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PLANSPONSOR NEWSDASH LOGO February 28th, 2020
Insight on Plan Design & Investment Strategy Every Weekday
Compliance
Uncertainty Remains After Supreme Court’s Intel Ruling
Sources debate whether electronic delivery of retirement plan disclosures could blunt some of the impact of the Supreme Court’s ruling in Intel vs. Sulyma.
Products
Investment Product and Service Launches
Franklin Templeton launches new funds, and Wells Fargo incorporates changes to TDFs.
Most Read
Compliance
DOL ESG Proposal Throws a Cloud Over Prior Guidance
Compliance
Lawsuit Says Plan Fiduciaries Should Have Chosen Less Expensive CITs
Opinions
COVID-19 Compliance Corner: IRS Expands CRD Eligibility and Clarifies Loan Rules
Economic Events
Interest on a 30-year fixed-rate mortgage averaged 3.45% for the week ending February 27, 2020, down from last week when it averaged 3.49%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 4.35%. Interest on a 15-year fixed-rate mortgage averaged 2.95%, down from last week when it averaged 2.99%. A year ago at this time, the 15-year FRM averaged 3.77%.

New orders for manufactured durable goods in January decreased $0.4 billion or 0.2% to $246.2billion, the U.S. Census Bureau announced. This decrease, down two of the last three months, followed a 2.9% December increase. Excluding transportation, new orders increased 0.9%. Excluding defense, new orders increased 3.6%. Transportation equipment, down four of the last five months, drove the decrease, $1.8 billion or 2.2% to $82.0 billion.

In the week ending February 22, the advance figure for seasonally adjusted initial claims for unemployment insurance was 219,000, an increase of 8,000 from the previous week’s revised level of 211,000, the Labor Department reported. The four-week moving average was 209,750, an increase of 500 from the previous week’s revised average of 209,250.
Market Mirror
Thursday, the Dow took a 1,190.95-points (4.42%) dive to close at 25,766.64, the NASDAQ plunged 414.30 points (4.61%) to 8,566.48, and the S&P 500 fell 137.63 points (4.42%) to 2,978.76. The Russell 2000 lost 54.89 points (3.54%) to finish at 1,497.87, and the Wilshire 5000 plummeted 1,356.13 points (4.27%) to 30,385.66.

The price of the 10-year Treasury note increased 28/32, bringing its yield down to 1.266%. The price of the 30-year Treasury bond climbed 1 4/32, decreasing its yield to 1.763%.
Compliance
Vail Corporation Sued Over Share Class Choices for 401(k) Investments
The lawsuit says the plan ‘inexplicably failed to select these lower fee-charging and better-return producing share classes.’
Investing
Don’t Let Participant Retirement Accounts Suffer From the Coronavirus
Though large, the market volatility caused by the coronavirus is no different than those from other events, and some analysts say the market was headed for a correction anyway.
Small Talk
ON THIS DATE: In 1827, the Baltimore & Ohio Railroad became the first railroad incorporated for commercial transportation of people and freight. In 1849, regular steamboat service to California via Cape Horn arrived in San Francisco for the first time. The SS California had left New York Harbor on October 6, 1848. The trip took four months and 21 days. In 1854, the Republican Party was organized in Ripon, Wisconsin. In 1883, the first vaudeville theater opened. In 1885, AT&T (American Telephone and Telegraph) was incorporated. In 1940, the first televised basketball game was shown. The game featured Fordham University and the University of Pittsburgh from Madison Square Gardens in New York. In 1953, in a Cambridge University laboratory, scientists James D. Watson and Francis H.C. Crick discovered the double-helix structure of DNA. In 1979, Mr. Ed, the talking horse from the TV show “Mr. Ed”, died. In 1983, “M*A*S*H” became the most watched television program in history when the final episode aired. In 1993, U.S. Federal agents raided the compound of an armed religious cult in Waco, Texas. The ATF had planned to arrest the leader of the Branch Davidians, David Koresh, on federal firearms charges. In 2013, Benedict XVI resigned as pope. He was the first pope to resign since Gregory XII in 1415 and the first to resign voluntarily since Celestine V in 1294.

And now for some FRIDAY FUN!
Hope there was nothing breakable in that package.

In Dallas, Texas, an implosion failed to demolish a building and turned it into what some dubbed the “Leaning Tower of Dallas.” In the following week, people flocked to the site to post photos of themselves pretending to prop up the lopsided tower. It was decided to use a wrecking ball to finish the demolition. But, according to the Associated Press, that proved to be ineffective. [pic]

In Pittsburgh, Pennsylvania, a woman was denied being put on a liver transplant list because urine tests showed the presence of alcohol. Doctors put her in a treatment program, but the woman kept insisting she wasn’t an alcoholic. Eventually, doctors discovered that her bladder was producing alcohol on its own—something called urinary auto-brewery syndrome. Alcohol didn’t show up in her blood, and her urine had no signs of ethyl glucuronide or ethyl sulfate—two chemicals produced when the body metabolizes alcohol. She had “uncontrolled diabetes,” according to the Philadelphia Inquirer. She is now on the list to receive a liver transplant.

In Jackson Township, Ohio, a 36-year-old woman called 911 and demanded that police come to her house. When her first call wasn’t effective, she called back two hours later. Her emergency? Her parents had cut off her cellphone service.

In Ogden, Utah, a Weber County Jail inmate used his criminal skills to escape. The man was held in Ogden by the US Marshals for identity theft and bank fraud. A lieutenant said the man shaved his head to look like another inmate who was scheduled to be released. “He changed his appearance to pass that photo identification test and having all of [the other inmate’s] information memorized” that’s how he was able to get through our release procedure, the lieutenant said, according to the local FOX News TV station. Staff found out about the escape a few hours later when the other inmate notified them he was still in jail.

Wishing everyone a wonderful weekend!
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