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November 4th, 2020
Insight on Plan Design & Investment Strategy Every Weekday
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Ask the Experts
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ACP Testing for Safe Harbor Plan That Suspended Match Contributions
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“Our ERISA [Employee Retirement Income Security Act] 403(b) safe harbor retirement plan recently suspended it’s matching contributions. We realize that we must perform actual contribution percentage (ACP) testing for our matching contributions the 2020 plan year. We are wondering if we can use the ‘prior-year testing method’ for ACP testing for the 2020 plan year, as that would make it easier for us to pass.” 
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| Economic Events |
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New orders for manufactured durable goods in September increased $4.3 billion or 1.9% to $237.1 billion, the U.S. Census Bureau announced. This increase, up five consecutive months, followed a 0.4% August increase. Excluding transportation, new orders increased 0.8%. Excluding defense, new orders increased 3.4%. Transportation equipment, up four of the last five months, led the increase, $3.0 billion or 4.1% to $76.8 billion.
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| Market Mirror |
Tuesday, the Dow gained 554.98 points (2.06%) to finish at 27,480.03, the NASDAQ closed 202.96 points (1.85%) higher at 11, 160.57, and the S&P 500 gained 58.92 points (1.78%) to finish at 3,369.16. The Russell 2000 climbed 52.72 points (3.38%) to 1,614.30, and the Wilshire 5000 climbed 660.34 points (1.93%) to 34,788.78.
The price of the 10-year Treasury note was down 4/32, increasing its yield to 0.894%. The price of the 30-year Treasury bond fell 1 24/32, bringing its yield up to 1.678%.
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ON THIS DATE: In 1880, James and John Ritty patented the first cash register. In 1922, the entrance to King Tut’s tomb was discovered. In 1924, Nellie T. Ross of Wyoming was elected America’s first woman governor so she could serve out the remaining term of her late husband, William B. Ross. In 1952, in the United States, the National Security Agency (NSA) was established. In 1979, the Iran hostage crisis began after the U.S. embassy in Tehran was stormed. In 2008, Senator Barack Obama of Illinois defeated Senator John McCain of Arizona to become the 44th U.S. president, and the first African American elected to the White House. In 1991, Ronald Reagan opened his presidential library in Simi Valley, California. The dedication ceremony was attended by President George H.W. Bush and former U.S. presidents Jimmy Carter, Gerald R. Ford and Richard M. Nixon. It was the first gathering of five U.S. chief executives. In 2016, the Paris Agreement, a sweeping international pledge to dramatically reduce carbon emissions, went into effect.
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WEDNESDAY WISDOM: “Real knowledge is to know the extent of one’s ignorance.”—Confucius
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