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PLANSPONSOR NEWSDASH LOGO December 28th, 2020
Insight on Plan Design & Investment Strategy Every Weekday
Investing
Is Bitcoin Right for Your Pension Plan?
Is Bitcoin Right for Your Pension Plan?
Interest in Bitcoin is growing, and firms are working to make it more accessible, as studies show small allocations into the cryptocurrency can yield favorable results.
Deals and People
2021 Plan Sponsor of the Year Nominations Are Open
Nominations may be made by providers, advisers, consultants, actuaries, attorneys, third-party administrators (TPAs), employees and colleagues, or, you can even nominate yourself.
Most Read
1
New Financial Audit Rule Increases Requirements for Plan Sponsors
2
TRIVIAL PURSUITS: What do the M’s stand for in M&Ms?
3
Participants Missing the Full Match Remains a Big Problem
4
2021 Recordkeeping Survey
5
Parties in Church Plan Lawsuit Finally Get Preliminary Approval of Settlement
SPONSORED BY: AYCO
Benefit considerations in uncertain times
Employers are shifting their benefits to help employees navigate the financial impact of COVID-19.
Economic Events
In the week ending December 19, the advance figure for seasonally adjusted initial claims for unemployment insurance was 803,000, a decrease of 89,000 from the previous week’s revised level of892,000, the Labor Department reported. The four-week moving average was 818,250, an increase of 4,000 from the previous week’s revised average of 814,250.

Interest on a 30-year fixed-rate mortgage averaged 2.66% for the week ending December 24, down from last week when it averaged 2.67%, according to Freddie Mac. This is the lowest rate in the survey’s history, which dates back to 1971. A year ago at this time, the 30-year FRM averaged 3.74%. Interest on a 15-year fixed-rate mortgage averaged 2.19%, down from last week when it averaged 2.21%. A year ago at this time, the 15-year FRM averaged 3.19%.
Market Mirror
Thursday, the Dow increased 70.04 points (0.23%) to 30,199.87, the NASDAQ closed 33.62 points (0.26%) higher at 12,804.73, and the S&P 500 gained 13.05 points (0.35%) to finish at 3,703.06. The Russell 2000 was down 3.15 points (0.16%) at 2,003.95, and the Wilshire 5000 was up 84.57 points (0.22%) at 39,175.59.

The price of the 10-year Treasury note was up 2/32, decreasing its yield to 0.933%. The price of the 30-year Treasury bond increased 27/32, bringing its yield down to 1.663%.

For the week ending December 25, the Dow was up 0.07%, the NASDAQ gained 0.38%, and the S&P 500 finished 0.17% lower. The Russell 2000 climbed 1.72%, and the Wilshire 5000 increased 0.11%.
Compliance
Physical Presence Requirement Relief Extended Through June
The relief is for retirement plan participant elections and spousal consent required to be witnessed by a plan representative or a notary public.
ERISA Preemption Curtailed by Supreme Court Ruling
A recent Supreme Court decision will have a greater impact on health care plans than retirement plans, but it offers insight about ERISA preemption.
Independent Fiduciary Appointed to Distribute $1.5M in Abandoned Plans
The plans were abandoned after the plan provider owners took their own lives.
Ask the Experts
457(b) Plan Contributions Based on Severance Pay
“I know from previous Ask the Experts column that you cannot make contributions to a 403(b) plan based on severance pay (payments to a former employee for NOT working). But what about 457(b) plans? Are the rules the same?”
Investing
Biden Administration Expected to Weigh In on ESG Investments
President-elect Joe Biden’s proposals on climate change and sustainability, indicate it is likely that the new administration will issue guidance on ESG investing in the next four years.
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Data and Research
Debt a Serious Impediment for Retirees
It is particularly high among minorities, EBRI found.
Small Talk
ON THIS DATE: In 1832, citing political differences with President Andrew Jackson and a desire to fill a vacant Senate seat in South Carolina, John C. Calhoun became the first vice president in U.S. history to resign the office. In 1846, Iowa became the 29th state to be admitted to the Union. In 1869, the Knights of Labor, a labor union of tailors in Philadelphia, held the first Labor Day ceremonies in American history. In 1902, the first professional indoor football game was played at Madison Square Garden in New York City. Syracuse defeated the Philadelphia Nationals 6-0. In 1912, the first municipally-owned street cars were used on the streets of San Francisco. In 1945, the U.S. Congress officially recognized the “Pledge of Allegiance.” In 1973, President Richard Nixon signed the Endangered Species Act into law. In 1981, the first American “test-tube baby,” a child born as a result of in-vitro fertilization, was born in Norfolk, Virginia.
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