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PLANSPONSOR NEWSDASH LOGO March 27th, 2020
Insight on Plan Design & Investment Strategy Every Weekday
Compliance
SECURE Act Eases Paths for DB Plans
SECURE Act Eases Paths for DB Plans
A new minimum age for in-service withdrawals and permanent nondiscrimination testing relief ease plan sponsors’ ability to keep older employees and protect their benefits.
Products
Investment Product and Service Launches
Innovator expands Defined Outcome ETF suite; Vanguard merges Capital and Windsor funds; and IHS Markit delays rebalancing actions on indices.
Most Read

2020 Recordkeeping Survey
Data and Research
Edward Jones and Age Wave Introduce the New Four Pillars of Retirement

2020 PLANSPONSOR National Conference
Newport Drops 3(16) Service Fees for Clients
Newport is providing complimentary 3(16) administrative fiduciary services to clients for the remainder of the 2020 calendar year.
SPONSORED BY: Mercer
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As a leading defined contribution OCIO provider in the U.S. Mercer can help you meet plan goals and improve employee outcomes. Click to schedule a free consultation from the #1 OCIO provider.
Economic Events
Interest rates for a 30-year fixed-rate mortgage averaged 3.50% for the week ending March 26, down from last week when it averaged 3.65%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 4.06%. Interest rates for a 15-year fixed-rate mortgage averaged 2.92%, down from last week when it averaged 3.06%. A year ago at this time, the 15-year FRM averaged 3.57%.

In the week ending March 21, the advance figure for seasonally adjusted initial claims for unemployment insurance was 3,283,000, an increase of 3,001,000 from the previous week’s revised level of 282,000, the Labor Department reported. This marks the highest level of seasonally adjusted initial claims in the history of the seasonally adjusted series. The previous high was 695,000 in October of 1982. The four-week moving average was 998,250, an increase of 765,750 from the previous week’s revised average of 232,500.
Market Mirror
Thursday, the Dow gained 1,351.62 points (6.38%) to finish at 22,552.17, the NASDAQ was up 413.24 points (5.60%) at 7,797.54, and the S&P 500 closed 154.51 points (6.24%) higher at 2,630.07. The Russell 2000 climbed 83.76 points (7.64%) to 1,180.32, and the Wilshire 5000 increased 1,505.52 points (6.05%) to 26,834.10.

The price of the 10-year Treasury note was up 3/32, decreasing its yield to 0.834%. The price of the 30-year Treasury bond increased 29/32, bringing its yield down to 1.419%.
Compliance
Retirement Plan Provisions Included in Senate’s Stimulus Package
Among other things, the bill would allow for targeted, penalty-free access to tax-qualified accounts for those hit hardest by the health crisis.
Lawsuit Accuses Nationwide of Trying to Profit From 401(k) Investment
The complaint says plan fiduciaries failed to negotiate fixed-interest contract terms for the 401(k) that were as good as the same fund’s terms for its DB plan.
Appellate Court Adds Color to Northwestern University’s ERISA Suit Win
Throughout the 7th Circuit’s decision, it contends the plaintiffs put forth their own opinions and preferences rather than evidence of fiduciary breaches.
Small Talk
ON THIS DATE: In 1794, Congress authorized the creation of the U.S. Navy. In 1912, the first cherry blossom trees were planted in Washington, D.C. The trees were a gift from Japan. In 1939, the University of Oregon defeated Ohio State University 46 to 33 to win the first-ever NCAA men’s basketball tournament. In 1976, Washington, D.C., opened its subway system. In 1985, Billy Dee Williams received a star on the Hollywood Walk of Fame.

Stay tuned for a special edition of FRIDAY FUN next week, and have a safe and happy weekend!
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