July 28th, 2021 Insight on Plan Design & Investment Strategy Every Weekday Compliance DOL Clears Up Timing for Lifetime Income Illustrations The agency promised to issue a final rule ‘as soon as practicable’ and recognized transition time may be needed if the final rule significantly differs from its interim final rule. Ask the Experts Should Church Plans Purchase Fiduciary Liability Insurance? “Should church plans purchase fiduciary liability insurance?” Most Read Participants What Participants Want From Employers’ Retirement Plan Websites Research 2021 Recordkeeping Survey Inside Angle DOL’s Next Moves Economic Events New orders for manufactured durable goods in June increased $2.1 billion or 0.8% to $257.6 billion, the U.S. Census Bureau announced. This increase, up 13 of the last 14 months, followed a 3.2% May increase. Excluding transportation, new orders increased 0.3%. Excluding defense, new orders increased 1.0%. Transportation equipment, up two consecutive months, led the increase, $1.6 billion or 2.1% to $77.5 billion. The Conference Board Consumer Confidence Index was relatively unchanged in July, following gains in each of the prior five months. The Index now stands at 129.1 (1985=100), up from 128.9 in June. The Present Situation Index—based on consumers’ assessment of current business and labor market conditions—rose from 159.6 to 160.3. The Expectations Index—based on consumers’ short-term outlook for income, business, and labor market conditions—was virtually unchanged at 108.4, compared to 108.5 last month. Market Mirror Tuesday, the Dow was down 85.79 points (0.24%) at 35,058.52, the Nasdaq fell 180.14 points (1.21%) to 14,660.58, and the S&P 500 decreased 20.84 points (0.47%) to 4,401.46. The Russell 2000 lost 25.09 points (1.13%) to finish at 2,191.83, and the Wilshire 5000 closed 295.39 points (0.64%) lower at 45,744.26. The price of the 10-year Treasury note was increased 6/32, bringing its yield down to 1.238%. The price of the 30-year Treasury bond climbed 1 25/32, decreasing its yield to 1.890%. From the Magazine Seek and Find With the growing array of services being offered, sponsors should stay fixed on plan priorities when conducting an RFP. Deals and People Former Senator Mike Enzi Leaves Legacy of Retirement Plan Reform He was instrumental in finalizing the provisions of the Pension Protection Act of 2006, fought for help for multiemployer plans and contributed to the SECURE Act. Small Talk ON THIS DATE: In 1868, following its ratification by the necessary three-quarters of U.S. states, the 14th Amendment, granting citizenship to all persons born or naturalized in the United States—including formerly enslaved people—was officially adopted into the U.S. Constitution. In 1914, World War I officially began when Austria-Hungary declared war on Serbia. In 1951, the Walt Disney film “Alice in Wonderland” was released. In 1998, Bell Atlantic and GTE announced $52 billion deal that created the second-largest phone company. WEDNESDAY WISDOM: “We live in a rainbow of chaos.”—Paul Cezanne, French artist and painter Industry Intel Roundup—Featured Webcasts PLANSPONSOR is pleased to present the next edition of our Industry Intelligence roundup. This week, we are featuring webcasts sponsored by experienced providers in the industry. The content was created to educate, inform and offer ideas for plan sponsors regarding plan design, investing, administration and compliance. PLANSPONSOR 2021 Plan Progress Series: Considerations for Pension Risk Transfer Sponsored by Securian Financial Pension risk transfer (PRT) activity has been increasing year over year, although it slowed somewhat during the COVID-19 pandemic. PRT can be an effective tool for plan sponsors to reduce risk and eliminate some liabilities, but it should be done in a cost-effective way. SPONSORED BY: Charles Schwab Post-COVID Insights From 401(K) Participants In the wake of the pandemic, what are 401(k) participants’ specific wants and needs? How are they changing their approach to spending and saving? What are their top five must-have benefits? Tune in to a webinar hosted by Schwab Retirement Plan Services, Inc. for firsthand knowledge gleaned from an exclusive 401(k) Participant Survey. Register now – it’s an insightful 45 minutes you don’t want to miss SPONSORED BY: Morningstar Designing the Modern Retirement Plan During the COVID-19 Pandemic The past 18 months have altered the workplace in ways we could never have anticipated. With the ongoing effects of the COVID-19 pandemic, increasingly tight labor market, and remote working environment, plan sponsors have been posed with the challenge of closely evaluating their retirement plan in order to help attract and retain talent. As we continue to navigate the pandemic and adapt to the long-term impacts of remote work, employees who no longer work from the office are seeking greater holistic, personalized financial advice from their employers.1 In this webinar, we’re going to discuss how the needs of employees are evolving and the implications this may have on the way you design and structure your retirement plan. Key discussion points include: Challenges plan sponsors have faced with engaging a remote workforce The growing trend of offering holistic financial solutions and personalized advice Designing retirement plans to be more effective decumulation vehicles PLANSPONSOR 2021 Plan Progress Series: Benchmarking Your Recordkeeper Selecting the best recordkeeper for retirement plan participants and monitoring that recordkeeper are part of a plan sponsor’s fiduciary duties. Consolidation in the industry has continued at a steady pace and recordkeepers compete with technology and other services, so it is getting more difficult for plan sponsors to discern the best choice for their plan from others. Did someone forward you this newsletter? Sign up here to get NEWSDash directly in your mailbox! Unsubscribe | Manage Subscriptions | Contact Us | Privacy Policy | Advertise ©2021 Asset International Inc. All rights reserved. 702 King Farm Boulevard, Suite 400, Rockville, MD 20850