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PLANSPONSOR 2020 Service Stars
PLANSPONSOR 2020 Service Stars
Four individuals and six teams from the retirement plan provider community were selected as the 2020 Service Stars. The program recognizes the retirement plan account representatives and relationship managers who, in the words of their plan sponsor clients, have demonstrated exemplary service. Get to know this year’s winners.
Keeping Retiree Assets in DC Plans Benefits Sponsors and Participants
The benefits of keeping assets in the plan should be communicated to retirees, and plan sponsors should adjust design to accommodate income strategies.
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Ask the Experts
The RMD Waiver for RMDs Already Distributed
“I read that the CARES Act waives all required minimum distributions (RMDs) for retirement plans such as our 403(b) plan for 2020. But what about participants who turned 70 ½ in 2019 and already took their required distribution prior to the CARES Act being issued? I know that their initial distribution could have been delayed until April 1, but all of our participants took theirs well before the deadline.”
Economic Events
In April, the Consumer Price Index for All Urban Consumers (CPI-U) fell 0.8% on a seasonally adjusted (SA) basis; rising 0.3% over the last 12 months, not seasonally adjusted (NSA), according to the Bureau of Labor Statistics. The index for all items less food and energy fell 0.4% in April, SA; up 1.4% over the year, NSA.

Real average hourly earnings increased 5.6% over the month in April, SA. Average hourly earnings increased 4.7% and CPI-U decreased 0.8%. Real average weekly earnings increased 5.8% over the month.
Market Mirror
Tuesday, the Dow was down 457.21 points (1.89%) at 23,764.78, the NASDAQ closed 189.79 points (2.06%) lower at 9,002.55, and the S&P 500 decreased 60.20 points (2.05%) to 2,870.12. The Russell 2000 fell 45.70 points (3.46%) to 1,275.54, and the Wilshire 5000 lost 640.04 points (2.16%) to finish at 29,027.68.

The price of the 10-year Treasury note was up 4/32, decreasing its yield to 0.672%. The price of the 30-year Treasury bond increased 1 2/32, bringing its yield down to 1.372%.
IRS Expands Election and Reimbursement Periods for Health Benefits, FSAs
The agency has also announced an increase in the FSA carryover amount.
New House Stimulus Draft Includes Union Pension Partition Relief
The draft legislation also includes a proposed extension of amortization of required annual funding amounts for single-employer pensions.
Small Talk
An economic boom or bust during our childhood years can shape how we approach work and determine our professional motivations and job preferences as adults, according to new research from Columbia Business School. Researchers found recessions create cohorts of workers who place higher priority on income for the rest of their careers, whereas economic booms produce cohorts who predominately care more about job meaning and fulfillment. They suggest that macroeconomic shocks—such as the IT boom, the Great Recession or the COVID-19 pandemic—have long-lasting effects on what people value in their professions.
ON THIS DATE: In 1607, some 100 English colonists arrived along the west bank of the James River in Virginia to found Jamestown, the first permanent English settlement in North America. In 1846, Congress overwhelmingly voted in favor of President James K. Polk’s request to declare war on Mexico in a dispute over Texas. In 1865, the last land engagement of the American Civil War was fought at the Battle of Palmito Ranch in far south Texas, more than a month after General Lee’s surrender at Appomattox, Virginia. In 1968, peace talks between the U.S. and North Vietnam began in Paris. In 1981, near the start of his weekly general audience in Rome’s St. Peter’s Square, Pope John Paul II was shot and seriously wounded while passing through the square in an open car. In 2003, the U.S. government unveiled a newly designed version of the $20 bill. It was the first to be colorized in an effort to stop counterfeiters.
WEDNESDAY WISDOM: “If evolution really works, how come mothers only have two hands?”—Milton Berle, comedian
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