January 2nd, 2020 Insight on Plan Design & Investment Strategy Every Weekday Benefits Evolving Your Financial Wellness Program in 2020 By including the right elements in a financial wellness program, employers can help employees squirrel away more emergency and retirement savings. Administration A Background on Retirement Plan Cyber Crimes and How to Mitigate Them Plan sponsors need to understand how vulnerable retirement plan and participant data is to cyberattacks, and know what they, providers and participants can do to mitigate the risk. Most Read 2020 Defined Benefit Administration Survey Compliance Use of Fidelity Active Management Funds Questioned in Court Ask the Experts Clarification of Loan Repayment Delay Provisions of CARES Act Benefits Employer Health Benefits Saved by the Spending Bill The Cadillac Tax, which many said would limit health care choice and cause greater cost-shifting to employees, was repealed. Economic Events The Conference Board Consumer Confidence Index decreased marginally in December, following a slight increase in November. The Index now stands at 126.5 (1985=100), down from 126.8 (an upward revision) in November. The Present Situation Index—based on consumers’ assessment of current business and labor market conditions—increased from 166.6 to 170.0. The Expectations Index—based on consumers’ short-term outlook for income, business and labor market conditions—decreased from 100.3 in November to 97.4 in December. Market Mirror Tuesday, the Dow gained 76.30 points (0.27%) to finish at 28,538.44, the NASDAQ closed 26.61 points (0.30%) higher at 8,972.60, and the S&P 500 increased 9.49 points (0.29%) to 3,230.78. The Russell 2000 was up 4.32 points (0.26%) at 1,668.47, and the Wilshire 5000 gained 97.98 points (0.30%) to finish at 32,886.74. The price of the 10-year Treasury note was down 3/32, increasing its yield to 1.920%. The price of the 30-year Treasury bond fell 1 3/32, bringing its yield up to 2.391%. Compliance ERISA Lawsuits and Decisions that Defined 2019 The year delivered major settlements and decisions in retirement-plan focused lawsuits, including some precedent-setting appellate and Supreme Court rulings. Past Practices Cited in ERISA Lawsuit Against Plan Sponsors Although the complaint notes that the defendants acted to replace higher-cost share classes with lower-cost ones in 2019, it says that action did nothing to repair participants’ accounts for past practices. M&T Bank to Pay Nearly $21 Million to Settle Self-Dealing Suit In addition, the bank has agreed to an independent review of funds in its 401(k) plan and to issue a request for information to multiple potential recordkeepers. Investing As Another Decade Opens, Appetite for ESG Remains Strong The appetite for environmental, social and governance investing cuts across generations and genders. Small Talk ON THIS DATE: In 1788, Georgia became the 4th state to ratify the U.S. Constitution. In 1882, the Standard Oil Trust agreement was completed and dated. The document transferred the stock and property of more than 40 companies into the control of nine trustees lead by John D. Rockefeller. This was the first example of what became known as a holding company. In 1890, Alice Sanger became the first female White House staffer. In 1892, Ellis Island opened as America’s first federal immigration center. Annie Moore, at age 15, became the first person to pass through. In 1960, Senator John F. Kennedy of Massachusetts announced his candidacy for the Democratic presidential nomination. In 1965, “Broadway” Joe Namath signed the richest rookie contract ($400,000) in the history of pro football. In 1983, the musical “Annie” closed on Broadway at the Uris Theatre after 2,377 performances. Did someone forward you this newsletter? Sign up here to get NEWSDash directly in your mailbox!

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