Newsdash Insight on Plan Design & Investment Strategy from PLANSPONSOR
July 19th, 2019
Compliance
Form 5500 Basics: What Sponsors Need to Know
The purpose of Form 5500 is to obtain information regarding plan design and basic plan sponsor information, and the regulatory penalties for failures in filing the form can be severe. Read more >
Court Rules for SunTrust Defense on Fiduciaries’ ‘Actual Knowledge’ Question
The district court found “the mere fact that the plan included the affiliated funds—and defendants were aware of that fact—is not sufficient to charge them with constructive knowledge of their predecessors’ alleged improper selection process.” Read more >
Yale Sued Over Wellness Program ‘Penalty’
The lawsuit says the so-called “incentive” Yale offers for participating in the wellness program are in fact a “penalty” that violates non-participants’ right, and it notes that the Equal Employment Opportunity Commission (EEOC) withdrew the incentive portions of its wellness program rules. Read more >
MOST READ ARTICLES
1
IRS Issues Guidance About Uncashed Retirement Plan Distributions
2
Options for Providing Student Loan Repayment Benefits Increasing
3
Taking a ‘Calculated’ Approach to Retirement Readiness
4
Litigators Share What They Investigate for Filing TDF Lawsuits
5
Government Prosecutors Weigh In on Supreme Court IBM Case
Economic Events

In the week ending July 13, the advance figure for seasonally adjusted initial claims for unemployment insurance was 216,000, an increase of 8,000 from the previous week’s revised level of 208,000, the Labor Department reported. The four-week moving average was 218,750, a decrease of 250 from the previous week’s revised average of 219,000.

The average interest rate for a 30-year fixed-rate mortgage is 3.81%, up from 3.75% one week ago, according to Freddie Mac. The average interest rate for a 15-year fixed-rate mortgage is 3.23%, up from 3.22%.

Market Mirror

Thursday, the Dow inched up 3.12 points (0.01%) to finish at 27,222.97, the NASDAQ closed 22.04 points (0.27%) higher at 8,207.24, and the S&P 500 increased 10.69 points (0.36%) to 2,995.11. The Russell 2000 was up 4.85 points (0.31%) at 1,555.62, and the Wilshire 5000 gained 96.88 points (0.32%) to finish at 30,788.58.

The price of the 10-year Treasury note climbed 24/32, decreasing its yield to 2.026%. The price of the 30-year Treasury bond was down 1/32, increasing its yield to 2.564%.

Benefits & Administration
S&P Finds Most Not-for-Profit Hospitals Manage Pensions Well
However, the ratings agency doesn’t expect funded status improvements to continue, and it notes that many not-for-profit hospitals are focusing on de-risking strategies. Read more >
Products, Deals and People
Investment Product and Service Launches
Fidelity adds lower expense ratio mutual funds, and Vanguard introduces global stock fund. Read more >
Small Talk

ON THIS DATE: In 1799, the Rosetta Stone, a tablet with hieroglyphic translations into Greek, was found in Egypt. In 1848, the Women’s Rights Convention took place in Seneca Falls, New York. Bloomers were introduced at the convention. In 1942, German U-boats were withdrawn from positions off the U.S. Atlantic coast due to effective American anti-submarine countermeasures. In 1964, in Illinois, Cahokia Mounds was designated as a U.S. National Landmark. In 1971, in New York, the topping out ceremony for Two World Trade Center (South Tower) took place. In 1974, the House Judiciary Committee recommended that President Richard Nixon should stand trial in the Senate for any of the five impeachment charges against him. In 1984, Geraldine Ferraro was nominated by the Democratic Party to become the first woman from a major political party to run for the office of U.S. Vice-President. In 1985, Christa McAuliffe of New Hampshire was chosen to be the first schoolteacher to ride aboard the space shuttle.

And now it’s time for FRIDAY FILES!

The stuff of nightmares. Read more >
In Irkutsk, Russia, a couple misread a bear’s disposition. Read more >

In Keystone, South Dakota, a woman has been arrested for an amazing feat. Authorities say the woman scaled the Mount Rushmore National Memorial with bare feet and no rope, making it to about 15 feet from the top. Several signs at the popular tourist destination warn against trespassing on or climbing the sculpture.  According to the Associated Press, A federal officer and national park ranger convinced the woman to come down, and she was handcuffed and arrested.

In Daytona Beach, Florida, a man facing a robbery with a firearm charge just walked out of the courtroom during jury deliberations even though deputies were around. (He was free on bond—but still…) By the time the jury returned with a guilty verdict, the man was missing and he still is.

Hope everyone has a wonderful weekend!

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Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com

Advertising: Paul Zampitella paul.zampitella@strategic-i.com

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