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Deals and People
Two Private Equity Firms Will Purchase Wells Fargo Asset Management
Two Private Equity Firms Will Purchase Wells Fargo Asset Management
The deal means that GTCR and Reverence Capital will also acquire Wells Fargo Bank’s North American-based business of serving as trustee to its collective investment trusts (CITs) and all related WFAM legal entities.
Ask the Experts
Can Beneficiaries Elect Timing of Payments From Inherited 403(b) Assets?
“In a 403(b) plan, does a spouse beneficiary have the ability to forgo the payments over his/her life expectancy and opt for the payout under the 10-year rule established by the SECURE Act for designated non-spouse beneficiaries? Would it matter if the participant’s death was before or after their required beginning date? Would other eligible designated beneficiaries who satisfy the exception to the 10-year rule have the ability to choose the 10-year option rather than the life expectancy option?”
Most Read
Participants Will Need Support to Understand Lifetime Income Projections
Data and Research
DB Plans Retain Cost Advantage Over DC Plans
Milliman Accused of Failing to Prune Bad Investments From 401(k)
Economic Events
The Conference Board Consumer Confidence Index improved again in February, after increasing in January. The Index now stands at 91.3 (1985=100), up from 88.9 in January. The Present Situation Index—based on consumers’ assessment of current business and labor market conditions—climbed from 85.5 to 92.0. However, the Expectations Index—based on consumers’ short-term outlook for income, business, and labor market conditions—fell marginally, from 91.2 last month to 90.8 in February.
Market Mirror
Tuesday, the Dow was up 15.66 points (0.05%) at 31,537.35, the Nasdaq decreased 67.85 points (0.50%) to 13,465.20, and the S&P 500 increased 4.87 points (0.13%) to 3,881.37. The Russell 2000 closed 19.76 points (0.88%) lower at 2,231.31, and the Wilshire 5000 decreased 32.43 points (0.08%) to 41,284.12.

The price of the 10-year Treasury note was up 1/32, decreasing its yield to 1.359%. The price of the 30-year Treasury bond was down 3/32, increasing its yield to 2.194%.
Natixis Accused of Self-Dealing in New Lawsuit
The lawsuit alleges that a preference for proprietary investments led to excessive fees and the continuation of underperforming investments in Natixis’ plan lineup.
Benchmarking Custom TDFs Is Not an Exact Science
However, there are methods to create a benchmark, and consultants and investment managers should be able to help.
Data and Research
Women’s Retirement Savings Especially Affected by the Pandemic
Offering employees flexible work schedules and access to financial advice are among actions plan sponsors can take to help.
Small Talk
ON THIS DATE: In 1863, Arizona was organized as a territory. In 1868, the House of Representatives voted 11 articles of impeachment against President Andrew Johnson, nine of which cited Johnson’s removal of Secretary of War Edwin M. Stanton, a violation of the Tenure of Office Act. The House vote made President Johnson the first president to be impeached in U.S. history. In 1968, the Tet Offensive ended as U.S. and South Vietnamese troops recaptured the ancient capital of Hue from communist forces. In 1981, Buckingham Palace announced the engagement of Britain’s Prince Charles to Lady Diana Spencer. In 1991, after six weeks of intensive bombing against Iraq and its armed forces, U.S.-led coalition forces launched a ground invasion of Kuwait and Iraq.
WEDNESDAY WISDOM: “Advice is like snow – the softer it falls, the longer it dwells upon, and the deeper it sinks into the mind.”—Samuel Taylor Coleridge, English poet
Industry Intel Roundup—Thought Leadership
PLANSPONSOR is pleased to present the next edition of our Industry Intelligence roundup. This week, we are featuring content from thought leadership authorities. The content was created to educate, inform and offer ideas for plan sponsors regarding plan design, investing, administration and compliance.
SPONSORED BY: Edelman Financial Engines
What’s Next for Retirement Income?
The retirement industry has always adapted to support the shifting financial complexities facing American workers. Recent events have put a spotlight on the need for additional retirement income support. While there may not be a universal solution for all employees, there are steps plan sponsors can take to give participants confidence in planning for a smooth transition into retirement.
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