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PLANSPONSOR NEWSDASH LOGO May 1st, 2020
Insight on Plan Design & Investment Strategy Every Weekday
Administration
Expect a Rise in Annuity Engagement
Expect a Rise in Annuity Engagement
A different perspective post-COVID-19 will make guaranteed income more attractive to retirement plan sponsors and participants.
Administration
Plan Sponsor Due Diligence in a Demanding Time for Recordkeepers
Plan sponsors can show compassion for their recordkeepers, while at the same time ensuring their plans are operating smoothly.
Most Read
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2020 Recordkeeping Survey
2
2020 Recordkeeping Survey
3
2020 Recordkeeping Survey
4
Edward Jones and Age Wave Introduce the New Four Pillars of Retirement
5
Parties in Emory University 403(b) Plan Lawsuit File Settlement Agreement
Data and Research
Personal Savings Rates Actually Jumped in March
Many U.S. employees are feeling acute economic pain as a result of the coronavirus pandemic, but the government mandated shutdowns actually allowed them to save a lot more in March than in January or February.
PLANSPONSOR Awards
Get to Know Our Plan Sponsor of the Year Finalists
PLANSPONSOR is pleased to present profiles of our plan sponsor of the year finalists in the Total Retirement Offering category. Profiles can be seen by clicking on the name of the finalist.
Economic Events
The interest rate for a 30-year fixed-rate mortgage averaged 3.23% for the week ending April 30, down from last week when it averaged 3.33%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 4.14%. The interest rate for a 15-year fixed-rate mortgage averaged 2.77%, down from last week when it averaged 2.86%. A year ago at this time, the 15-year FRM averaged 3.60%.

In the week ending April 25, the advance figure for seasonally adjusted initial claims for unemployment insurance was 3,839,000, a decrease of 603,000 from the previous week’s revised level of 4,442,000, the Labor Department reported. The four-week moving average was5,033,250, a decrease of 757,000 from the previous week’s revised average of 5,790,250.
Market Mirror
Thursday, the Dow closed 288.14 points (1.17%) lower at 24,345.72, the NASDAQ was down 25.16 points (0.28%) at 8,889.55, and the S&P 500 decreased 27.08 points (0.92%) to 2,912.43. The Russell 2000 fell 50.10 points (3.68%) to 1,310.66, and the Wilshire 5000 lost 353.53 points (1.19%) to finish at 29,365.49.

The price of the 10-year Treasury note was down 1/32, increasing its yield to 0.638%. The price of the 30-year Treasury bond decreased 32/32, bringing its yield up to 1.288%.
Compliance
Lawsuit Challenging Pension Transfer in Corporate Restructuring Dismissed
A federal district court judge noted that the 9th U.S. Circuit Court of Appeals has held that the “decision to spin a [pension] plan off is not a fiduciary act.”
Family Owners Charged with ESOP Buyback Violations in New ERISA Lawsuit
The lawsuit is directly tied into another in which Wilmington Trust agreed in January to a settlement valued at $5 million.
Products
Ascensus Announces COVID-19-Dedicated Resources
The features include insights, analytics and trends in today’s market climate.
Small Talk
ON THIS DATE: In 1707, England, Wales and Scotland were united to form Great Britain. In 1877, President Rutherford B. Hayes withdrew all Federal troops from the South, ending Reconstruction. In 1883, William F. Cody (Buffalo Bill) had his first Wild West Show. In 1931, President Herbert Hoover officially dedicated New York City’s Empire State Building, pressing a button from the White House that turned on the building’s lights. In 1948, the People’s Democratic Republic of Korea (North Korea) was proclaimed. In 1950, Gwendolyn Brooks became the first African American to win the Pulitzer Prize for her book of poetry called Annie Allen. In 1971, the National Railroad Passenger Corp. (Amtrak) went into service. It was established by Congress to run the nation’s intercity railroads. In 1989, Disney-MGM Studios opened. In 2011, President Barack Obama announced that U.S. soldiers had killed Osama bin Laden in Pakistan.

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