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PLANSPONSOR NEWSDASH LOGO January 7th, 2021
Insight on Plan Design & Investment Strategy Every Weekday
Deals and People
Empower, Ascensus Acquire Recordkeeping Business of Truist
In addition, OneDigital has acquired the bank’s 401(k) investment advisory business.
Plan Sponsor of the Year Awards
Only One Week Left!!
Nominations for the 2021 Plan Sponsor of the Year awards have been open for a month, and the deadline for entries in January 13.
Most Read
1
New Financial Audit Rule Increases Requirements for Plan Sponsors
2
Participants Missing the Full Match Remains a Big Problem
3
TRIVIAL PURSUITS: What do the M’s stand for in M&Ms?
4
2021 Recordkeeping Survey
5
Parties in Church Plan Lawsuit Finally Get Preliminary Approval of Settlement
SPONSORED BY: E*Trade
Considering Provider Support During a Challenging Year
Stock plan sponsors reflect on provider response as they navigate administration during the pandemic.
Economic Events
New orders for manufactured durable goods in November increased $2.2 billion or 0.9% to $244.2 billion, the U.S. Census Bureau announced. This increase, up seven consecutive months, followed a 1.8% October increase. Excluding transportation, new orders increased 0.4%. Excluding defense, new orders increased 0.7%. Transportation equipment, up six of the last seven months, led the increase, $1.5 billion or 1.9% to $78.8 billion.
Market Mirror
Wednesday, the Dow gained 437.80 points (1.44%) to finish at 30,829.40, the NASDAQ decreased 78.17 points (0.61%) to 12,740.79, and the S&P 500 was up 21.28 points (0.57%) at 3,748.14. The Russell 2000 climbed 78.81 points (3.98%) to 2,057.92, and the Wilshire 5000 closed 305.24 points (0.78%) higher at 39,523.21.

The price of the 10-year Treasury note decreased 29/32, bringing its yield up to 1.033%. The price of the 30-year Treasury bond fell 2 24/32, increasing its yield to 1.807%.
Compliance
Another Fiduciary Breach Lawsuit Filed Against Allstate
The new complaint states that the Allstate defendants mishandled the process of picking the plan’s default target-date fund suite.
Benefits
States Looking for Ways to Increase Access to Retirement Plans in 2021
More employers are also likely to offer automatic emergency savings, a Millennium Trust executive says.
Products
The 401(k) Plan Co. Touts PEP as Alternative to CalSavers
The California 401(k) Plan offers higher contribution limits, a stable value fund that outperforms and Roth eligibility regardless of wage level versus CalSavers, an announcement says.
Small Talk
ON THIS DATE: In 1610, Galileo Galilei sighted four of Jupiter’s moons. He named them Io, Europa, Ganymede, and Callisto. In 1782, the Bank of North America opened in Philadelphia. It was the first commercial bank in the United States. In 1789, Americans voted for the electors that would choose George Washington to be the first U.S. president. In 1927, transatlantic telephone service began between New York and London. In 1927, in Hinckley, Illinois, the Harlem Globetrotters played their first game. In 1950, “Rudolph the Red-Nosed Reindeer” was the No. 1 song on the U.S. pop charts. In 1953, President Harry Truman announced the development of the hydrogen bomb. In 1979, Vietnamese forces captured the Cambodian capital of Phnom Penh, overthrowing the Khmer Rouge government. In 1980, President Jimmy Carter signed legislation that authorized $1.5 billion in loans for the bail out of Chrysler Corp. In 1999, the impeachment trial of President Bill Clinton, formally charged with lying under oath and obstructing justice, began in the Senate.
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