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PLANSPONSOR NEWSDASH LOGO October 23rd, 2020
Insight on Plan Design & Investment Strategy Every Weekday
Compliance
The DOL’s ESG Proposal and DB Plans
The DOL’s ESG Proposal and DB Plans
Defined benefit plan fiduciaries can expand on their evaluations of ESG investments to show they are financially beneficial and not just a philosophical choice.
research
2020 Participant Survey
The PLANSPONSOR Participant Survey examines the attitudes and behaviors of American workers participating—or not—in an employer-sponsored retirement plan. It gathers data about savings rates, employer expectations and confidence levels, among other measures.
Most Read
Compliance
Cybersecurity Risks Still Lurking for Retirement Plan Sponsors
Administration
Rules for Retaining Benefit Plan Records
Benefits
What Happens When Student Loan Payment Deferral Ends?
SPONSORED BY: Fidelity Investments
Rethinking Benefits in the Pandemic Era
Supporting employees’ emotional and financial wellness with an innovative student debt relief strategy
Economic Events
Interest on a 30-year fixed-rate mortgage averaged 2.80% for the week ending October 22, down from last week when it averaged 2.81%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 3.75%. Interest on a 15-year fixed-rate mortgage averaged 2.33%, down from last week when it averaged 2.35%. A year ago at this time, the 15-year FRM averaged 3.18%.

In the week ending October 17, the advance figure for seasonally adjusted initial claims for unemployment insurance was 787,000, a decrease of 55,000 from the previous week’s revised level of 842,000, the Labor Department reported. The four-week moving average was 811,250, a decrease of 21,500 from the previous week’s revised average of 832,750.

Existing-home sales grew for the fourth consecutive month in September, according to the National Association of Realtors. Each of the four major regions witnessed month-over-month and year-over-year growth, with the Northeast seeing the highest climb in both categories. Total existing-home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, rose 9.4% from August to a seasonally-adjusted annual rate of 6.54 million in September. Overall sales rose year-over-year, up 20.9% from a year ago (5.41 million in September 2019).
Market Mirror
Thursday, the Dow closed 152.84 points (0.54%) higher at 28,363.66, the NASDAQ was up 21.31 points (0.19%) at 11,506.01, and the S&P 500 increased 17.93 points (0.52%) to 3,453.49. The Russell 2000 climbed 26.48 points (1.65%) to 1,630.25, and the Wilshire 5000 gained 236.74 points (0.67%) to finish at 35,660.55.

The price of the 10-year Treasury noted decreased 26/32, bringing its yield up to 0.866%. The price of the 30-year Treasury bond fell 31/32, increasing its yield to 1.678%.
Compliance
Bill Would Fill Gaps in Previous Retirement Legislation
The SAVE Act would allow 403(b) plan sponsors to join open MEPs and incentivize the creation of ESOPs, among other things.
Products
Nationwide to Roll Out New Annuity Products and Partnerships
In December, Nationwide will introduce a new in-plan fixed indexed annuity to provide principal protection with potential for growth based on the return of an index.
Small Talk
ON THIS DATE: In 1915, approximately 25,000 women demanded the right to vote with a march in New York City. In 1929, the Dow Jones Industrial Average plunged starting the stock-market crash that began the Great Depression. In 1946, the United Nations General Assembly convened in New York for the first time. In 1956, NBC broadcasted the first videotape recording. The tape of Jonathan Winters was seen coast to coast in the U.S. In 1958, Russian poet and novelist Boris Pasternak was awarded the Nobel Prize for literature. He was forced to refuse the honor due to negative Soviet reaction. Pasternak won the award for writing “Dr. Zhivago”. In 1989, Hungary became an independent republic, after 33 years of Soviet rule.

And now it’s time for some FRIDAY FUN!
What is this bridge made of?

Yeah, this one fooled me.

In Half Moon Bay, California, a Minnesota horticulture teacher won this year’s Half Moon Bay pumpkin contest. The pumpkin survived the 35-hour drive to the contest and weighed in at 2,350 pounds.

In St. Paul, Minnesota, the family of a 93-year-old woman who died in September included in her obituary requests she had made. A pair of obituaries published in the St. Paul Pioneer Press included details of how she wanted to be cremated and then honored with a church service under COVID-19 protocols. And one obituary said: “In lieu of flowers, Georgia preferred that you do not vote for Trump.”

Have a safe and happy weekend!
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