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PLANSPONSOR NEWSDASH LOGO July 12th, 2021
Insight on Plan Design & Investment Strategy Every Weekday
Compliance
Regulators Issue Guidance on Multiemployer Plan Assistance
Regulators Issue Guidance on Multiemployer Plan Assistance
PBGC has issued an interim final rule addressing assistance requirements, and the IRS has released a notice for plan sponsors that are required to reinstate certain previously suspended benefits as a condition of receiving assistance.
Data and Research
June Marks First Decline in DB Plan Funded Status in Eight Months
Consultants and asset managers say time will tell whether changes in the economy will boost corporate pensions’ funded status for the rest of the year.
Most Read
Research
2021 Recordkeeping Survey
Benefits
Giving Employees the Financial Wellness Help They Want
Compliance
DOL Clears Up Timing for Lifetime Income Illustrations
Economic Events
May sales of merchant wholesalers, except manufacturers’ sales branches and offices, after adjustment for seasonal variations and trading day differences but not for price changes, were $576.5 billion, up 0.8% from the revised April level and up 36.8% from the revised May 2020 level, the Census Bureau reported. The March to April percent change was revised from the preliminary estimate of up 0.8% to up 1.1%.

Tomorrow, the Bureau of Labor Statistics will reveal the consumer price index for June, and Wednesday, it will reveal the producer price index for June. Thursday, the Labor Department will issue its initial claims report, and Freddie Mac will update average mortgage rates for the week. Friday, the Census Bureau will report about retail sales for June and business trade for May.
Market Mirror
Friday, the Dow gained 448.23 points (1.30%) to finish at 34,870.16, the Nasdaq closed 142.13 points (0.98%) higher at 14,701.92, and the S&P 500 increased 48.73 points (1.13%) to 4,369.55. The Russell 2000 was up 48.33 points (2.17%) at 2,280.00, and the Wilshire 5000 climbed 572.08 points (1.27%) to 45,684.89.

The price of the 10-year Treasury note decreased 28/32, bringing its yield up to 1.359%. The price of the 30-year Treasury bond fell 1 27/32, increasing its yield to 1.991%.

For the week ending July 9, the Dow was up 0.24%, the Nasdaq gained 0.43%, and the S&P 500 finished 0.40% higher. The Russell 2000 fell 1.12%, and the Wilshire 5000 increased 0.27%.
Compliance
Land O’Lakes Lawsuit Stayed for Mediation
The judge in the fiduciary breach lawsuit has approved a joint motion to stay the proceedings while the parties engaged in mediation towards a potential settlement.
Deals and People
Retirement Industry People Moves
Principal announces new chief information officer of retirement and income solutions, BPAS acquires retirement plan services provider, Groom Law Group announces new principal; and more.
Small Talk
ON THIS DATE: In 1862, President Abraham Lincoln signed into law a measure calling for the awarding of a U.S. Army Medal of Honor, in the name of Congress, “to such noncommissioned officers and privates as shall most distinguish themselves by their gallantry in action, and other soldier-like qualities during the present insurrection.” In 1870, the first rotary can opener with a cutting wheel was patented by William W. Lyman. In 1933, a minimum wage of 40 cents an hour was established in the U.S. In 1954, the Major League Baseball Players Association was organized in Cleveland, Ohio. In 1960, manufacturing began for the Etch A Sketch®. In 1984, Walter Mondale, the leading Democratic presidential candidate, announced that he had chosen Representative Geraldine Ferraro of New York as his running mate. Ferraro was the first female vice-presidential candidate to represent a major political party.
SURVEY SAYS RESPONSES: I recently asked NewsDash readers, “Have you attended a virtual conference, what did you like most and what did you like least?” Eighty-seven percent of responding readers indicated they have attended a virtual conference. Commonly cited “pros” of a virtual conference versus an in-person conference are the comfort of attending at home or in the office, no need to travel (which could allow more to attend a conference) and less work missed. However, less obvious perks were also cited—no need to wear makeup, less distractions from attendees and the ability to stay true to an introverted personality, for example. As for “cons” of virtual conferences versus in-person conferences, there were the extremes of liking everything about it and liking nothing about it. Responding readers who weighed in on the cons mentioned being unable to focus and distracted by work, not being able to get away, not being able to network with peers or to interact in-person with exhibitors, among other things. Similar pros and cons were expressed in general comments left by respondents. However, there were also tips for what could make a virtual conference better. Editor’s Choice goes to the reader who said: “Of course, it is more fun to be with people and share meals, drinks and conversation.” A big thank you to all who participated in our survey!
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