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Insight on Plan Design & Investment Strategy Every Weekday
Can Employers Use PPP Funds to Contribute to HSAs?
Limited guidance on the regulations makes this answer complex for plan sponsors.
University of Miami Faces Lawsuit Over 403(b) Plan Fees
The plaintiffs say they seek similar remedies as those in a settlement that was court-approved in a case against Duke University.
Most Read
Participants Will Need Support to Understand Lifetime Income Projections
Milliman Accused of Failing to Prune Bad Investments From 401(k)
Data and Research
Equity Compensation Increasingly Becoming an Important Financial Benefit
DOL, Wilmington Trust Reach Agreement Over ESOP Overpricing
The agreement requires Wilmington Trust to pay $80 million to 21 employee stock ownership plans (ESOPs) for which it served as trustee.
Economic Events
Construction spending during March was estimated at a seasonally adjusted annual rate of $1,360.5billion, 0.9% above the revised February estimate of $1,348.4 billion, the Census Bureau reported. The March figure is 4.7% above the March 2019 estimate of $1,299.1 billion. During the first three months of this year, construction spending amounted to $297.0 billion, 6.7% above the $278.5 billion for the same period in 2019.

Today, the Census Bureau will report about factory orders for March. Thursday, the Labor Department will issue its initial claims report. Friday, the Bureau of Labor Statistics will reveal the unemployment rate for March, and the Census Bureau will report about wholesale trade for March.
Market Mirror
Friday, the Dow dropped 622.03 points (2.56%) to 23,723.69, the NASDAQ lost 284.60 points (3.20%) to finish at 8,604.95, and the S&P 500 decreased 81.72 points (2.81%) to 2,830.71. The Russell 2000 fell 50.18 points (3.83%) to 1,260.48, and the Wilshire 5000 closed 864.86 points (2.95%) lower at 28,500.63.

The price of the 10-year Treasury note was up 2/32, decreasing its yield to 0.621%. The price of the 30-year Treasury bond increased 30/32, bringing its yield down to 1.255%.

For the week ending May 1, the Dow decreased 0.22%, the NASDAQ finished 0.34% lower, and the S&P 500 was down 0.21%. The Russell 2000 gained 2.22%, and the Wilshire 5000 was up 0.06%.
GoalPath, Questis Partner on Financial Wellness
The companies are offering a support program to investors affected by the COVID-19 pandemic for free for nine months.
Deals and People
Retirement Industry People Moves
Callan names private equity SVP and IRI announces changes to executive committee and board of directors.
Small Talk
ON THIS DATE: In 1865, Abraham Lincoln was buried in his hometown of Springfield, Illinois. In 1886, Chichester Bell and Charles S. Tainter patented the gramophone. It was the first practical phonograph. In 1965, San Francisco Giants outfielder Willie Mays hit his 512th career home run to break Mel Ott’s National League record for home runs. In 1970, in Kent, Ohio, 28 National Guardsmen fired their weapons at a group of anti-war demonstrators on the Kent State University campus, killing four students, wounding eight, and permanently paralyzing another. In 1979, Margaret Thatcher, leader of the Conservative Party, was sworn in as Britain’s first female prime minister. In 1987, the First Bank of the United States, located in Philadelphia, was listed as a National Historic Landmark. In 1994, Israeli Prime Minister Yitzhak Rabin and Palestine Liberation Organization (PLO) leader Yasser Arafat signed an historic accord on Palestinian autonomy that granted self-rule in the Gaza Strip and Jericho. In 2012, in Las Vegas, Nevada, Google received the first self-driving vehicle testing license.
SURVEY SAYS RESPONSES: Last week, I asked NEWSDash readers what things they are thinking about changing within the next 12 months. Nearly eight in 10 said they are “not at all likely” to move. After spending more time in their houses, home renovations are somewhat or very likely for 36.5% of responding readers. Asked how likely they are to change jobs, 63.5% indicated they are not at all likely. As for saving money, 44.4% of responding readers said they are somewhat likely to start or increase emergency savings within the next 12 months, and 42.9% are somewhat likely to increase their retirement savings. In verbatim comments about changes within the next 12 months, readers mentioned cutting back on unnecessary expenses such as cable, cutting back on air travel and taking on a new hobby. It was obvious that the pandemic has caused quite a few to think about their living situations and finances. I was happy to see that several have remained in a good position because of their planning and actions they’ve taken. Editor’s Choice goes to the reader who said: “I think this is a unique point in time to reassess your life, and what your priorities are going to be once this is over.” A big thank you to all who participated in the survey.
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