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Insight on Plan Design & Investment Strategy Every Weekday
Considering a Loan Cure Period to Avoid Participant Loan Defaults
Allowing a cure period for plan loans may help preserve participants’ retirement savings and meet plan sponsors’ fiduciary responsibilities.
Employers and Employees Benefit by Waiving Co-Pays for COVID-19 Testing
States and insurers have done so for fully insured plans, and self-insured employers should follow suit.
Most Read
New Retirement Bill Amending ERISA Introduced in Congress
Pensions Will Recoup Losses From Allianz Structured Alpha Investments
Deals and People
Retirement Industry People Moves
PLANADVISER National Conference
Calling All Retirement Plan Advisers
We are in unprecedented times of uncertainty and volatility. We don’t know how long this will last, but we do know that in September we will have the best and the brightest of retirement plan advisers in Arizona for the PLANADVISER National Conference. With an advisory board of past PLANSPONSOR Retirement Plan Advisers of the Year, we are certain this will be a premier event for top-tier learning, networking and making connections with peers and providers! Join us and register today!
Economic Events
Advance estimates of U.S. retail and food services sales for February, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $528.1 billion, a decrease of 0.5% from the previous month, but 4.3% above February 2019, the Census Bureau reported. Retail trade sales were down 0.5% from January, but 4.2% above last year. Nonstore retailers were up 7.5% from February 2019, and food services and drinking places were up 5.2% from last year.

The combined value of distributive trade sales and manufacturers’ shipments for January, adjusted forseasonal and trading day differences but not for price changes, was estimated at $1,471.2 billion, up 0.6% from December and up 2.1% from January 2019.
Market Mirror
Tuesday, the Dow gained 1,048.86 points (5.20%) to finish at 21,237.38, the NASDAQ closed 430.19 points (6.23%) higher at 7,334.78, and the S&P 500 increased 143.06 points (6.00%) to 2,529.19. The Russell 2000 was up 69.25 points (6.68%) at 1,106.66, and the Wilshire 5000 climbed 1,363.33 points (5.72%) to 25,181.77.

The price of the 10-year Treasury note decreased 3 2/32, bringing its yield up to 1.069%. The price of the 30-year Treasury bond fell 8 30/32, increasing its yield to 1.669%.
New Lawsuit Accuses Wells Fargo 401(k) Plan Fiduciaries of Self-Dealing
Motives behind keeping higher cost, underperforming funds in plan alleged in the lawsuit include providing seed money for Wells Fargo to launch new fund products.
Ask the Experts
Distribution Reporting for 457(b) Plans
“Are distributions to retired employees from a 457(b) plan of a private tax-exempt employer reported on a 1099-R or W-2? Does it matter whether the distribution is an annuity or not?”
Small Talk
ON THIS DATE: In 1818, Congress approved the first pensions for government service. In 1850, Henry Wells and William Fargo founded American Express. In 1865, the Congress of the Confederate States of America adjourned for the last time. In 1881, Barnum and Bailey’s Greatest Show on Earth opened in Madison Square Gardens. In 1899, Phoebe, a moon of the planet Saturn, was discovered. In 1911, Theodore Roosevelt opened the Roosevelt Dam in Arizona. In 1925, the worst tornado in U.S. history passed through eastern Missouri, southern Illinois, and southern Indiana, killing 695 people, injuring some 13,000 people, and causing $17 million in property damage. In 1931, Schick Inc. displayed the first electric shaver. In 1945, 1,250 U.S. bombers attacked Berlin. In 1945, Maurice “Rocket” Richard became the first National Hockey League (NHL) player to score 50 goals. In 1949, the North Atlantic Treaty Organization (NATO) was ratified. In 1959, President Dwight Eisenhower signed the Hawaii statehood bill. In 1963, the U.S. Supreme Court handed down the Miranda decision concerning legal counsel for defendants. In 1969, U.S. B-52 bombers were diverted from their targets in South Vietnam to attack suspected communist base camps and supply areas in Cambodia for the first time in the Vietnam War. In 1970, the NFL selected Wilson to be the official football and scoreboard as official time.
WEDNESDAY WISDOM: “There are years that ask questions and years that answer.”—Zora Neale Hurston, American author
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