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June 10th, 2020
Insight on Plan Design & Investment Strategy Every Weekday
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Ask the Experts
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Loan Repayments for Employees Furloughed Before CARES Act Relief Period
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“I understand that loan repayments with due dates between March 27 and December 31 can be delayed for one year under the CARES Act. But what about payments that were due on or before March 27? We had some people that we furloughed prior to that date, and some of them have not made those payments.” 
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Opinions
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Variable/Adjustable Pension Plans
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Richard Hudson, with First Actuarial Consulting, discusses a new DB plan design that addresses single-employer plan sponsors’ concerns about maintaining a DB plan and switching to a DC plan.
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| Economic Events |
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April sales of merchant wholesalers, except manufacturers’ sales branches and offices, after adjustment for seasonal variations and trading day differences but not for price changes, were $395.4 billion, down 16.9% from the revised March level and down 20.7% from the revised April 2019 level, the Census Bureau reported.
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| Market Mirror |
Tuesday, the Dow closed 300.14 points (1.09%) lower at 27,272.30, the NASDAQ was up 29.01 points (0.29%) at 9,953.75, and the S&P 500 was down 25.21 points (0.78%) at 3,207.18. The Russell 2000 decreased 29.84 points (1.94%) to 1,507.05, and the Wilshire 5000 lost 306.15 points (0.93%) to finish at 32,685.59.
The price of the 10-year Treasury note increased 27/32, bringing its yield down to 0.829%. The price of the 30-year Treasury bond climbed 1 26/32, decreasing its yield to 1.577%.
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ON THIS DATE: In 1692, in Salem Village in the Massachusetts Bay Colony, Bridget Bishop, the first colonist to be tried in the Salem witch trials, was hanged after being found guilty of the practice of witchcraft. In 1752, Benjamin Franklin flew a kite during a thunderstorm and collected ambient electrical charge in a Leyden jar, enabling him to demonstrate the connection between lightning and electricity. In 1776, the Continental Congress appointed a committee to write a Declaration of Independence. In 1854, the U.S. Naval Academy in Annapolis, Maryland, held its first graduation. In 1935, in Akron, Ohio, Bill Wilson and Dr. Robert Smith, two recovering alcoholics, founded Alcoholics Anonymous. In 1944, the youngest pitcher in major league baseball pitched his first game. Joe Nuxhall was 15 years old. In 1948, Chuck Yeager exceeded the speed of sound in the Bell XS-1. In 1984, the United States and the Vatican established full diplomatic relations for the first time in 117 years.
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WEDNESDAY WISDOM: “Start with what is right rather than what is acceptable.”—Frank Kafka, novelist and short-story writer
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