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PLANSPONSOR NEWSDASH LOGO July 27th, 2020
Insight on Plan Design & Investment Strategy Every Weekday
Data and Research
Plan Sponsors Should Focus on Life Events Rather Than Generations in Communications
Employees in a survey from Empower Retirement say they believe their views are created by personal experiences and characteristics, not by their age group.
Plan Progress Webinar Series
Mid-Year Investing Review
Each month, PLANSPONSOR editors will facilitate discussions about strategies to move your plan forward. Join us Thursday as retirement industry experts discuss investment types that are needed in your plan or target-date funds (TDFs) for participants to create/have proper diversification and meaningful metrics to use for monitoring and selecting/deselecting investments for your plan.
Most Read
Benefits
Phased Retirement Programs Offer Perks for Employees and Employers

2020 Recordkeeping Survey
Compliance
VALIC Financial Advisors Charged With Disclosure Failures
Economic Events
Sales of new single-family houses in June were at a seasonally adjusted annual rate of 776,000, according to estimates released jointly by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 13.8% above the revised May rate of 682,000 and is 6.9% above the June 2019 estimate of 726,000.

Today, the Census Bureau will report about durable goods orders for June. Tomorrow, the Conference Board will release its Consumer Confidence Index for July. Thursday, the Labor Department will issue its initial claims report.
Market Mirror
Friday, the Dow decreased 182.44 points (0.68%) to 26,469.89, the NASDAQ lost 98.24 points (0.94%) to finish at 10,363.18, and the S&P 500 was down 20.03 points (0.62%) at 3,215.63. The Russell 2000 fell 22.59 points (1.52%) to 1,467.55, and the Wilshire 5000 closed 246.06 points (0.74%) lower at 32,803.29.

The price of the 10-year Treasury note was unchanged, with its yield at (0.584%). The price of the 30-year Treasury bond was up 1/32, decreasing its yield to 1.228%.

For the week ending July 24, the Dow lost 0.76%, the NASDAQ fell 1.33%, and the S&P 500 was down 0.28%. The Russell 2000 finished 0.39% lower, and the Wilshire 5000 decreased 0.32%.
Compliance
Sutter Health Facing 403(b) Excessive Fee Suit
The allegations mirror those of other recently filed cases against both 401(k) and 403(b) plans.
Bill Would Allow COVID-19 Catch-Up Contributions
The proposal would allow catch-up contributions in 2021 and 2022 equal to the difference between an individual’s actual contributions and current federal limits on these accounts.
Deals and People
Retirement Industry People Moves
Tech and client services head joins ICMA-RC; OneDigital acquires employee benefits consulting firm; New York Life elects president; and more.
Small Talk
ON THIS DATE: In 1789, the Department of Foreign Affairs was established by Congress. The agency was later known as the Department of State. In 1804, the 12th Amendment to the U.S. Constitution was ratified. With the amendment Electors were directed to vote for a President and for a Vice-President rather than for two choices for President. In 1921, at the University of Toronto, Canadian scientists Frederick Banting and Charles Best successfully isolated insulin—a hormone they believed could prevent diabetes—for the first time. In 1940, Bugs Bunny made his official debut in the Warner Bros. animated cartoon “A Wild Hare.” In 1949, the world’s first commercial jet, the British De Havilland Comet, made its maiden test-flight in England. In 1953, the United States, the People’s Republic of China, North Korea and South Korea agreed to an armistice, bringing the fighting of the Korean War to an end. In 1974, the House Judiciary Committee recommended that America’s 37th president, Richard M. Nixon, be impeached and removed from office. In 1984, Pete Rose passed Ty Cobb’s record for most singles in a career when he got his 3,503rd base hit. In 1995, the Korean War Veterans Memorial was dedicated in Washington, D.C., by U.S. President Bill Clinton and South Korean President Kim Young-sam. In 1996, in Atlanta, Georgia, the XXVI Summer Olympiad was disrupted by the explosion of a nail-laden pipe bomb in Centennial Olympic Park. In 1999, the U.S. space shuttle Discovery completed a five-day mission commanded by Air Force Col. Eileen Collins. It was the first shuttle mission to be commanded by a woman.
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