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PLANSPONSOR NEWSDASH LOGO May 29th, 2020
Insight on Plan Design & Investment Strategy Every Weekday
Administration
How to Manage DB Plans Through the Crisis
How to Manage DB Plans Through the Crisis
Experts expect the market volatility will continue for an unknown amount of time, so DB plan sponsors must be flexible and find new directions depending on the goals for their plans.
Benefits
Alternatives to Cutting HSA Contributions
Considerations for plan sponsors that need to cut costs but would rather avoid taking away benefits.
Most Read
Ask the Experts
Clarification of Loan Repayment Delay Provisions of CARES Act
Administration
Get Beneficiary Designation and Missing Participant Practices in Order
Administration
Risk for Cyberattacks Heightened as Remote Work Continues
Economic Events
Interest rates for a 30-year fixed-rate mortgage averaged 3.15% for the week ending May 28, down from last week when it averaged 3.24%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 3.99%. Interest rates for a 15-year fixed-rate mortgage averaged 2.62%, down from last week when it averaged 2.70%. A year ago at this time, the 15-year FRM averaged 3.46%.

New orders for manufactured durable goods in April decreased $35.4 billion or 17.2% to $170.0 billion, the U.S. Census Bureau announced. This decrease, down three of the last four months, followed a 16.6% March decrease. Excluding transportation, new orders decreased 7.4%. Excluding defense, new orders decreased 16.2%. Transportation equipment, also down three of the last four months, led the decrease, $23.9 billion or 47.3% to $26.6 billion.

In the week ending May 23, the advance figure for seasonally adjusted initial claims for unemployment insurance was 2,123,000, a decrease of 323,000 from the previous week’s revised level of 2,446,000, the Labor Department reported. The four-week moving average was 2,608,000, a decrease of 436,000 from the previous week’s revised average of 3,044,000.
Market Mirror
Thursday, the Dow lost 147.63 points (0.58%) to finish at 25,400.64, the NASDAQ closed 43.37 points (0.46%) lower at 9,368.99, and the S&P 500 was down 6.40 points (0.21%) at 3,029.73. The Russell 2000 fell 35.69 points (2.48%) to 1,400.67, and the Wilshire 5000 decreased 123.13 points (0.40%) to 30,764.14.

The price of the 10-year Treasury note was down 2/32, increasing its yield to 0.707%. The price of the 30-year Treasury bond decreased 28/32, bringing its yield up to 1.466%.
Compliance
Land O’ Lakes Faces 401(k) Excessive Fee Suit
The lawsuit also questions a fee arrangement between the plan’s recordkeeper and an advice provider.
Hopes Remain High for Portman-Cardin Bill
Fresh off the recent success of their push for a default electronic disclosure rule, retirement industry lobbyists are turning their attention back to a popular bipartisan bill introduced by two influential senators.
Investing
Rethinking Portfolio Strategies for DB Plans
What strategies should plan sponsors consider for reaching their goals in the new market environment?
Small Talk
ON THIS DATE: In 1790, Rhode Island became the last of the original thirteen colonies to ratify the U.S. Constitution. In 1848, Wisconsin became the 30th state to join the United States. In 1916, the official flag of the president of the United States was adopted. In 1917, John Fitzgerald Kennedy, was born in Brookline, Massachusetts. In 1953, Edmund Hillary of New Zealand and Tenzing Norgay, a Sherpa of Nepal, became the first explorers to reach the summit of Mount Everest. In 1999, the space shuttle Discovery completed the first docking with the International Space Station. In 2003, some 35 U.S. states declare it to be Bob Hope Day when the comedic actor and entertainer turned 100 years old. In 2005, 23-year-old Danica Patrick became the first female driver to take the lead in the Indianapolis 500.

Sorry, no FRIDAY FUN this week. But have a great weekend!
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