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PLANSPONSOR NEWSDASH LOGO July 30th, 2020
Insight on Plan Design & Investment Strategy Every Weekday
Administration
CARES Act Special Considerations for 403(b) Plans
CARES Act Special Considerations for 403(b) Plans
Participants invested in annuity contracts may face charges for distributions and limits on amounts they can take as a distribution or loan that they may not be aware of.
Insights
Lessons From the Archives
A plan sponsor's job is never done.
Most Read
Compliance
Recent Acts Will Require Plan Amendments
Deals and People
Principal-Wells Fargo Integration on Track for 2021 Completion
Products
Nationwide to Waive Fees for New Retirement Plan Clients in 2020
Economic Events
The Conference Board Consumer Confidence Index decreased in July, after increasing in June. The Index now stands at 92.6 (1985=100), down from 98.3 in June. The Present Situation Index—based on consumers’ assessment of current business and labor market conditions—improved from 86.7 to 94.2. However, the Expectations Index—based on consumers’ short-term outlook for income, business, and labor market conditions—decreased from 106.1 in June to 91.5 this month.
Market Mirror
Wednesday, the Dow was up 160.29 points (0.61%) at 26,539.57, the NASDAQ gained 140.85 points (1.35%) to finish at 10,542.94, and the S&P 500 closed 40.00 points (1.24%) higher at 3,258.44. The Russell 2000 increased 15.98 points (1.08%) to 1,500.63, and the Wilshire 5000 climbed 454.99 points (1.39%) to 33,304.72.

The price of the 10-year Treasury note was up 1/32, bringing its yield down to 0.575%. The price of the 30-year Treasury bond was down 6/32, bringing its yield up to 1.242%.
Compliance
Revenue Sharing Questioned in New Quest Diagnostics Lawsuit
Among other arguments, the ERISA fiduciary breach complaint suggests fiduciaries “should not choose otherwise imprudent investments specifically to take advantage of revenue sharing.”
Settlement Reached in Lawsuit Alleging Imprudent Sale of ESOP Assets
ESOP plan committee and Republic Services defendants, as well as GreatBanc Trust Co., have agreed to a $7.9 million payment.
Opinions
Top 10 Reasons to Become Familiar with Income Guarantees
Matt Gray, with Allianz Life, discusses why DC plan sponsors should consider guaranteed income products for their plans after passage of the SECURE Act.
Small Talk
ON THIS DATE: In 1619, in Jamestown, Virginia, the first elected legislative assembly in the New World—the House of Burgesses—convened in the choir of the town’s church. In 1965, President Lyndon B. Johnson signed Medicare into law. In 1942, the WAVES were created by legislation signed by U.S. President Franklin D. Roosevelt. The members of the Women Accepted for Volunteer Emergency Service were a part of the U.S. Navy. In 1945, the USS Indianapolis was torpedoed by a Japanese submarine. The ship had just delivered key components of the Hiroshima atomic bomb to the Pacific island of Tinian. Only 316 out of 1,196 men aboard survived the attack. In 1956, the phrase “In God We Trust” was adopted as the U.S. national motto. In 1974, the House of Representatives Judiciary Committee voted to impeach President Richard Nixon for blocking the Watergate investigation and for abuse of power.
SURVEY SAYS: Whether it’s Zoom, Teams or something else, virtual platforms are how we are meeting inside and outside of the workplace these days. This week, I’d like to know, are you suffering from virtual meeting burnout yet? What are some pros and cons of virtual meetings? You may respond to this week’s survey by 6 p.m. Pacific time today.
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