg were sentenced to death for committing espionage for the Soviet Union. In 1984, Kareem Abdul-Jabbar (Los Angeles Lakers) became the all-time NBA regular season scoring leader when he broke Wilt Chamberlain’s record of 31,419 career points. In 1994, rock icon Kurt Cobain died by suicide.
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