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PLANSPONSOR NEWSDASH LOGO July 8th, 2020
Insight on Plan Design & Investment Strategy Every Weekday
Events
Plan Progress Webinar Series
Plan Progress Webinar Series
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.
Ask the Experts
Clarification of Loan Repayment Delay Provisions of CARES Act
“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?”
Most Read
Benefits
Phased Retirement Programs Offer Perks for Employees and Employers

2020 Recordkeeping Survey
Compliance
VALIC Financial Advisors Charged With Disclosure Failures
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%.
Compliance
Health Care Organization Faces 403(b) Excessive Fee Suit
Much of the complaint is dedicated to discounting the use of an actively managed TDF suite rather than a less costly index TDF suite.
Judge Roundly Rejects CareerBuilder ERISA Lawsuit
The text of the dismissal ruling relies heavily on precedent set by the United States 7th Circuit Court of Appeals.
Products
Voya Offers SAVVI’s Short-Term Financial Planning Tool
Employees of Voya’s clients whose income has been affected by the COVID-19 pandemic will be able to get a personalized short-term financial action plan.
Ayco Launches Marketplace for Financial Benefits
Solutions in the marketplace address a variety of financial needs, including personal loans and savings, student loan refinancing and investment management.
Small Talk
“The makeup of Congress may influence stock market performance, and how stocks and the economy perform prior to the election may forecast who will win,” says Ryan Detrick, senior market strategist at LPL Financial. LPL’s research has found that, since 1928, the stock market has accurately predicted the winner of the presidential election 87% of the time. The research also shows that stocks have tended to do best when there is a split Congress.
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.”
WEDNESDAY WISDOM: “Problems are not the problem; coping is the problem.”—Virginia Satir, American author and therapist
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