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PLANSPONSOR NEWSDASH LOGO June 14th, 2021
Insight on Plan Design & Investment Strategy Every Weekday
Events
2021 Virtual PLANSPONSOR National Conference
2021 Virtual PLANSPONSOR National Conference
Join us next week for virtual discussions among your plan sponsor peers, retirement plan advisers and providers, as well as legislative and legal experts, about ways to continue to build plans and financial wellness programs that improve the outcomes of your unique workforce, while implementing proper corporate governance to manage fiduciary duties. In our virtual exhibit hall, attendees may interact with plan providers, obtain additional information to help build plans of excellence and participate in some fun giveaways.
Compliance
Rush of Litigation Against Retirement Plans Expected to Continue
One insurer says the more than $1 billion in settlements thus far could make fiduciary insurance a thing of the past.
Most Read
Research
2021 Recordkeeping Survey
Compliance
DOL Clears Up Timing for Lifetime Income Illustrations
Administration
Addressing Forgotten Accounts Can Improve Retirement Savings Outcomes
SPONSORED BY: Principal
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Economic Events
Tomorrow, the Census Bureau will report about retail sales and business trade for May, and the Bureau of Labor Statistics will reveal the producer price index for May. Wednesday, the Census Bureau will report about housing starts for May. Thursday, the Labor Department will issue its initial claims report, and Freddie Mac will update average mortgage rates for the week.
Market Mirror
Friday, the Dow was up 13.36 points (0.04%) at 34,479.60, the Nasdaq closed 49.09 points (0.35%) higher at 14,069.42, and the S&P 500 increased 8.26 points (0.19%) to 4,247.44. The Russell 2000 climbed 24.40 points (1.06%) to 2,335.81, and the Wilshire 5000 gained 149.64 points (0.34%) to finish at 44,618.17.

The price of the 10-year Treasury note was down 1/32, increasing its yield to 1.453%. The price of the 30-year Treasury bond decreased 3/32, bringing its yield up to 2.141%.

For the week ending June 11, the Dow decreased 0.80%, the Nasdaq gained 1.85%, and the S&P 500 was up 0.41%. The Russell 2000 climbed 2.16%, and the Wilshire 5000 finished 0.86% higher.
Compliance
Generac Power Systems New Target of ERISA Excessive Fee Suit
As with similar litigation, the company’s 401(k) plan fiduciaries are accused of failing to take measures to ensure reasonable recordkeeping and investment fees.
Deals and People
Retirement Industry People Moves
QMA Hires David Blanchett as managing director and retirement research head and Alerus adds new senior business adviser.
Products
ForUsAll Introduces Retirement Plan With Alternative Investments
The investment platform give employees access to owning cryptocurrencies.
Small Talk
ON THIS DATE: In 1775, the Continental Army was founded by the Second Continental Congress for purposes of common defense. This event is considered to be the birth of the United States Army. In 1777, during the American Revolution, the Continental Congress adopted a resolution stating that “the flag of the United States be thirteen alternate stripes red and white” and that “the Union be thirteen stars, white in a blue field, representing a new Constellation.” In 1834, Isaac Fischer Jr. patented sandpaper. In 1846, a group of U.S. settlers in Sonoma proclaimed the Republic of California. In 1900, Hawaii became a U.S. territory. In 1943, the U.S. Supreme Court ruled that schoolchildren could not be made to salute the U.S. flag if doing so conflicted with their religious beliefs. In 1951, the U.S. Census Bureau dedicated UNIVAC, the world’s first commercially produced electronic digital computer. UNIVAC stands for Universal Automatic Computer. In 1954, President Dwight D. Eisenhower signed an order adding the words “under God” to the Pledge of Allegiance. In 1954, Americans took part in the first nationwide civil defense test against atomic attack. In 1989, former President Ronald Reagan received an honorary knighthood from Britain’s Queen Elizabeth II. In 2002, actor Kirk Douglas received the UCLA Medal. The award is presented to people for cultural, political and humanitarian achievements.
SURVEY SAYS RESPONSES: Last week, I asked NewsDash readers, “Do you feel comfortable with the CDC’s guidance about masks, and have you dropped the mask in certain situations?” More than seven in 10 respondents (71%) indicated they feel comfortable with and confident in the CDC’s guidance about wearing masks. Nearly two-thirds (64%) of respondents forego wearing a mask everywhere it is not required by law or a business. Twelve percent have shed the mask only in situations where they know everyone is vaccinated, while 15% have done so only outdoors and 4% forego wearing a mask only outdoors and where they know everyone else is vaccinated. Another 4% said they still wear a mask in every situation in which they wore one before the new guidance. There were so many differing views among those readers who decided to leave comments. It is very reflective of the debate we all hear in the media every day. No Editor’s Choice this week. A big thank you to all who participated in our survey!
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