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PLANSPONSOR NEWSDASH LOGO March 6th, 2020
Insight on Plan Design & Investment Strategy Every Weekday
Administration
Reasons NOT to Offload DB Plans
Reasons NOT to Offload DB Plans
Before following the crowd, DB plan sponsors should look at the cost to maintain their plan relative to the company’s financial situation—and look at its value to employees.
Events
2020 PLANSPONSOR National Conference
Whether you are new as a retirement plan sponsor or have years’ experience—whether you work on the finance, treasury or human resource (HR) side of the plan—the 2020 PLANSPONSOR National Conference has something for you! View the agenda online now.
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
Products
Investment Product and Service Launches
Vanguard modifies managed payout fund; Transamerica launches stable value option for 403(b)s; Fidelity announces health savings mutual funds; and more.
Economic Events
New orders for manufactured durable goods in January decreased $0.4 billion or 0.2% to $246.2billion, the U.S. Census Bureau announced. This decrease, down two of the last three months, followed a 2.9% December increase. Excluding transportation, new orders increased 0.9%. Excluding defense, new orders increased 3.6%. Transportation equipment, down four of the last five months, drove the decrease, $1.8 billion or 2.2% to $82.0 billion.

In the week ending February 29, the advance figure for seasonally adjusted initial claims for unemployment insurance was 216,000, a decrease of 3,000 from the previous week’s unrevised level of 219,000, the Labor Department reported. The four-week moving average was 213,000, an increase of 3,250 from the previous week’s unrevised average of 209,750.
Market Mirror
Thursday, the Dow lost 969.58 points (3.58%) to finish at 26,121.28, the NASDAQ closed 279.49 points (3.10%) lower at 8,738.60, and the S&P 500 decreased 106.18 points (3.39%) to 3,023.94. The Russell 2000 dropped 52.37 points (3.42%) to 1,478.82, and the Wilshire 5000 fell 1,063.88 points (3.35%) to 30,719.90.

The price of the 10-year Treasury note decreased 1 3/32, bringing its yield up to 0.928%. The price of the 30-year Treasury bond fell 3 30/32, decreasing its yield to 1.562%.
Compliance
Parties In Suit About Estee Lauder 401(k) Account Data Breach Announce Settlement
Details of the settlement in the first case of its kind to call into question the cybersecurity defenses a plan sponsor and its providers had in place for retirement account fraud have not yet been revealed.
Executive Summary
Low Interest Rates—The Downside
How the current environment could hurt participants.
Small Talk
ON THIS DATE: In 1475, Michelangelo Buonarroti, the greatest of the Italian Renaissance artists, was born in the small village of Caprese. In 1521, Ferdinand Magellan discovered Guam. In 1836, after 13 days of intermittent fighting, the Battle of the Alamo can to an end, capping off a pivotal moment in the Texas Revolution. Mexican forces were victorious in recapturing the fort, and nearly all of the roughly 200 Texan defenders—including legendary frontiersman Davy Crockett—died. In 1899, the German company Bayer patented aspirin. In 1944, during World War II, U.S. heavy bombers began the first American raid on Berlin. Allied planes dropped 2000 tons of bombs. In 1947, the first air-conditioned naval ship, “The Newport News,” was launched from Newport News, Virginia. In 1981, CBS Evening News anchor Walter Cronkite signed off with his trademark valediction, “And that’s the way it is,” for the final time. In 1997, Britain’s Queen Elizabeth II launched the first official royal Web site.

And now for some FRIDAY FUN!
Puppy really wants to help.

Anyone who knows what Death Metal is will recognize this sound.

Tito’s Vodka is begging Twitter users to stop using its product to make their own hand sanitizer. This week, several people on Twitter have referenced a misinformed recipe that surfaced online claiming that vodka can be mixed with aloe vera gel and essential oils to make homemade hand sanitizer. Stores across the country—as well as Amazon’s digital shelves—have reportedly been low on hand sanitizer amid the coronavirus outbreak in the U.S. The Texas-based vodka company has tried to knock down the disinformation on Twitter by responding to posts with: “Per the CDC, hand sanitizer needs to contain at least 60% alcohol. Tito’s Handmade Vodka is 40% alcohol, and therefore does not meet the current recommendation of the CDC.” A Tito’s spokesperson told The Daily Beast in a statement, “As soon as we saw the incorrect articles and social posts, we wanted to set the record straight. While it would be good for business for our fans to use massive quantities of Tito’s for hand sanitizer, it would be a shame to waste the good stuff, especially if it doesn’t sanitize.”

In Denver, Colorado, there’s a sign on an elevator in the McNichols Civic Center Building that says, “No jumping or breakdancing in this elevator. No, really, trust us, we have stories.” The local NBC News station reached out to the director of marketing at McNichols and learned a a break dancer once broke the elevator. “The building was built in 1910, so the equipment occasionally goes out,” the marketing director told the station reporter. He does not remember exactly when the incident happened but said it happened only once. The sign was a tongue-in-cheek reaction to the one-time event.

Hope everyone has a wonderful weekend!
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