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July 8th, 2020
Insight on Plan Design & Investment Strategy Every Weekday
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Events
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Plan Progress Webinar Series
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Each month, PLANSPONSOR editors will facilitate discussions about strategies to move your plan forward. Join us July 30 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.
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Ask the Experts
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Clarification of Loan Repayment Delay Provisions of CARES Act
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“We sponsor a 403(b) plan and have adopted the loan repayment delay provisions of the CARES Act. Our recordkeeper has informed us that the one-year extension on loan repayments due from March 27 to December 31 only applies to “qualified individuals” affected by COVID-19 as defined under the Act. However, I was looking at the recent IRS Q&A and there was no mention of such repayment delay being restricted to “qualified individuals.” Does this mean that the loan repayment delay can apply to ALL participants, not just those affected by COVID-19?”
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Market Mirror |
Tuesday, the Dow fell 396.85 points (1.51%) to 25,890.18, the NASDAQ closed 89.76 points (0.86%) lower at 10,343.89, and the S&P 500 decreased 34.40 points (1.08%) to 3,145.32. The Russell 2000 was down 26.89 points (1.86%) at 1,416.00, and the Wilshire 5000 lost 295.15 points (0.91%) to finish at 32,083.95.
The price of the 10-year Treasury note was up 4/32, decreasing its yield to 0.638%. The price of the 30-year Treasury bond increased 1 29/32, bringing its yield down to 1.371%.
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ON THIS DATE: In 1889, the Wall Street Journal was first published. In 1776, the Liberty Bell rang out from the tower of the Pennsylvania State House (now Independence Hall) in Philadelphia, summoning citizens to the first public reading of the Declaration of Independence. In 1950, the day after the U.N. Security Council recommended that all U.N. forces in Korea be placed under the command of the U.S. military, General Douglas MacArthur was appointed head of the United Nations Command by President Harry S. Truman. In 1969, the U.S. Patent Office issued a patent for the game “Twister.”
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WEDNESDAY WISDOM: “Problems are not the problem; coping is the problem.”—Virginia Satir, American author and therapist
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