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PLANSPONSOR NEWSDASH LOGO June 8th, 2020
Insight on Plan Design & Investment Strategy Every Weekday
Rules/Regs
Another Plan Account Is Drained
Another Plan Account Is Drained
Lawsuits serve as a reminder that plan sponsors should review their responsibilities for plan cybersecurity.
Insights
Here and Now
Sponsors need to make some decisions in light of the times.
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
SPONSORED BY: Fidelity
The Benefits Balancing Act
Offering more benefits typically leads to recruitment success, but it’s not as simple when it comes to retention.
Economic Events
Total nonfarm payroll employment rose by 2.5 million in May, and the unemployment rate fell to 13.3%, the Bureau of Labor Statistics reported. These improvements in the labor market reflected a limited resumption of economic activity that had been curtailed in March and April due to the coronavirus (COVID-19) pandemic.

Tomorrow, the Census Bureau will report about wholesale trade for April. Wednesday, the Bureau of Labor Statistics (BLS) will reveal the consumer price index for May. Thursday, the Labor Department will issue its initial claims report and the BLS will reveal the producer price index for May.
Market Mirror
Friday, the Dow climbed 829.16 points (3.15%) to 27,110.98, the NASDAQ closed 198.27 points (2.06%) higher at 9,814.08, and the S&P 500 increased 81.58 points (2.62%) to 3,193.93. The Russell 2000 was up 55.09 points (3.79%) at 1,507.15, and the Wilshire 5000 gained 810.43 points (2.56%) to finish at 32,525.21.

The price of the 10-year Treasury note decreased 28/32, bringing its yield up to 0.893%. The price of the 30-year Treasury bond was down 7/32, increasing its yield to 1.667%.

For the week ending June 5, the Dow gained 6.81%, the NASDAQ was up 3.42%, and the S&P 500 increased 4.91%. The Russell 2000 climbed 8.11%, and the Wilshire 5000 finished 5.17% higher.
Deals and People
Retirement Industry People Moves
Lyxor Asset Management selects CIO; MassMutual adds managing directors of U.S. regions; and TIAA financial solutions head resigns.
Products
OneAmerica Unveils ‘Persona-Based Approach’ to Financial Wellness
The MyTrack approach is based on a series of four demographic personas for which motivations, future goals and pain points are identified, as well as potential solutions.
Small Talk
ON THIS DATE: In 632, Muhammad, founder of Islam, died. In 1861, Tennessee voted to secede from the Union and joined the Confederacy. In 1869, Ives W. McGaffey received a U.S. patent for the suction vacuum cleaner. In 1967, Israeli airplanes attacked the USS Liberty in the Mediterranean during the 6-Day War between Israel and its Arab neighbors. Thirty-four U.S. Navy crewmen were killed. In 1966, the rival National Football League (NFL) and American Football League (AFL) announced that they would merge. In 1968, James Earl Ray, an escaped American convict, was arrested in London, England, and charged with the assassination of African American civil rights leader Martin Luther King, Jr. In 1968, three days after falling prey to an assassin in California, Senator Robert F. Kennedy was laid to rest at Arlington National Cemetery in Virginia. In 1991, a victory parade was held in Washington, DC, to honor veterans of the Persian Gulf War. In 1998, the space shuttle Discovery pulled away from Mir, ending America’s three-year partnership with Russia.
SURVEY SAYS RESPONSES: Last week, I asked NEWSDash readers, “Are you maintaining social relationships with your coworkers?” I also asked, “Has your company hosted any virtual social events?” The majority (86.7%) said they are maintaining, either in person or virtually, social relationships they have with coworkers. Nearly half (46.7%) said their companies are hosting virtual happy hours, three in 10 indicated their firms are hosting virtual games and 13.3% each said their companies are hosting virtual coffee breaks and meals. Respondents shared examples of virtual games or other events their firms have held. All but a few readers who chose to leave verbatim comments miss the physical presence and/or social connection with coworkers. Those who are maintaining virtual and visual connections; however, say it helps. And some note it has given them a different view of their coworkers. Editor’s Choice goes to the reader who said: “Our team has connected everyday via Teams. Don’t be afraid to turn on the camera!” Thanks so much to everyone who responded to the survey!
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