March 16th, 2020 Insight on Plan Design & Investment Strategy Every Weekday Compliance SEC Adopts Rule to Simplify Variable Annuity Disclosures The action, in part, addresses the concern plan sponsors had about the ability to understand—and to communicate to participants—these complex products. Compliance Salesforce Accused of Fiduciary Imprudence in New ERISA Lawsuit Case documents show Salesforce has actually changed some of the practices that are criticized in the complaint, but the plaintiffs argue that these changes were made too late. Most Read Data and Research Immediate Vesting Is Better for Recruitment Than Cliff Vesting Is for Retention Data and Research Retirement Is Going to Change—But How? Data and Research Household Retirement Readiness Drops to Fair From Good Economic Events Tomorrow, the Census Bureau will report about retail sales for February and business trade for January. Wednesday, it will report about housing starts for February. Thursday, the Labor Department will issue its initial claims report. Friday, the National Association of Realtors will report about existing home sales for February. Market Mirror Friday, the Dow recovered 1,985.00 points (9.36%) to close at 23,185.62, the NASDAQ bounced back 672.43 points (9.34%) to 7,874.23, and the S&P 500 gained 230.31 points (9.28%) to finish at 2,710.95. The Russell 2000 closed 86.14 points (7.67%) higher at 1,209.07, and the Wilshire 5000 climbed 2,231.88 points (8.96%) to 27,141.00. The price of the 10-year Treasury note decreased 1 32/32, bringing its yield up to 0.996%. The price of the 30-year Treasury bond fell 3 5/32, increasing its yield to 1.572%. For the week ending March 13, the Dow plunged 10.36%, the NASDAQ finished 8.18% lower, and the S&P 500 lost 8.80%. The Russell 2000 plummeted 16.57%, and the Wilshire 5000 fell 10.00%. Compliance Mediation Leads to $29M Settlement in SunTrust ERISA Litigation The underlying lawsuit alleged that SunTrust Bank’s 401(k) plan engaged in corporate self-dealing at the expense of plan participants. Bill Introduced to Allow CITs in 403(b)s Vanguard estimates the cost savings to 403(b) participants in plans that offer CITs could amount to as much as $250 million per year. UpFront Fewer Workers Name Beneficiaries Employees who were auto-enrolled may have missed this critical step. Small Talk ON THIS DATE: In 1802, Congress established the West Point Military Academy in New York. In 1836, the Republic of Texas approved a constitution. In 1926, Robert H. Goddard successfully launched the world’s first liquid-fueled rocket at Auburn, Massachusetts. In 1964, President Lyndon B. Johnson submitted a $1 billion war on poverty program to Congress. In 1984, William Buckley, the CIA station chief in Beirut, was kidnapped by gunmen. In 1985, Terry Anderson, an Associated Press newsman, was taken hostage in Beirut. In 1988, indictments were issued for Lt. Colonel Oliver North, Vice Admiral John Poindexter of the National Security Council, and two others for their involvement in the Iran-Contra affair. In 2008, Bear Stearns, the 85-year-old investment bank, narrowly avoided bankruptcy by its sale to J.P. Morgan Chase and Co. at the shockingly low price of $2 per share. Did someone forward you this newsletter? Sign up here to get NEWSDash directly in your mailbox!

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