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Insight on Plan Design & Investment Strategy Every Weekday
Court Finds Plan Sponsor Could Be Found Liable for Retirement Plan Cyberfraud
The plan sponsor had sued plan providers, but the providers in a counterclaim said the plan sponsor was equally liable.
Plan Sponsor, Provider Sued for Adding Untested CITs to 401(k)
The 92-page complaint includes a number of other allegations, including that the plan sponsor was motivated by its relationship with the provider for its defined benefit plans.
Most Read
2021 DC Plan Benchmarking Survey
Data and Research
Working Past Age 65 May Seem Like a Great Idea …
Data and Research
2022 Retirement Industry Trends to Follow
Economic Events
Today, the Census Bureau will report about construction spending in April. Wednesday, it will report about factory orders for April. Thursday, the Labor Department will issue its initial claims report, and Friday, the Bureau of Labor Statistics will reveal the unemployment rate for May.
Market Mirror
Friday, the Dow was down 17.53 points (0.07%) at 25,383.11, the NADAQ closed 120.88 points (1.29%) higher at 9,489.87, and the S&P 500 was up 14.58 points (0.48%) at 3,044.31. The Russell 2000 decreased 6.64 points (0.47%) to 1,394.04, and the Wilshire 5000 increased 161.93 points (0.53%) to 30,925.98.

The price of the 10-year Treasury note was up 4/32, decreasing its yield to 0.651%. The price of the 30-year Treasury bond increased 32/32, bringing its yield down to 1.410%.

For the week ending May 29, the Dow climbed 3.75%, the NASDAQ was up 1.77%, and the S&P 500 finished 3.01% higher. The Russell 2000 increased 2.84%, and the Wilshire 5000 gained 3.03%.
Ask the Experts
Are RMDs Required for Those Who Turned 70 1/2 in 2019?
“The SECURE Act increased the age for required minimum distributions (RMDs) for retirees from age 70 ½ to age 72. If we are reading the law correctly, this provision is NOT grandfathered, meaning that, if I have a participant who turned age 70 ½ in 2019, he/she must take an initial RMD by 4/1/2020. I have a retiree who turned age 70 ½ in the second half of 2019, meaning he/she will not turn 72 until 2021. Can that retiree skip the minimum required distribution for 2020, since he/she will not be 72 in 2020?”
ERISA Examination
New Benefits for the ‘Disaster’
IRC Section 139 provides expanded relief for affected employees.
Deals and People
Retirement Industry People Moves
TRA adds newest regional sales consultant; Mercer selects responsible investment leaders; Newport acquires TPA business at Huntington National Bank; and more.
Small Talk
ON THIS DATE: In 1792, Kentucky became the 15th state of the U.S. In 1796, Tennessee became the 16th state of the U.S. In 1869, Thomas Edison received a patent for his electric voting machine. In 1892, the General Electric Company (GE) began operations after the merging of the Edison General Electric and the Thomson-Houston Electric companies. In 1916, the National Defense Act increased the strength of the U.S. National Guard by 450,000 men. In 1942, a Warsaw underground newspaper, the Liberty Brigade, made public the news of the gassing of tens of thousands of Jews at Chelmno, a Nazi-operated death camp in Poland—the first time news of death camp killings became public. In 1968, Helen Keller died in Easton, Connecticut, at the age of 87. Blind and deaf from infancy, Keller circumvented her disabilities to become a world-renowned writer and lecturer. In 1980, CNN (Cable News Network), the world’s first 24-hour television news network, made its debut. In 2009, General Motors filed for Chapter 11 Bankruptcy. The filing made GM the largest U.S. industrial company to enter bankruptcy protection.
SURVEY SAYS RESPONSES: Last week, I asked NEWSDash readers, “Do you still have vacation plans this summer, and do you expect to have more time to read this summer than you usually do?” And I asked them to share suggestions for a summer reading list. Nearly four in 10 (38.2%) of responding readers indicated they will be taking a vacation this summer and will be going away, while 29.4% reported they will be taking a vacation but it will be a staycation. Two in 10 (20.6%) said they are not taking a vacation this summer, and 11.8% don’t know yet. Still, 52.9% expect to have more time to read this summer than you usually do, while 35.3% do not and 11.8% don’t know. In verbatim comments, readers suggested—vacation or not—reading outside. A couple of readers noted that they have been “reading” less since they were mostly listening to audio books on their commutes before being forced to work from home. No Editor’s Choice this week. A big thank you to all who participated in the survey! See what respondents suggested we read.
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