January 12th, 2021 Insight on Plan Design & Investment Strategy Every Weekday 2021 Plan Sponsor of the Year Awards Less Than Two Days Left!! The deadline for nominations for the 2021 Plan Sponsor of the Year awards is January 13. Administration Strong End to 2020 Puts DB Plan Funded Status Back to Where It Started the Year Defined benefit plans that use an LDI strategy faced less volatility over the year, and funded status improvements were helped by gains in risk assets. Most Read Administration IRS Updates Life Expectancy Tables for Retirees Compliance Recent TDF Performance Lawsuits Raise Insurer Ire Ask the Experts Should Each Recordkeeper Use Its Own Plan Document? Market Mirror Yesterday, the Dow was down 89.28 points (0.29%) at 31,008.69, the NASDAQ lost 165.54 points (1.25%) to finish at 13,036.43, and the Wilshire 5000 closed 25.07 points (0.66%) lower at 3,799.61. The Russell 2000 was virtually unchanged at 2,091.01, and the Wilshire 5000 decreased 224.92 points (0.56%) to 40,161.16. The prices of the 10-year Treasury note and 30-year Treasury bond were each down 2/32, increasing their yields to 1.139% and 1.884%, respectively. Webinar Plan Design Trends Join PLANSPONSOR on January 21 for a discussion about trends in plan design that have been growing from year to year; lessons about plan design learned from the pandemic; and plan design considerations for your plan in 2021. Compliance District Judge Grants Dismissal of Vail Resorts ERISA Lawsuit Central to the dismissal is the consideration of several issues of standing. VALIC Sued Over Surrender Fees Charged to 401(k) Plan The lawsuit says VALIC engaged in a prohibited transaction, as well as self-dealing, in violation of ERISA when surrender fees were charged during the transfer of assets to a new provider. Supreme Court Appeal Filed in Wells Fargo Stock-Drop Case The appeal asks whether an earlier Supreme Court ruling means ESOP fiduciaries are effectively immune from duty-of-prudence liability for the failure to publicly disclose potentially damaging inside information. Small Talk ON THIS DATE: In 1896, at Davidson College, several students took x-ray photographs. They created the first X-ray photographs to be made in America. In 1904, Henry Ford set a land-speed record of 91.37 mph on the frozen surface of Michigan’s Lake St. Clair. He was driving a four-wheel vehicle, dubbed the “999,” with a wooden chassis but no body or hood. In 1915, Congress established the Rocky Mountain National Park. In 1926, the two-man comedy series “Sam ‘n’ Henry” debuted on Chicago’s WGN radio station. The shows name was later changed to “Amos ‘n’ Andy.” In 1932, Hattie Ophelia Wyatt Caraway, a Democrat from Arkansas, became the first woman to be elected to the U.S. Senate. In 1948, the U.S. Supreme Court ruled that states could not discriminate against law-school applicants because of race. In 1960, Dolph Schayes of the Syracuse Nationals became the first pro basketball player in the NBA to score more than 15,000 points in his career. In 1966, “Batman” debuted on ABC-TV. In 1971, “All In the Family” debuted on CBS-TV. In 1986, space shuttle Columbia blasted off with a crew that included the first Hispanic-American in space, Dr. Franklin R. Chang-Diaz. In 1998, 19 European nations agreed to prohibit human cloning. In 2006, the U.S. Mint began shipping new 5-cent coins to the 12 regional Federal Reserve Banks. The coin has an image of Thomas Jefferson taken from an 1800 Rembrandt Peale portrait in which the president is looking forward. Since 1909, when presidents were first depicted on circulating coins, all presidents had been shown in profile. TUESDAY TRIVIA: Which country has the shortest work week? Did someone forward you this newsletter? Sign up here to get NEWSDash directly in your mailbox!

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