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PLANSPONSOR NEWSDASH LOGO May 8th, 2020
Insight on Plan Design & Investment Strategy Every Weekday
Compliance
IRS Offers Some Clarifications About CARES Act Retirement Plan Provisions
The guidance explains how repayment of coronavirus-related distributions works and whether plan sponsors are required to accept them, among other things.
Compliance
Electronic Letter Ruling Requests Permitted by IRS
Instituted in response to the coronavirus pandemic, the dual paper and electronic filing policy will remain in effect until the revenue procedure is modified or superseded.
Most Read

2020 Recordkeeping Survey
Data and Research
Edward Jones and Age Wave Introduce the New Four Pillars of Retirement
Compliance
Parties in Emory University 403(b) Plan Lawsuit File Settlement Agreement
Economic Events
Interest rates on a 30-year fixed-rate mortgage averaged 3.26% for the week ending May 7, up from last week when it averaged 3.23%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 4.10%. Interest rates on a 15-year fixed-rate mortgage averaged 2.73%, down from last week when it averaged 2.77%. A year ago at this time, the 15-year FRM averaged 3.57%.

In the week ending May 2, the advance figure for seasonally adjusted initial claims for unemployment insurance was 3,169,000, a decrease of 677,000 from the previous week’s revised level of 3,846,000, the Labor Department reported. The four-week moving average was 4,173,500, a decrease of 861,500 from the previous week’s revised average of 5,035,000.
Market Mirror
Thursday, the Dow was up 211.25 points (0.89%) at 23,875.89, the NASDAQ gained 125.27 points (1.41%) to finish at 8,979.66, and the S&P 500 increased 32.77 points (1.15%) to 2,881.19. The Russell 2000 climbed 19.92 points (1.58%) to 1,282.93, and the Wilshire 5000 closed 377.32 points (1.31%) higher at 29,113.80.

The price of the 10-year Treasury note increased 29/32, bringing its yield down to 0.631%. The price of the 30-year Treasury bond climbed 2 1/32, decreasing its yield to 1.322%.
Inside Angle
Safe Passage
How to confidently choose a lifetime-income provider, post-SECURE Act.
Products
Investment Product and Service Launches
Capital Group launches fund invested in sectors of the credit spectrum; Domini introduces Sustainable Solutions Fund; Northern Trust enhances Online Report Center; and more.
The Standard Offers Fee Relief to Plan Sponsors and Participants
In addition, every virtual meeting scheduled in May with a retirement plan adviser will be matched by a $25 donation to Feeding America.
Providers Waiving Fees and Expanding Services During Pandemic
Retirement plan and financial wellness providers are offering help to employees and plan sponsors during the novel coronavirus pandemic.
Small Talk
ON THIS DATE: In 1847, the rubber tire was patented by Robert W. Thompson. In 1886, Pharmacist Dr. John Styth Pemberton invented what would later be called “Coca-Cola.” In 1914, Congress passed a Joint Resolution that designated the second Sunday in May as Mother’s Day. In 1945, both Great Britain and the United States celebrated Victory in Europe Day. In 1961, New Yorkers selected a new name for their new National League baseball franchise—the Mets. In 1985, “New Coke” was released to the public on the 99th anniversary of Coca-Cola. In 1997, Larry King received a star on the Hollywood Walk of Fame. In 1999, the first female cadet graduated from The Citadel military college.

And now it’s time for some FRIDAY FUN!
Remember “Candid Camera?”

Don’t forget to wear pants during your next Zoom meeting.

I bet it makes the daughter “feel good” to have such a cool dad.

Toddler really wants it known that Goldfish are NOT COOKIES!

In Pueblo, Colorado, it was one man’s lucky day for sure March 25 when Lottery officials identified him as the winner of two $1 million Powerball jackpots. He bought one ticket in the morning and the other in the evening, at two different stores, about a mile apart, officials said, according to the Associated Press.

Somewhere in Utah, a highway patrol officer pulled over a car weaving across a freeway. He was shocked when he discovered the driver was a 5-year-old boy. The Utah Highway Patrol said the boy told the trooper that he left home following an argument with his mother who had refused to buy him a Lamborghini. “He decided he’d take the car and go to California to buy one himself,” the Highway Patrol said in a tweet, according to the AFP. “He might have been short on the purchase amount, as he only had $3.” Police said the boy had managed to drive about two to three miles from his home before he was stopped and his parents contacted. The family explained that an older sibling was watching the boy and when the sibling fell asleep, the boy took the car keys and left.

Wishing everyone and safe and happy weekend!
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