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PLANSPONSOR NEWSDASH LOGO June 19th, 2020
Insight on Plan Design & Investment Strategy Every Weekday
Participants
Generations Experience the Effects of COVID-19 Differently
Generations Experience the Effects of COVID-19 Differently
Understanding each generation’s attitudes and concerns is key to knowing the right retirement savings education and tools to offer.
Participants
COVID-19 Widens the Financial Security Gap for Black Workers
Statistics about disparities may reveal what is happening among plan sponsors’ own workforces.
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
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Economic Events
Interest on a 30-year fixed-rate mortgage averaged 3.13% for the week ending June 18, down from last week when it averaged 3.21%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 3.84%. Interest on a 15-year fixed-rate mortgage averaged 2.58%, down from last week when it averaged 2.62%. A year ago at this time, the 15-year FRM averaged 3.25%.

In the week ending June 13, the advance figure for seasonally adjusted initial claims for unemployment insurance was 1,508,000, a decrease of 58,000 from the previous week’s revised level of 1,566,000, the Labor Department reported. The four-week moving average was 1,773,500, a decrease of 234,500 from the previous week’s revised average of 2,008,000.
Market Mirror
Thursday, the Dow was down 39.51 points (0.15%) at 26,080.10, the NASDAQ closed 32.52 points (0.33%) higher at 9,943.05, and the S&P 500 was up 1.85 points (0.06%) at 3,115.34. The Russell 2000 gained 7.47 points (0.53%) to finish at 1,427.08, and the Wilshire 5000 increased 43.79 points (0.14%) to 31,772.53.

The price of the 10-year Treasury note increased 25/32, bringing its yield down to 0.705%. The price of the 30-year Treasury bond climbed 1 3/32, decreasing its yield to 1.476%.
Compliance
Lack of Index Funds Cited in Latest ERISA Lawsuit
The Oshkosh Corp. is accused of permitting excessive recordkeeping fees and inappropriately favoring expensive active management funds in its retirement plan lineup.
Guilty Plea Secured in $15M Retirement Plan Embezzlement Scheme
A Texas couple has admitted to submitting more than 90 unauthorized distribution requests from some 20 retirement plans between 2014 and 2017.
Benefits
Unprecedented Times Increasing Focus on Holistic Well-Being Programs
Despite employers’ own financial strain, most are committed to expanding wellness programs to address increased employee needs during the pandemic.
Products
Transamerica Creates Digital Financial Wellness Center
It covers a wide range of topics, from budgeting to preparing for retirement.
Small Talk
ON THIS DATE: In 1846, the New York Knickerbocker Club played the New York Club in the first baseball game at the Elysian Field, Hoboken, New Jersey. It was the first organized baseball game. In 1862, President Abraham Lincoln outlined his Emancipation Proclamation, which outlawed slavery in U.S. territories. In 1865, Union soldiers arrived in Galveston, Texas with news that the Civil War was over and slavery in the United States was abolished. The date is now known as Juneteenth. In 1910, the first Father’s Day was celebrated in Spokane, Washington. In 1912, the U.S. government established the 8-hour work day. In 1934, Congress established the Federal Communications Commission (FCC) to regulate radio and, later, TV broadcasting. In 1951, President Harry S. Truman signed the Universal Military Training and Service Act, which extended Selective Service until July 1, 1955, and lowered the draft age to 18. In 1964, the Civil Rights Act of 1964 was approved after surviving an 83-day filibuster in the Senate. In 1968, 50,000 people marched on Washington, D.C. to support the Poor People’s Campaign. In 1998, Switzerland’s three largest banks offered $600 million to settle claims they’d stolen the assets of Holocaust victims during World War II. Jewish leaders called the offer insultingly low.

And now it’s time for FRIDAY FUN!
Mini Elvis.

Taking time to recognize some acts of solidarity during the unrest in the past two weeks.

In Vienna, Austria, police fined a man 500 euros for loudly breaking wind after officers stopped him earlier this month to check his identity. In reply to social media commentaries, the police justified the fine on Twitter. “Of course, nobody is put on the spot if one slips out by accident,” the police said, according to the AFP. However, in this case, the police said, the young man had appeared “provocative and uncooperative” in general. He then “slightly raised himself from the bench, looked at the officers and patently, in a completely deliberate way, emitted a massive flatulence in their immediate proximity.”

In Novo-Ogaryovo, Russia, visitors meeting President Vladimir Putin at his country residence must first pass through a walk-through device that sprays them with disinfectant to protect him from the coronavirus, officials said, according to the AFP. Visitors walk through the device and get sprayed from above and the side, a video posted on Twitter by Kremlin pool journalists from RIA Novosti state news agency showed. A spokesman for the Russian president told reporters that two of the disinfection machines had also been installed in the Kremlin. The device includes facial recognition technology and can take people’s temperatures, according to the manufacturers.

Wishing everyone a safe and happy weekend!
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