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Ask the Experts
Deadline for Plan Amendments After Remedial Amendment Period
“I realize the deadline for adopting our restated 403(b) individually designed plan that reflects all changes in the Code and Regulations since 2010 is March 31, 2020. However, we are currently discussing a minor plan design change for 2020, but we don’t know if we will resolve to make the change prior to March 31. Assuming we make the design change after March 31, when is our deadline to amend the plan?”
McClatchy Cuts Back on Executive Benefits Due to Pension Distress
The media company has asked for legislative relief and is in discussions with the PBGC about a distress termination of its defined benefit (DB) plan.
Most Read
New Retirement Bill Amending ERISA Introduced in Congress
Pensions Will Recoup Losses From Allianz Structured Alpha Investments
Deals and People
Retirement Industry People Moves
Economic Events
New orders for manufactured durable goods in November decreased $5.0 billion or 2.0% to $242.6 billion, the U.S. Census Bureau announced. This decrease, down two of the last three months, followed a 0.2% October increase. Excluding transportation, new orders were virtually unchanged. Excluding defense, new orders increased 0.8%. Transportation equipment, also down two of the last three months, led the decrease, $4.9 billion or 5.9% to $79.2 billion.
Market Mirror
Tuesday, the Dow fell 119.70 points (0.42%) to 28,583.68, the NASDAQ was down 2.88 points (0.03%) at 9,068.58, and the S&P 500 lost 9.10 points (0.28%) to finish at 3,237.18. The Russell 2000 closed 4.95 points (0.30%) lower at 1,658.31, and the Wilshire 5000 decreased 76.64 points (0.23%) to 32,988.49.

The price of the 10-year Treasury note was down 1/32, increasing its yield to 1.827%. The price of the 30-year Treasury bond decreased 4/32, bringing its yield up to 2.309%.
Association Modified Rules for Multiemployer Plan Withdrawal Liability Arbitration
Attorneys with Drinker Biddle & Reath LLP have revealed fees required to initiate arbitration have been reduced by tens of thousands of dollars, and both parties now must share the fees equally.
IRS Releases Covered Compensation Tables for the 2020 Plan Year
The tables are to be used for determining contributions to DB plans and permitted disparity in DC plan contributions.
Settlement Announced in Case About Forcing Participants Out of ESOP
The case has been stayed until the parties can draft the settlement agreement.
Small Talk
A study from Mindspace of 5,000 people in seven countries, including the U.S., found more than half (54%) said they are happy most of the time at work. Thirty percent are very happy. As for what makes employees happy, the study found 75% of very happy people have a strong sense of purpose at their job, and 90% of very happy people feel very valued. Considering that a happy workforce is good for business, the study delved into what businesses can do to promote happiness among employees.
ON THIS DATE: In 1642, astronomer Galileo Galilei died in Arcetri, Italy. In 1675, the first corporation was chartered in the United States. The company was the New York Fishing Company. In 1790, George Washington delivered the first State of the Union address. In 1815, the Battle of New Orleans began. The War of 1812 had officially ended on December 24, 1814, with the signing of the Treaty of Ghent. The news of the signing had not reached British troops in time to prevent their attack on New Orleans. In 1853, a bronze statue of Andrew Jackson on a horse was unveiled in Lafayette Park in Washington, D.C. In 1889, the tabulating machine was patented by Dr. Herman Hollerith. His firm, Tabulating Machine Company, later became International Business Machines Corporation (IBM). In 1918, President Woodrow Wilson announced his Fourteen Points as the basis for peace upon the end of World War I. In 1957, Jackie Robinson announced his retirement from major league baseball in an article that appeared in “LOOK” magazine. In 1958, Bobby Fisher, at the age of 14, won the United States Chess Championship for the first time. In 1973, the trial opened in Washington, of seven men accused of bugging Democratic Party headquarters in the Watergate apartment complex in Washington, D.C. In 1997, Mister Rogers received a star on the Hollywood Walk of Fame.
WEDNESDAY WISDOM: “Be at war with your vices, at peace with your neighbors, and let every new year find you a better [person].”—Benjamin Franklin
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