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PLANSPONSOR NEWSDASH LOGO January 6th, 2020
Insight on Plan Design & Investment Strategy Every Weekday
Plan Profile
An Association Plan
An Association Plan
A sponsor created an ARP for a chamber of commerce in Connecticut.
Compliance
Wilmington Trust Agrees to Settle ESOP Lawsuit
It has agreed to pay $5 million into a settlement fund.
Most Read
1
DOL ESG Proposal Throws a Cloud Over Prior Guidance
2
Lawsuit Says Plan Fiduciaries Should Have Chosen Less Expensive CITs
3
COVID-19 Compliance Corner: IRS Expands CRD Eligibility and Clarifies Loan Rules
4
FRIDAY FUN Early Edition - July 2, 2020
5
Considerations for Benefit Offerings and Open Enrollment for 2021
Compliance
ERISA Fiduciary Breach Lawsuit Targets Trader Joe’s
Trader Joe’s retirement plan committee is accused of failing to seek competitive bids for recordkeeping, among other alleged fiduciary breaches.
SPONSORED BY: Ayco
Tax Matters: An executive guide to navigating year-end tax planning
Insights to help navigate the implications of the current tax environment on your finances.
Economic Events
Construction spending during November 2019 was estimated at a seasonally adjusted annual rate of $1,324.1 billion, 0.6% above the revised October estimate of $1,316.8 billion, the Census Bureau reported. The November figure is 4.1% above the November 2018 estimate of $1,271.4 billion. During the first eleven months of this year, construction spending amounted to $1,201.6 billion, 0.8% below the $1,211.8 billion for the same period in 2018.

THE ECONOMIC WEEK AHEAD: Tomorrow, the Census Bureau will report about factory orders for November. Thursday, the Labor Department will issue its initial claims report. Friday, the Bureau of Labor Statistics will reveal the unemployment rate for December, and the Census Bureau will report about wholesale trade in November.
Market Mirror
Friday, the Dow fell 233.92 points (0.81%) to 28,634.88, the NASDAQ closed 71.42 points (0.79%) lower at 9,020.77, and the S&P 500 decreased 23.00 points (0.71%) to 3,234.85. The Russell 2000 was down 5.90 points (0.35%) at 1,660.87, and the Wilshire 5000 lost 199.00 points (0.60%) to finish at 32,943.20.

The price of the 10-year Treasury note increased 30/32, bringing its yield down to 1.790%. The price of the 30-year Treasury bond climbed 1 30/32, decreasing its yield to 2.248%.

WEEK’S WORTH: For the week ending January 3, the Dow was down 0.04%, the NASDAQ was up 0.16%, and the S&P 500 finished 0.16% lower. The Russell 2000 lost 0.49%, and the Wilshire 5000 decreased 0.10%.
Compliance
Advisory Firm Settles ERISA Litigation
Jeffrey Slocum & Associates will pay some $500,000 into a settlement account in exchange for a release of all ERISA claims.
403(b) Litigation Offers Instruction for Plan Sponsors
403(b) plan sponsors should be aware of how their plan investments and fees stack up and of their fiduciary responsibilities, and they should better document decisions.
Small Talk
ON THIS DATE: In 1838, Samuel Morse publicly demonstrated the telegraph for the first time. In 1912, New Mexico became the 47th U.S. state. In 1919, Theodore Roosevelt, the 26th president of the United States, died at Sagamore Hill, his estate overlooking New York’s Long Island Sound. In 1945, the Battle of the Bulge ended with 130,000 German and 77,000 Allied casualties. In 1952, “Peanuts” debuted in Sunday papers across the United States. In 1967, U.S. and South Vietnamese forces launched a major offensive, known as Operation “Deckhouse V”, in the Mekong River delta. In 1975, “Wheel of Fortune,” the longest-running syndicated game show in American television, premiered on NBC. In 1999, the 106th U.S. Congress opened. The first item on the agenda was the impeachment proceedings of President Bill Clinton. The trial was set to begin the next day. In 1999, Bob Newhart received a star on the Hollywood Walk of Fame. In 2001, after a bitterly contested election, Vice President Al Gore presided over a joint session of Congress that certified George W. Bush as the winner of the 2000 election.
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