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PLANSPONSOR NEWSDASH LOGO August 17th, 2020
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DB Focus
Blight Resistant
Blight Resistant
Private equity is a bright spot for investors at this time.
Events
PLANADVISER 2020 National Conference
Retirement plan advisers, join us live from the comfort of your desk September 14 through 18 for our annual conference which deals with the most pressing issues your practice is facing, created after discussions with our advisory committee featuring past PLANSPONSOR Retirement Plan Advisers of the Year. As you look at the virtual environment in which you will be running your practice for the foreseeable future, we will provide an agenda to help you embrace and optimize that. The 2020 conference agenda will examine the usual core categories of client service, practice management, investments and regulatory challenges, but with a current focus.
Most Read

2020 PLANSPONSOR National Conference
Benefits
Are Employer-Sponsored DC Plans the Best Retirement Savings Vehicles?

2020 Plan Sponsor of the Year
SPONSORED BY: Edelman Financial Engines
Covid-19 and Financial Well-Being
How Employers Can Help Employees Manage Financial Stress, Be Better Prepared, and Improve Work Productivity
Economic Events
The combined value of distributive trade sales and manufacturers’ shipments for June, adjusted for seasonal and trading day differences but not for price changes, was estimated at $1,394.0 billion, up 8.4% from May, but down 4.3% from June 2019, the Census Bureau reported.

Advance estimates of U.S. retail and food services sales for July, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $536.0 billion, an increase of 1.2% from the previous month, and 2.7% above July 2019. Total sales for the May through July period were down 0.2% from the same period a year ago. Retail trade sales were up 0.8% from June, and 5.8% above last year. Nonstore retailers were up 24.7% from July 2019, while food and beverage stores were up 11.1% from last year.

Tomorrow, the Census Bureau will report about housing starts for July. Thursday, the Labor Department will issue its initial claims report. Friday, the National Association of Realtors will report about existing home sales for July.
Market Mirror
Thursday, the Dow was up 34.30 points (0.12%) at 27,931.02, the NASDAQ closed 23.20 points (0.21%) lower at 11,019.30, and the S&P 500 was virtually unchanged at 3,372.85. The Russell 2000 was down 1.91 points (0.12%) at 1,577.88, and the Wilshire 5000 decreased 14.45 points (0.04%) to 34,478.13.

The price of the 10-year Treasury note was up 1/32, decreasing its yield to 0.712%. The price of the 30-year Treasury bond was down 20/32, increasing its yield to 1.445%.

For the week ending August 14, the Dow climbed 1.81%, the NASDAQ was up 0.08%, and the S&P 500 gained 0.64%. The Russell 2000 increased 0.55%, and the Wilshire 5000 finished 0.62% higher.
Data and Research
Overwhelming Majority Doesn’t Have Emergency Savings to Last Six Months
More than half of Americans are earning half or less than half of their pre-pandemic income, and 31% have lost their entire income, a FlexJobs and Prudential survey has revealed.
Compliance
McKinsey Agrees to Settle Excessive Fee Lawsuit
In addition to a $39.5 million payment, the firm has agreed to a number of prospective steps to ensure reasonable expenses.
Products
Northshire Selects 401GO for Chambers of Commerce Platform
The partnership with the recordkeeper will focus on the firm’s National Chamber of Commerce Micro Market Solution.
Deals and People
Retirement Industry People Moves
TRA adds newest regional sales consultant; Mercer selects responsible investment leaders; Newport acquires TPA business at Huntington National Bank; and more.
Small Talk
ON THIS DATE: In 1790, the capital city of the U.S. moved to Philadelphia from New York City. In 1896, the Klondike gold rush was set off by George Carmack discovering gold on Rabbit Creek in Alaska. In 1903, Joseph Pulitzer donated a million dollars to Columbia University. This started the Pulitzer Prizes in his name. In 1939, the movie “Wizard of Oz” premiered in New York City. In 1961, the Communist East German government completed the construction of the Berlin Wall. In 1968, the first Miss Black America pageant took place. In 1996, Ross Perot was announced to be the Reform Party’s presidential candidate. It was the party’s first-ever candidate. In 1998, NationsBank and BankAmerica merged to create the largest U.S. bank.
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