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PLANSPONSOR NEWSDASH LOGO June 12th, 2020
Insight on Plan Design & Investment Strategy Every Weekday
Compliance
Retirement Plan Disclosures Move Into the Digital Age
Retirement Plan Disclosures Move Into the Digital Age
Plan sponsors need to understand requirements in the new DOL rule, including how to ensure cybersecurity, before moving forward.
Investing
Private Equity in DC Plans an Opportunity to Improve Outcomes
Plan sponsors should follow prudent processes the DOL laid out in its recent guidance, and there are already solutions in place to help them figure out how to include private equity in their plans.
Most Read

2020 Defined Benefit Administration Survey
Ask the Experts
Clarification of Loan Repayment Delay Provisions of CARES Act
Compliance
Use of Fidelity Active Management Funds Questioned in Court
Research Opportunity
Calling DC Plan Sponsors to Participate in Our Research
Through a partnership with Mercer, PLANSPONSOR has launched a short Pulse Survey on environmental, social and governance (ESG) investments in U.S.-based defined contribution (DC) plans. The questionnaire seeks to collect direct feedback from DC plan sponsors on how this emerging topic is influencing current thinking/actions. Whether or not ESG applies to your plan, we would appreciate you investing 3-4 minutes to answer 11 quick-response questions on the topic. Respondents will be offered the opportunity to receive a complimentary advance copy of the final analysis/report, which will cover the past, present, and current state of ESG investing in institutional retirement plans. Responses will remain both anonymous and confidential and will only be reported in aggregate. The deadline for response is TODAY.
Economic Events
Interest for a 30-year fixed-rate mortgage averaged 3.21% for the week ending June 11, up slightly from last week when it averaged 3.18%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 3.82%. Interest for a 15-year fixed-rate mortgage averaged 2.62%, unchanged from last week. A year ago at this time, the 15-year FRM averaged 3.26%.

The Producer Price Index for final demand rose 0.4% in May, as prices for final demand goods increased 1.6% and the index for final demand services fell 0.2%, the Bureau of Labor Statistics reported. The final demand index decreased 0.8% for the 12 months ended in May.

In the week ending June 6, the advance figure for seasonally adjusted initial claims for unemployment insurance was 1,542,000, a decrease of 355,000 from the previous week’s revised level of 1,897,000, the Labor Department reported. The four-week moving average was 2,002,000, a decrease of 286,250 from the previous week’s revised average of 2,288,250.
Market Mirror
Thursday, the Dow plunged 1,861.82 points (6.90%) to 25,128.17, the NASDAQ lost 527.62 points (5.27%) to finish at 9,492.73, and the S&P 500 fell 188.04 points (5.89%) to 3,002.10. The Russell 2000 closed 111.17 points (7.58%) lower at 1,356.22, and the Wilshire 5000 dropped 1,933.94 points (5.96%) to 30,532.05.

The price of the 10-year Treasury note increased 6/32, bringing its yield down to 0.662%. The price of the 30-year Treasury bond climbed 2 25/32, decreasing its yield to 1.408%.
Compliance
Excessive Recordkeeping Fees Alleged in KeyCorp ERISA Challenge
The complaint alleges that KeyCorp has failed to take advantage of recordkeeping market competition and the associated drop in average fees.
Products
Investment Product and Service Launches
Lincoln Financial Group adds multi-manager solution within director program; Franklin Templeton increases ETF lineup; Northern Trust announces new series trust; and more.
Equity Compensation as a Way to Help Employees Build Wealth
A case study reveals how, even during the market downturn caused by the coronavirus, an equity compensation plan helped employees build assets.
SoFi Launches Student Loan Debt Relief Program
The program follows provisions in the CARES Act that allow employers to pay up to $5,250 of employees’ student loans tax-free.
SBA Announces Benefit Plan Provider Search Service
The service is designed to help organizations make informed decisions about hiring and retaining providers when travel restrictions or budgetary constraints preclude in-person assessments.
Small Talk
ON THIS DATE: In 1838, the Iowa Territory was organized. In 1897, Carl Elsener patented his penknife. The object later became known as the Swiss army knife. In 1901, Cuba agreed to become an American protectorate by accepting the Platt Amendment. In 1939, the National Baseball Hall of Fame and Museum was dedicated in Cooperstown, New York. In 1963, in the driveway outside his home in Jackson, Mississippi, African American civil rights leader Medgar Evers was shot to death by white supremacist Byron De La Beckwith. In 1967, state laws which prohibited interracial marriages were ruled unconstitutional by the U.S. Supreme Court. In 1987, President Ronald Reagan publicly challenged Soviet leader Mikhail Gorbachev to tear down the Berlin Wall. In 1991, the Chicago Bulls won their first NBA championship. The Bulls beat the Los Angeles Lakers four games to one. In 1997, the Treasury Department unveiled a new $50 bill meant to be more counterfeit-resistant. In 2009, in the U.S., the switch from analog TV transmission to digital was completed. In 2016, a gunman opened fire in the Pulse nightclub in Orlando, Florida, killing 49 and injuring dozens of others in what was at the time the deadliest mass shooting in modern U.S. history.

And now it’s time for FRIDAY FUN!
Love from pets.

In San Francisco, the Golden Gate Bridge now “plays music” for the surrounding area, but residents are not describing it as melodious. The city’s help line says the noise―variously described as a whistle, hum, howl or even scream―is caused by “high winds blowing through the newly installed railing slats along the bike path on the bridge.” A spokesman for the Golden Gate Bridge, Highway and Transportation District told the local public radio station, “The new musical tones coming from the bridge are a known and inevitable phenomenon that stem from our wind retrofit during very high winds.” He said the retrofit is “necessary to ensure the safety and structural integrity of the bridge for generations to come.”

In Rome, Italy, two inmates at a prison escaped, but they said they’ll be back. Before they escaped, they left a note in their cell explaining they had personal reasons for needing to flee, said the Repubblica daily, according to the AFP. They were driven by “the need to protect their children from a nasty business they had got themselves into,” the daily said, paraphrasing the contents of the letter. The inmates said they were needed to address the situation, as their wives were also in jail. The two promised to return in about 15 days once everything was sorted, the paper said. The men were serving sentences until 2029 for non-violent crimes.

Have a wonderful weekend!
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