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PLANSPONSOR NEWSDASH LOGO March 3rd, 2020
Insight on Plan Design & Investment Strategy Every Weekday
Opinions
Barry’s Pickings: Declining Interest Rates and 401(k) Investments
Michael Barry, president of O3 Plan Advisory Services LLC, discusses the significance of interest rate risk for 401(k) plan participants and how fund menu options might be enhanced.
Data and Research
Average Account Balance a Key Driver of 401(k) Plan Costs
In a comparison of the average costs of two 401(k) plans with the same total assets, data from the most recent 401k Averages Book showed plans with larger average account balances will pay lower fees as a percentage of total assets.
Most Read
Compliance
DOL ESG Proposal Throws a Cloud Over Prior Guidance
Compliance
Lawsuit Says Plan Fiduciaries Should Have Chosen Less Expensive CITs
Opinions
COVID-19 Compliance Corner: IRS Expands CRD Eligibility and Clarifies Loan Rules
Economic Events
Construction spending during January was estimated at a seasonally adjusted annual rate of $1,369.2 billion, 1.8% above the revised December estimate of $1,345.5 billion, the Census Bureau reported. The January figure is 6.8% above the January 2019 estimate of $1,282.5 billion.
Market Mirror
Yesterday, the Dow bounced back 1,293.96 points (5.09%) to 26,703.32, the NASDAQ climbed 384.80 points (4.49%) to 8,952.17, and the S&P 500 gained 136.01 points (4.60%) to finish at 3,090.23. The Russell 2000 closed 42.06 points (2.85%) higher at 1,518.49, and the Wilshire 5000 recovered 1,291.38 points (4.29%) to finish at 31,416.46.

The price of the 10-year Treasury note was up 1/32, decreasing its yield to 1.144%. The price of the 30-year Treasury bond fell 29/32, increasing its yield to 1.705%.
Compliance
Self-Dealing ERISA Challenge Targets John Hancock
“Defendant has not acted in the best interest of the plan and its participants,” the complaint states. “Instead, defendant used the plan—one of the largest 401(k) plans in the country—to promote John Hancock’s proprietary financial products and earn profits for John Hancock.”
ERISA Examination
Monitoring ­Responsibility
Delegators must periodically review the actions delegates take.
Small Talk
ON THIS DATE: In 1791, Congress passed a resolution that created the U.S. Mint. In 1820, Congress passed the Missouri Compromise, a bill granting Missouri statehood as a slave state under the condition that slavery was to be forever prohibited in the rest of the Louisiana Purchase north of the 36th parallel, which runs approximately along the southern border of Missouri. In addition, Maine, formerly part of Massachusetts, was admitted as a free state, thus preserving the balance between Northern and Southern senators. In 1845, Florida became the 27th U.S. state. In 1849, the U.S. Department of the Interior was established. In 1849, Congress created the territory of Minnesota. In 1863, Congress passed a conscription act that produced the first wartime draft of U.S. citizens in American history. In 1885, the American Telephone and Telegraph (AT&T) was incorporated in New York as a subsidiary of the American Bell Telephone Company. In 1923, the first issue of Time magazine was published. In 1931, President Herbert Hoover signed a congressional act making “The Star-Spangled Banner” the official national anthem of the United States. In 1969, Apollo 9 was launched by NASA to test a lunar module. In 1969, Sirhan Sirhan testified in a Los Angeles court that he killed Robert Kennedy.
TRIVIAL PURSUITS: How many political parties might you see on election ballots?
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