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The deadline to submit nominations for the 2021 Plan Sponsor of the Year awards is January 13.
Deals and People
Marty Walsh Will Be Nominated as Secretary of Labor
Apart from potentially reversing course on fiduciary rule-related regulations, there are many other areas where sources suggest the next DOL Secretary could drive significant changes.
Most Read
EARN Act Clears Senate Finance Committee
2021 Recordkeeping Survey
Plaintiffs Rebuffed by Appeals Court in Active Management Lawsuit
TRIVIAL PURSUITS: How Many States Are in More Than One Time Zone?
TRIVIAL PURSUITS: Meaning and Origin of the Idiom “Watershed Moment?”
Economic Events
November sales of merchant wholesalers, except manufacturers’ sales branches and offices, after adjustment for seasonal variations and trading day differences but not for price changes, were $496.7 billion, up 0.2% from the revised October level, but down 0.2% from the revised November 2019 level, the Census Bureau announced. The September 2020 to October 2020 percent change was revised from the preliminary estimate of up 1.8% to up 1.7%.

Total nonfarm payroll employment declined by 140,000 in December, and the unemployment rate was unchanged at 6.7%, the Bureau of Labor Statistics reported. The decline in payroll employment reflects the recent increase in coronavirus (COVID-19) cases and efforts to contain the pandemic.

Wednesday, the Bureau of Labor Statistics will reveal the consumer price index for December. Thursday, the Labor Department will issue its initial claims report. Friday, the Census Bureau will report about retail sales for December and business trade for November, and the Bureau of Labor Statistics will reveal the producer price index for December.
Market Mirror
Friday, the Dow was up 56.84 points (0.18%) at 31,097.97, the NASDAQ climbed 134.50 points (1.03%) to 13,201.98, and the S&P 500 gained 20.89 points (0.55%) to finish at 3,824.68. The Russell 2000 decreased 5.23 points (0.25%) to 2,091.66, and the Wilshire 5000 closed 195.88 points (0.49%) higher at 40,386.00.

The price of the 10-year Treasury note decreased 25/32, bringing its yield up to 1.124%. The price of the 30-year Treasury bond was down 4/32, increasing its yield to 1.874%.

For the week ending January 8, the Dow was up 1.61%, the NASDAQ gained 2.43%, and the S&P 500 increased 1.83%. The Russell 2000 climbed 5.91%, and the Wilshire 5000 finished 2.36% higher.
Parties Reach Settlement Over Funding of St. Joseph Health Services Pension Plan
The lawsuit alleged that after the plan no longer qualified as a ‘church plan,’ it failed to be funded according to ERISA standards.
Deals and People
Retirement Industry People Moves
Wagner Law Group appoints partner; PCS Retirement acquires ABGRM; and BNY Mellon announces new additions.
Securian Financial Offers Education Benefits to Retirement Plan Clients
In a partnership with BenefitEd, Securian is offering college savings and employer-assisted student loan repayment benefits, and more.
Small Talk
ON THIS DATE: In 1805, the Michigan Territory was created. In 1861, Alabama seceded from the United States. In 1908, President Theodore Roosevelt declared the Grand Canyon in northwestern Arizona a national monument. In 1913, the first sedan-type car was unveiled at the National Automobile Show in New York City. The car was manufactured by the Hudson Motor Company. In 1922, at Toronto General Hospital, Leonard Thompson became the first person to be successfully treated with insulin. In 1938, in Limerick, Maine, Frances Moulton assumed her duties as the first woman bank president. In 1973, the owners of America’s 24 major league baseball teams voted to allow teams in the American League (AL) to use a “designated pinch-hitter” that could bat for the pitcher, while still allowing the pitcher to stay in the game. In 2001, the Federal Trade Commission approved the merger of America Online and Time Warner to form AOL Time Warner. In 2010, Miep Gies, the last survivor of a small group of people who helped hide Anne Frank and her family from the Nazis during World War II, died at age 100 in the Netherlands.
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