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PLANSPONSOR NEWSDASH LOGO August 26th, 2020
Insight on Plan Design & Investment Strategy Every Weekday
Administration
Retirement Plan Providers Opening Up to Serving Cannabis and Other Companies
Retirement Plan Providers Opening Up to Serving Cannabis and Other Companies
A few financial firms have entered the cannabis, hemp and CBD market, being careful to manage any legal risks for their clients and themselves.
Ask the Experts
Can Nonresident Aliens Be Excluded From Deferring in 403(b)s?
“We are a private health care organization which sponsors an Employee Retirement Income Security Act (ERISA) 403(b) plan. Can we exclude nonresident aliens from the right to make elective deferrals to our plan?”
Most Read
1
2020 PLANSPONSOR National Conference
2
Are Employer-Sponsored DC Plans the Best Retirement Savings Vehicles?
3
2020 Plan Sponsor of the Year
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2020 Plan Sponsor of the Year
5
$10M Settlement Reached in NRECA ERISA Litigation
Events
Plan Progress Webinar: Staying on Track With Fiduciary Responsibilities
This has been an atypical year in which retirement plan sponsors have seen regulatory deadlines and requirements delayed or relaxed. It has also been a year of distraction, in which some tasks may be forgotten. Join PLANSPONSOR and retirement industry experts in a webinar as they discuss IRS and Department of Labor (DOL) guidance on delayed deadlines and when plan sponsors should use the relief; common errors to avoid and how to get back on track if necessary; and a review of necessary actions and deadlines to comply with provisions of the Setting Every Community Up for Retirement Enhancement (SECURE) Act.
Economic Events
The Conference Board Consumer Confidence Index decreased in August, after declining in July. The Index now stands at 84.8 (1985=100), down from 91.7 in July. The Present Situation Index—based on consumers’ assessment of current business and labor market conditions—decreased sharply from 95.9 to 84.2. The Expectations Index—based on consumers’ short-term outlook for income, business, and labor market conditions—declined from 88.9 in July to 85.2 this month.

Sales of new single-family houses in July were at a seasonally adjusted annual rate of 901,000, according to estimates released jointly by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 13.9% above the revised June rate of 791,000 and is 36.3% above the July 2019 estimate of 661,000.
Market Mirror
Tuesday, the Dow was down 60.02 points (0.21%) at 28,248.44, the NASDAQ gained 86.75 points (0.76%) to finish at 11,466.47, and the S&P 500 closed 12.34 points (0.36%) higher at 3,443.62. The Russell 2000 was up 2.74 points (0.17%) at 1,571.21, and the Wilshire 5000 increased 116.93 points (0.33%) to 35,178.39.

The price of the 10-year Treasury note was down 3/32, increasing its yield to 0.688%. The price of the 30-year Treasury bond decreased 31/32, bringing its yield up to 1.399%.
Compliance
Investors Seek More Substantive PEP Guidance from DOL
Though they applaud the direction the Department of Labor is taking, expert ERISA attorneys say a new proposed rule does not sufficiently explain how pooled employer plans can be structured like existing multiple employer plans.
Opinions
COVID-19 Compliance Corner: IRS Clarification of RMD Waivers and Extension of Rollover Deadline
Retirement plan participants need a reminder that the deadline to repay a required minimum distribution (RMD) for those who received one in 2020 but want to take advantage of the waiver is August 31.
Participants
Workers Continue to Take Withdrawals From Retirement Accounts
An American Consumer Credit Counseling (ACCC) report found 23% of employees are also increasingly unconfident in the economy.
Small Talk
ON THIS DATE: In 1873, the school board of St. Louis, Missouri, authorized the first U.S. public kindergarten. In 1920, the 19th Amendment, guaranteeing women the right to vote, was formally adopted into the U.S. Constitution by proclamation of Secretary of State Bainbridge Colby. In 1939, the first televised Major League baseball game was broadcast on station W2XBS, the station that was to become WNBC-TV. Announcer Red Barber called the game between the Cincinnati Reds and the Brooklyn Dodgers at Ebbets Field in Brooklyn, New York. In 1957, the first Edsel made by the Ford Motor Company rolled off the assembly line. In 1961, the International Hockey Hall of Fame in Toronto opened. In 1968, as the Democratic National Convention got underway in Chicago, thousands of antiwar demonstrators took to Chicago’s streets to protest the Vietnam War and its support by the top Democratic presidential candidate, Vice President Hubert Humphrey. In 1973, a U.S. Presidential Proclamation was declared that made August 26th Women’s Equality Day.
WEDNESDAY WISDOM: “There are two ways of spreading light: to be the candle or the mirror that reflects it.”—Edith Wharton, American novelist
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