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PLANSPONSOR NEWSDASH LOGO May 27th, 2020
Insight on Plan Design & Investment Strategy Every Weekday
Opinions
COVID-19 Compliance Corner: How Are Coronavirus-Related Distributions Taxed?
Each week, Carol Buckmann, with Cohen & Buckmann P.C., will explain legislative provisions or official guidance related to the COVID-19 pandemic that affect retirement plan sponsors.
Compliance
Cornell University 403(b) Plan Suit Could Face ‘Considerable’ Delay
Though claims in the case were pared down last fall, the plaintiffs have requested a jury trial, so a federal judge has given them options for proceeding.
Most Read

2020 Defined Benefit Administration Survey
Ask the Experts
Clarification of Loan Repayment Delay Provisions of CARES Act
Compliance
Use of Fidelity Active Management Funds Questioned in Court
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Economic Events
Sales of new single-family houses in April were at a seasonally adjusted annual rate of 623,000, according to estimates released jointly by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 0.6% above the revised March rate of 619,000, but is 6.2% below the April 2019 estimate of 664,000.

The Conference Board Consumer Confidence Index held steady in May, following a sharp decline in April. The Index now stands at 86.6 (1985=100), up from 85.7 in April. The Present Situation Index—based on consumers’ assessment of current business and labor market conditions—declined from 73.0 to 71.1. However, the Expectations Index—based on consumers’ short-term outlook for income, business and labor market conditions—improved from 94.3 in April to 96.9 this month.
Market Mirror
Tuesday, the Dow climbed 529.95 points (2.17%) to 24,995.11, the NASDAQ was up 15.63 points (0.17%) at 9,340.22, and the S&P 500 increased 36.32 points (1.23%) to 2,991.77. The Russell 2000 closed 45.52 points (3.38%) higher at 1,393.07, and the Wilshire 5000 gained 401.15 points (1.34%) to finish at 30,417.45.

The price of the 10-year Treasury note was down 4/32, increasing its yield to 0.698%. The price of the 30-year Treasury bond decreased 1 4/32, bringing its yield up to 1.435%.
Compliance
Banner Health ERISA Litigation Reaches Mixed Ruling
A judge found that plaintiffs failed to offer evidence that removing certain funds caused economic loss, but the ruling sided with plaintiffs concerning excessive recordkeeping fees.
Washington University 403(b) Challenge Revived by 8th Circuit
Parts of the lower court’s ruling against the plaintiffs’ claims have been rejected and remanded by the appeals court.
Products
FutureFuel.io Introduces Cash Back Toward Student Loans Program
Users can get up to 30% cash back on items from more than 450 brands, which FutureFuel.io automatically directs to the purchaser’s student loan with the highest interest rate.
BlackRock Creates Retirement Paycheck
Two insurers have joined the effort to make lifetime income available in a simplified manner.
Small Talk
ON THIS DATE: In 1933, Walt Disney’s “Three Little Pigs” was first released. In 1933, the Federal Securities Act was signed. The act required the registration of securities with the Federal Trade Commission. In 1937, San Francisco’s Golden Gate Bridge opened to the public after five years of construction. In 1969, construction of Walt Disney World began in Florida. In 1995, actor Christopher Reeve was paralyzed after being thrown from his horse during a jumping event.
WEDNESDAY WISDOM: “A person’s a person, no matter how small.”—Dr. Seuss
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