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PLANSPONSOR NEWSDASH LOGO January 19th, 2021
Insight on Plan Design & Investment Strategy Every Weekday
Administration
Helping Workers Rebuild Their Retirement Savings Post-Pandemic
Helping Workers Rebuild Their Retirement Savings Post-Pandemic
Plan sponsors should stress the need to save for retirement and allay fears about market volatility, among other things.
Deals and People
Retirement Industry People Moves
Pentegra adds new regional director; director and consulting actuary joins R&M; Reed Smith adds New York-based executive compensation partner; and more.
Most Read
1
2021 Health Savings Account Survey
2
Health Care Costs in Retirement Remain a Top Stressor
3
SECURE Act 2.0 Passed Unanimously by Ways and Means Committee
4
2020 Recordkeeping Survey
5
Building Inclusivity Into Employee Benefits
SPONSORED BY: Pacific Life
Pacific Life’s Newest Podcast: The Wave Strengh
Click to listen as Ahmet Kamil discusses The Secure Act and the provisions within this important piece of legislation. Catch the wave today!
Economic Events
The combined value of distributive trade sales and manufacturers’ shipments for November, adjusted for seasonal and trading day differences but not for price changes, was estimated at $1,480.8 billion, down 0.1% from October, but up 1.5% from November 2019, the Census Bureau reported.

Advance estimates of U.S. retail and food services sales for December, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $540.9 billion, a decrease of 0.7% from the previous month, but 2.9% above December 2019. Total sales for the 12 months of 2020 were up 0.6% from 2019. Total sales for the October through December period were up 4.0% from the same period a year ago. Retail trade sales were down 0.3% from November, but 6.3% above last year. Nonstore retailers were up 19.2% from December 2019, while food services and drinking places were down 21.2% from last year.

The Producer Price Index for final demand increased 0.3% in December, as prices for final demand goods advanced 1.1%, and the index for final demand services edged down 0.1%, according to the Bureau of Labor Statistics. The final demand index rose 0.8% in 2020.

Thursday, the Labor Department will release its initial claims report, and the Census Bureau will report about housing starts in December. Friday, the National Association of Realtors will report about existing home sales for December.
Market Mirror
Friday, the Dow was down 177.26 points (0.57%) at 30,814.26, the NASDAQ closed 114.14 points (0.87%) lower at 12,998.50, and the S&P 500 decreased 27.29 points (0.72%) to 3,768.25. The Russell 2000 lost 32.15 points (1.49%) to finish at 2,123.20, and the Wilshire 5000 fell 315.39 points (0.78%) to 39,981.93.

The price of the 10-year Treasury note was up 3/32, decreasing its yield to 1.091%. The price of the 30-year Treasury bond increased 28/32, bringing its yield down to 1.843%.

For the week ending January 15, the Dow was down 0.91%, the NASDAQ fell 1.54%, and the S&P 500 finished 1.48% lower. The Russell 2000 gained 1.51%, and the Wilshire 5000 decreased 1.00%.
Compliance
Trustee Sued Over Retirement Plan Account Fraud
The lawsuit claims the trustee allowed an unauthorized person to take a distribution from a participant’s account and that the trustee is refusing to provide information to help remedy the situation.
Associated Banc-Corp Accused of Self-Dealing in ERISA Lawsuit
Participants have filed a suit alleging the bank used its retirement plan to promote its investment products.
UPenn Agrees to $13M 403(b) Plan Lawsuit Settlement
The newly published text of the settlement agreement and accompanying order include significant non-monetary actions to be undertaken by UPenn.
SPONSORED BY: AYCO
Benefit considerations—Furloughs, layoffs and voluntary separation offers
COVID-19’s economic impact has HR teams searching for creative ways to right-size their workforce.
Small Talk
ON THIS DATE: In 1840, during an exploring expedition, Captain Charles Wilkes sighted the coast of eastern Antarctica and claimed it for the United States. In 1861, Georgia seceded from the Union. In 1949, the salary of the President of the United States was increased from $75,000 to $100,000 with an additional $50,000 expense allowance for each year in office. In 1981, the U.S. and Iran signed an agreement paving the way for the release of 52 Americans held hostage for more than 14 months and for arrangements to unfreeze Iranian assets and to resolve all claims against Iran. In 2006, NASA’s New Horizons spacecraft was launched. The mission was the first to investigate Pluto. In 2013, in Scottsdale, Arizona, the original Batmobile for the TV series “Batman” sold at auction for $4.6 million. It was the first of six Batmobiles produced for the show.
SURVEY SAYS: Initial sales data from some pooled plan providers (PPPs) suggests pooled employer plans (PEPs) will grow in prominence. This will depend in part on how many employers have the desire and feel able to start a retirement plan for their employees, how many plan sponsors think administrative burdens will be decreased enough to warrant moving to a PEP, and whether PEPs truly are more cost efficient than single-employer plans as they have been promoted to be. If you haven’t already, please let us know, do you think PEPs will grow in prominence over the years, and has your firm considered moving into a PEP? You may respond to the survey by 6 p.m. Pacific time today.
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