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PLANSPONSOR NEWSDASH LOGO July 24th, 2020
Insight on Plan Design & Investment Strategy Every Weekday
Benefits
Phased Retirement Programs Offer Perks for Employees and Employers
Phased Retirement Programs Offer Perks for Employees and Employers
A phased retirement program can help employers address workforce issues and help employees make a smooth transition, and it should include education and advice.
Compliance
State Unclaimed Property Programs May Help Find Missing Participants
The ERISA Advisory Council is asking the DOL to issue guidance on plan sponsor use of these programs which reunite people with unclaimed property as often as 72% of the time.
Most Read
Data and Research
Edward Jones and Age Wave Introduce the New Four Pillars of Retirement

2020 Recordkeeping Survey
Products
Nationwide to Waive Fees for New Retirement Plan Clients in 2020
Economic Events
Interest for a 30-year fixed-rate mortgage averaged 3.01% for the week ending July 23, up slightly from 2.98% one week ago, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 3.75%. Interest for a 15-year fixed-rate mortgage averaged 2.54%, up from last week when it averaged 2.48%. A year ago at this time, the 15-year FRM averaged 3.18%.

In the week ending July 18, the advance figure for seasonally adjusted initial claims for unemployment insurance was 1,416,000, an increase of 109,000 from the previous week’s revised level of 1,307,000, the Labor Department reported. The four-week moving average was 1,360,250, a decrease of 16,500 from the previous week’s revised average of 1,376,750.
Market Mirror
Thursday, the Dow lost 353.51 points (1.31%) to finish at 26,652.33, the NASDAQ closed 244.71 points (2.29%) lower at 10,461.42, and the S&P 500 decreased 40.36 points (1.23%) to 3,235.66. The Russell 2000 was virtually unchanged at 1,490.20, and the Wilshire 5000 fell 395.56 points (1.18%) to 33,049.34.

The price of the 10-year Treasury note was up 2/32, decreasing its yield to 0.580%. The price of the 30-year Treasury bond climbed 1 27/32, bringing its yield down to 1.234%.
Compliance
Minnesota Engineering Firm Files 401(k) Lawsuit Against Matrix Trust Co.
The lawsuit accuses Matrix of unlawfully retaining fees and interest through nondisclosure and concealment.
Products
Investment Product and Service Launches
Lincoln Financial Group releases new guaranteed lifetime income option; MUFG adds Broadridge loan tracker; and USI Advisors adds Investment Metrics portfolio solution.
Small Talk
ON THIS DATE: In 1866, Tennessee became the first state to be readmitted to the Union after the Civil War. In 1911, American archeologist Hiram Bingham discovered the ruins of Machu Picchu, an ancient Inca settlement in Peru that is now one of the world’s top tourist destinations. In 1948, Soviet occupation forces in Germany blockaded West Berlin. In 1987, Hulda Crooks, at 91 years of age, climbed Mt. Fuji, becoming the oldest person to do so. In 1998, Roy O. Disney received a star on the Hollywood Walk of Fame.

And now it’s time for FRIDAY FUN!
Some of these hacks look useful, especially the one for separating egg yolks from whites.

In Scotland, Parliament member John Nicolson was in the middle of a committee discussion via Zoom on children’s television when his cat suddenly jumped in front of the camera, waving its tail.

In Fort Lauderdale, Florida, after receiving a call about a kangaroo running loose in the area, officers managed to capture it and place it in a squad car, the Associated Press reports. They have few clues about where the animal came from. It was turned over to the South Florida Wildlife Center.

In Greenwood, Delaware, the owner of Stargate Pizza said that while he was closing his business, he was approached outside by a subject who proceeded to display a machete and demand money. The store owner advised the suspect that he did not have any money and threw a pizza at him. This caused the suspect to flee, the Delaware State Police said in a news release.

In Eastpointe, Michigan, a gas station clerk’s mistake has made a man a millionaire. He stopped at the gas station to put air in a car tire. When he went in to get change, he also asked for $10 Lucky 7′s scratch-off ticket. The clerk handed him a $20 ticket by mistake, which turned out to be a $2 million winner. “The clerk handed me the $20 ticket by mistake. He offered to exchange it for me but something told me to keep it. I am sure glad I did!” the man said in a statement released by the Lottery.

Wishing everyone a safe and happy weekend!
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