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PLANSPONSOR NEWSDASH LOGO 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
Compliance
CARES Act Passes Congress, Including Retirement Plan Relief
Ask the Experts
Coronavirus-Related Distributions From 403(b) and Governmental 457(b) Plans
Administration
Plan Sponsors Facing Difficult Decisions During Coronavirus Pandemic
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
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.
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