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PLANSPONSOR NEWSDASH LOGO February 21st, 2020
Insight on Plan Design & Investment Strategy Every Weekday
Participants
Adjusting the Retirement Savings Path
Adjusting the Retirement Savings Path
Financial circumstances may change, but plan sponsors can help participants still control, and sustain, their savings.
Products
Investment Product and Service Launches
American Beacon and asset management firm launch bond fund; Hartford Funds and Wellington Management release ETF; and Vanguard announces lower expense ratios on select ETFs.
Most Read
Compliance
CARES Act Passes Congress, Including Retirement Plan Relief
Ask the Experts
Coronavirus-Related Distributions From 403(b) and Governmental 457(b) Plans
Administration
Plan Sponsors Facing Difficult Decisions During Coronavirus Pandemic
Economic Events
Interest on a 30-year fixed-rate mortgage averaged 3.49%, slightly up from last week when it averaged 3.47%. A year ago at this time, the 30-year FRM averaged 4.35%, according to Freddie Mac. Interest on a 15-year fixed-rate mortgage averaged 2.99%, slightly up from last week when it averaged 2.97%. A year ago at this time, the 15-year FRM averaged 3.78%.

In the week ending February 15, the advance figure for seasonally adjusted initial claims for unemployment insurance was 210,000, an increase of 4,000 from the previous week’s revised level of 206,000, the Labor Department reported. The four-week moving average was 209,000, a decrease of 3,250 from the previous week’s revised average of 212,250.
Market Mirror
Thursday, the Dow closed 128.05 points (0.44%) lower at 29,219.98, the NASDAQ lost 66.22 points (0.67%) to finish at 9,750.97, and the S&P 500 decreased 12.92 points (0.38%) to 3,373.23. The Russell 2000 was up 3.50 points (0.21%) at 1,696.07, and the Wilshire 5000 was down 99.26 points (0.29%) at 34,434.69.

The price of the 10-year Treasury note was up 3/32, decreasing its yield to 1.560%. The price of the 30-year Treasury bond increased 7/32, bringing its yield down to 2.012%.
Compliance
SECURE Act Guaranteed Income Safe Harbor Provides Assurance to Plan Sponsors
Attorneys discussed the clarity it provides, due diligence required and the hurdle of getting participants to accept annuities.
DST Systems Lawsuit Defendants Move to Disqualify Plaintiffs’ Attorneys
They found that some of the clients the attorneys were representing were former committee members alleged to have committed ERISA violations.
Court Advances Suit Regarding Delta Air Lines’ Offset of Pension Benefits
It was found that the pension plan committee did not reasonably interpret the plan when it offset pension benefits for retirees who had previously received a workers’ compensation settlement.
Small Talk
ON THIS DATE: In 1842, John J. Greenough patented the sewing machine. In 1848, “The Communist Manifesto,” written by Karl Marx with the assistance of Friedrich Engels, was published in London by a group of German-born revolutionary socialists known as the Communist League. In 1866, Lucy B. Hobbs became the first woman to graduate from a dental school. The school was the Ohio College of Dental Surgery in Cincinnati. In 1878, the first telephone directories issued in the U.S. were distributed to residents in New Haven, Connecticut. It was a single page of only fifty names. In 1885, the Washington Monument was dedicated in Washington, D.C. In 1925, the first issue of “The New Yorker” was published. In 1947, Edwin Land demonstrated the Polaroid Land Camera to the Optical Society of America in New York City. It was the first camera to take, develop and print a picture on photo paper all in about 60 seconds. The photos were black and white. In 1965, Malcolm X was assassinated in New York City at the age of 39. In 1968, an agreement between baseball players and club owners increased the minimum salary for major league players to $10,000 a year. In 1975, former U.S. Attorney General John N. Mitchell and former White House aides H.R. Haldeman and John D. Ehrlichman were sentenced to 2 1/2 to 8 years in prison for their roles in the Watergate cover-up.

And now for some FRIDAY FUN!
The stages of eating ice cream.

The secret life of pets.

This guy stepped up the dad game.

What would you think if you logged on to your financial account and saw a zero balance? If you have a retirement or other account with Fidelity Investments, you may have been one of those who panicked Wednesday when its website said you had $0 in your account—or no account at all. Multiple news reports say Fidelity reported technical issues which are resolved now.

In Croydon, New Hampshire, the town board voted to eliminate its one-man police department and move to 100% coverage by the New Hampshire State Police. The police chief, who was at the meeting, was told to turn in the key to his cruiser, his guns and his uniform immediately. According to the Associated Press, he went into an office he shared with town officials and took off his clothes before the board chairman. He said that as he took off his clothes, the board chairman said he didn’t have to do that. But the police chief said those were the orders. He didn’t have spare clothes or a ride home. He walked nearly a mile in a snowstorm before his wife picked him up.

In Bern, Switzerland, Swiss President Simonetta Sommaruga is turning 60 on May 14 and has invited all Swiss citizens who share her birthday to her party. The AFP says there were 94,372 births in Switzerland in 1960—the year Sommaruga was born—meaning that the average maximum number of invitees would be around 258. Prospective celebrants must submit a copy of their passport through the presidency website. The location of the party is not being disclosed publicly.

In Bellefonte, Pennsylvania, a 68-year-old man is facing a host of criminal charges as police say he was under the influence while trying to flee from them. The police chase took a while because police say the suspect was driving so slowly. According to police court testimony, the man was driving while high on marijuana and kept driving for 15 miles with seven police cars involved before he was halted with stop sticks deployed on the roadway. According to the local NBC News station, police say after the man was stopped, he said “all this for just a DUI and smoking a little marijuana. I hope you are happy with yourself.”

Wishing everyone a great weekend!
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