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PLANSPONSOR NEWSDASH LOGO May 11th, 2020
Insight on Plan Design & Investment Strategy Every Weekday
Administration
COVID-19 Has Put Some PRTs Behind Schedule
COVID-19 Has Put Some PRTs Behind Schedule
DB plan sponsors are weighing their options for pension risk transfers and trying to balance what’s best not just for their finances, but for those of their participants.
Participants
Coronavirus Pandemic Exacerbates Retirement Savings Inequality
New data shows that the coronavirus pandemic is having a negative effect on small business employees, especially women, only adding to their retirement savings shortfall. 
Most Read
Compliance
Supreme Court Decision in Thole v. U.S. Bank Has Major Implications for Pensions
Compliance
Heroes Act Now In the Hands of a Skeptical Senate
Compliance
Court Finds Plan Sponsor Could Be Found Liable for Retirement Plan Cyberfraud
Economic Events
March sales of merchant wholesalers, except manufacturers’ sales branches and offices, after adjustment for seasonal variations and trading day differences but not for price changes, were $475.0 billion, down 5.2% from the revised February level and down 5.2% from the revised March 2019 level, the Census Bureau reported. The January to February percent change was revised from the preliminary estimate of down 0.8% to down 0.7%.

Total nonfarm payroll employment fell by 20.5 million in April, and the unemployment rate rose to 14.7%, according to the Bureau of Labor Statistics (BLS). Employment fell sharply in all major industry sectors, with heavy job losses in leisure and hospitality.

Tomorrow, the BLS will reveal the consumer price index for April, and Wednesday, it will reveal the producer price index for April. Thursday, the Labor Department will issue its initial claims report. Friday, the Census Bureau will report about retail sales in April and business trade in March.
Market Mirror
Friday, the Dow closed 455.43 points (1.91%) higher at 24,331.32, the NASDAQ was up 141.66 points (1.58%) at 9,121.32, and the S&P 500 increased 48.61 points (1.69%) to 2,929.80. The Russell 2000 climbed 66.63 points (5.28%) to 1,329.64, and the Wilshire 5000 gained 556.96 points (1.91%) to finish at 29,670.71.

The price of the 10-year Treasury note decreased 27/32, bringing its yield up to 0.685%. The price of the 30-year Treasury bond fell 1 27/32, increasing its yield to 1.387%.

For the week ending May 8, the Dow was up 2.56%, the NASDAQ climbed 6.00%, and the S&P 500 increased 3.50%. The Russell 2000 gained 5.49%, and the Wilshire 5000 finished 4.11% higher.
Compliance
Lawmakers Urge Multiemployer Pensions Fix Be Included in Future Stimulus Package
There were discussions to include proposals for multiemployer pensions in previously passed coronavirus relief bills, but efforts fell apart.
Executive Summary
Research Driven
Lori Lucas’ road to EBRI has been fulfilling and challenging.
Deals and People
Retirement Industry People Moves
FBi adds SVPs to growth and product lines; SageView selects chief advisory services officer; and BPAS APS promotes DB director.
Small Talk
ON THIS DATE: In 1858, Minnesota entered the Union as the 32nd state. In 1910, Glacier National Park in Montana was established. In 1927, the Academy of Motion Picture Arts and Sciences was founded. In 1934, a massive storm sendt millions of tons of topsoil flying from across the Great Plains region of the United States as far east as New York, Boston and Atlanta. In 1947, the creation of the tubeless tire was announced by the B.F. Goodrich Company. In 1969, the 10-day battle at “Hamburger Hill” during the Vietnam War began. In 1995, the Nuclear Nonproliferation Treaty was extended indefinitely. The treaty limited the spread of nuclear material for military purposes. In 1997, Garry Kasparov, world chess champion, lost his first ever multi-game match to IBM’s chess computer Deep Blue. It was the first time a computer had beaten a world-champion player.
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