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PLANSPONSOR NEWSDASH LOGO August 10th, 2020
Insight on Plan Design & Investment Strategy Every Weekday
Products
Nationwide to Waive Fees for New Retirement Plan Clients in 2020
The goal is to help sponsors address COVID-19’s impact.
Products
ICMA-RC Offers Virtual Financial Planning Services to Plan Participants
The move will expand the availability of the firm’s Certified Financial Planners to working and retired participants.
Most Read

2020 PLANSPONSOR National Conference

2020 Recordkeeping Survey
Compliance
Excessive Fee, Self-Dealing Charges Filed Against Pentegra-Sponsored MEP
SPONSORED BY: AIG Retirement Services
No Employees’ Financial Future Is One-Size-Fits-All
Give them retirement solutions that are personalized for their future. 
Products
Ascensus Creates Mobile Retirement Savings App
The READYSAVE app will leverage behavioral prompts to drive better outcomes.
Products
Lively Brings Personalized Investment Guidance to its HSA
The new feature is powered by Devenir.
Deals and People
Retirement Industry People Moves
NFP acquires multidisciplinary insurance broker; Principal Financial Group announces new customer experience lead; NWPS announces rebranding after numerous acquisitions; and more.
Economic Events
Total nonfarm payroll employment rose by 1.8 million in July, and the unemployment rate fell to 10.2%, the Bureau of Labor Statistics reported. These improvements in the labor market reflected the continued resumption of economic activity that had been curtailed due to the coronavirus (COVID-19) pandemic, it said. In July, notable job gains occurred in leisure and hospitality, government, retail trade, professional and business services, other services, and health care.

June sales of merchant wholesalers, except manufacturers’ sales branches and offices, after adjustment for seasonal variations and trading day differences but not for price changes, were $457.3 billion, up 8.8% from the revised May level, but down 8.5% from the revised June 2019 level, the Census Bureau reported.
Market Mirror
Friday, the Dow inched upwards by 46.50 points (0.17%) to 27,433.48, the NASDAQ slipped by 97.09 points (0.87%) to end at 11,010.98, and the S&P 500 ticked ever so slightly upwards by 2.12 points (0.06%) for a 3,351.28 close. The Russell 2000 gained 24.56 points (1.59%) to reach 1,569.18, and the Wilshire 5000 ticked upwards by 11.80 points (0.03%) to end at 34,267.35.

The 10-year Treasury note fell by 2/32, increasing its yield to 0.566%, and the 30-year Treasury bond was down 31/32, increasing its yield to 1.234%.

WEEK’S WORTH: For the week ended August 7, the Dow was up 3.80%, the S&P 500 was up 2.45%, and the NASDAQ was up 2.47%. The Russell 2000 was up by 5.99%, and the Wilshire 5000 was up 2.62%. 
Compliance
District Court Says ‘Actuarial Equivalence’ ERISA Challenge Can Proceed
A previous ruling was handed down in the case in January, when the parties were given an opportunity to submit supplemental briefings as to the meaning of ‘actuarial equivalent’ under the relevant statutes.
Compliance
Stimulus Bill Projections May Impact Long-Term Savings
As both Senate and House proposals would pump trillions of dollars into the economy to aid staggering unemployment figures, concerns of possible inflation years down the line have increased.

SPONSORED BY: AIG Retirement Services
Help Your Public Service Employees Navigate Student Loan Forgiveness
Our program makes it simplefrom eligibility to enrollment.
Small Talk
ON THIS DATE: In 1821, Missouri became the 24th state to join the Union. In 1846, The Smithsonian Institution was chartered by the U.S. Congress. The “Nation’s Attic” was made possible by $500,000 given by scientist Joseph Smithson. In 1869, the motion picture projector was patented by O.B. Brown. In 1914, Austria-Hungary invaded Russia. In 1921, Franklin D. Roosevelt was stricken with polio. In 1927, Mount Rushmore was formally dedicated. The individual faces of the presidents were dedicated later. In 1944, U.S. forces defeated the remaining Japanese resistance on Guam. In 1945, the day after the atomic bombing of Nagasaki, Japan announced they would surrender. The only condition was that the status of Emperor Hirohito would remain unchanged. In 1948, on ABC, “Candid Camera” made its TV debut. In 1949, in the U.S., the National Military Establishment had its name changed to the Department of Defense. In 1973, Arnold Palmer did not make the cut for the final two rounds of the PGA Golf Championship. It was the first time in his career. In 1981, Pete Rose hit a single and broke the National League all-time hit record with his 3,631st hit. In 1988, President Ronald Reagan signed a measure that provided $20,000 payments to Japanese Americans who were interned by the U.S. government during World War II. In 1995, Norma McCorvey, “Jane Roe” of the 1973 U.S. Supreme Court decision legalizing abortion, announced that she had joined the anti-abortion group Operation Rescue.
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