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PLANSPONSOR NEWSDASH LOGO February 26th, 2021
Insight on Plan Design & Investment Strategy Every Weekday
Administration
Plan Sponsors Have Fiduciary Duties to Follow During Adviser M&As
Plan Sponsors Have Fiduciary Duties to Follow During Adviser M&As
They should know the right questions to ask as advisory firm merger and acquisition activity continues to increase.
Data and Research
The NQDC Market
Data on number of plans, participants and liabilities by nonqualified plan type, and a listing of the largest providers of section 409A plans and section 457 plans.
Most Read
Research
2021 Recordkeeping Survey
Benefits
Giving Employees the Financial Wellness Help They Want
Compliance
DOL Clears Up Timing for Lifetime Income Illustrations
Economic Events
Interest on a 30-year fixed-rate mortgage averaged 2.97% for the week ending February 25, up from last week when it averaged 2.81%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 3.45%. Interest on a 15-year fixed-rate mortgage averaged 2.34%, up from last week when it averaged 2.21%. A year ago at this time, the 15-year FRM averaged 2.95%.

New orders for manufactured durable goods in January increased $8.5 billion or 3.4% to $256.6 billion, the U.S. Census Bureau announced. This increase, up nine consecutive months, followed a 1.2% December increase. Excluding transportation, new orders increased 1.4%. Excluding defense, new orders increased 2.3%. Transportation, up eight of the last nine months, led the increase, $6.1 billion or 7.8% to $85.1 billion.

In the week ending February 20, the advance figure for seasonally adjusted initial claims for unemployment insurance was 730,000, a decrease of 111,000 from the previous week’s revised level of 841,000, the Labor Department reported. The four-week moving average was 807,750, a decrease of 20,500 from the previous week’s revised average of 828,250.
Market Mirror
Thursday, the Dow tumbled by 559.85 points (1.75%) to close at 31,402.01, the Nasdaq fell by 478.54 points (3.52%) to 13,119.43, and the S&P 500 gave up 96.09 points (2.45%) for a 3,829.34 finish. The Russell 2000 declined by 84.21 points (3.69%) to end at 2,200.17, and the Wilshire 5000 shed 1,133.61 points (2.71%) for a 40,629.40 close.

The price of the 10-year Treasury note decreased 1 4/32, increasing its yield to 1.525%, and the price of the 30-year Treasury bond fell 1 25/32, increasing its yield to 2.300%.
Compliance
BBVA Compass Bancshares Loses Second Attempt to Get ERISA Suit Dismissed
Since there were no clear administrative remedies for fiduciary breaches spelled out in plan documents, a federal judge rejected the firm’s claim that the plaintiffs failed to exhaust them.
Participants
Ways NQDC Plan Participants Use Their Accounts
Section 409A nonqualified plans allow for various payment dates so participants can save for children’s college expenses and other financial needs and wants.
Products
Investment Product and Service Launches
MSCI to launch investment solutions with Microsoft, and Xtrackers by DWS launches ESG ETFs.
Small Talk
ON THIS DATE: In 1919, in Arizona, the Grand Canyon was established as a National Park with an act of Congress. In 1929, President Calvin Coolidge signed a bill creating the Grand Teton National Park. In 1930, New York City installed traffic lights. In 1993, at 12:18 p.m., a terrorist bomb exploded in a parking garage of the World Trade Center in New York City, leaving a crater 60 feet wide and causing the collapse of several steel-reinforced concrete floors in the vicinity of the blast.

And now it’s time for some FRIDAY FUN!
This husky clearly says, “No,” when asked to come inside out of the snow.

Unusual Starbucks order.

How not to make a U-turn.

In Karachi, Pakistan, a rollerblading police unit armed with Glock pistols are being deployed to curb theft and harassment on its streets. Gliding in a circle with their weapons pointed inwards, and lifting and lowering the guns in unison, the 20-member unit was filmed undergoing rigorous training, according to the UK’s Daily Mail. “We felt we needed to come up with an innovative approach to control street crime,” said Farrukh Ali, chief of the unit. The news report said he explained that officers on rollerblades could more easily chase thieves on motorcycles through the city of 20 million.

Have a great weekend!
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