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Calling All PLANSPONSOR Plan Adviser of the Year Nominations
Calling All PLANSPONSOR Plan Adviser of the Year Nominations
Does your retirement plan adviser go above and beyond for your plan and participants? Tells us their story by nominating them for the 2021 PLANSPONSOR Plan Adviser of the Year awards.
Takeda Pharmaceuticals Faces ERISA Lawsuit Over TDF Suite in 401(k) Plan
The lawsuit says the target-date funds were selected for the plan despite having no performance history and, when they continued to underperform, they were not replaced with better options.
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2021 Best in Class DC Providers
2021 Recordkeeping Survey
Participants Will Need Support to Understand Lifetime Income Projections
Economic Events
Privately-owned housing starts in December were at a seasonally adjusted annual rate of 1,669,000, the Census Bureau announced. This is 5.8% above the revised November estimate of 1,578,000 and is 5.2% above the December 2019 rate of 1,587,000. Single-family housing starts in December were at a rate of 1,338,000; this is 12.0% above the revised November figure of 1,195,000. The December rate for units in buildings with five units or more was 312,000.

Interest on a 30-year fixed-rate mortgage averaged 2.77% for the week ending January 21, down from last week when it averaged 2.79%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 3.60%. Interest on a 15-year fixed-rate mortgage averaged 2.21% with an average 0.6 point, down from last week when it averaged 2.23%. A year ago at this time, the 15-year FRM averaged 3.04%.

In the week ending January 16, the advance figure for seasonally adjusted initial claims for unemployment insurance was 900,000, a decrease of 26,000 from the previous week’s revised level of 926,000, the Labor Department reported. The four-week moving average was 848,000, an increase of 23,500 from the previous week’s revised average of 824,500.
Market Mirror
Thursday, the Dow was down 12.37 points (0.04%) at 31,176.01, the NASDAQ increased 73.67 points (0.55%) to 13,530.92, and the S&P 500 was up 1.22 points (0.03%) at 3,853.07. The Russell 2000 closed 9.72 points (0.45%) lower at 2,141.42, and the Wilshire 5000 decreased 19.62 points (0.05%) to 40,809.52.

The price of the 10-year Treasury note decreased 24/32, bringing its yield up to 1.112%. The price of the 30-year Treasury bond fell 31/32, increasing its yield to 1.871%.
ERISA Lawsuit Targets Mercedes-Benz Over Admin Fees
According to the complaint, during the class period, the plan paid between $239 and $567 per participant annually for retirement plan recordkeeping and administration services.
Investment Products and Service Launches
Vanguard announces plans to launch ultra-short bond ETF and Annexus Retirement Solutions releases Lifetime Income Builder.
Small Talk
ON THIS DATE: In 1879, James Shields began a term as a U.S. Senator from Missouri. He had previously served Illinois and Minnesota. He was the first Senator to serve three states. In 1903, the Hay-Herrán Treaty was signed by United States Secretary of State John M. Hay and Colombian Chargé Dr. Tomás Herrán. The treaty granted the United States rights to the land proposed for the Panama Canal. In 1947, KTLA, Channel 5, in Hollywood, California, began operation as the first commercial television station west of the Mississippi River. In 1961, Wilma Rudolph, set a world indoor record in the women’s 60-yard dash. She ran the race in 6.9 seconds. In 1968, “Rowan & Martin’s Laugh-In”, debuted on NBC TV. In 1973, former President Lyndon Baines Johnson died in Johnson City, Texas, at the age of 64. In 1997, the Senate confirmed Madeleine Albright as the first female secretary of state. In 1998, in a Sacramento, California, courtroom, Theodore J. Kaczynski—the “Unabomber”—pleaded guilty to all federal charges against him. In 2002, Kmart Corp. filed for Chapter 11 bankruptcy making it the largest retailer in history to seek legal protection from its creditors.

And now it’s time for FRIDAY FUN!
The joys of embarrassing your children.

Baby girl really loves Chick-fil-A!

In Beaverton, Oregon, a mom has been chastised by the thief that stole her car. According to the Associated Press, the woman went into a grocery store about 15 feet from the car, leaving her 4-year-old child inside with the engine running and the vehicle unlocked, said Beaverton police spokesman Officer Matt Henderson. A store employee told authorities the woman was in the market for a few minutes before someone began driving away with the SUV. Once the thief realized the toddler was in the backseat, he drove back, berated the woman for leaving her child unattended, told the woman to take the child and drove away in the stolen vehicle. “He actually lectured the mother for leaving the child in the car and threatened to call the police on her,” Henderson said.

In Paris, France, a woman has been trying for three years to prove she is alive. In 2017, resulting from a legal dispute with an employee of the woman’s former business, a court declared her dead, according to the Associated Press. Her status has prevented her and her husband, who is her legal beneficiary along with her son, from using their joint bank account, among other critical amenities. The woman’s attorney has filed a motion to invalidate the 2017 decision, citing a “grave error” by the judges. The woman hopes will resolve the issue.

Wishing everyone a safe and happy weekend!
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