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PLANSPONSOR NEWSDASH LOGO September 18th, 2020
Insight on Plan Design & Investment Strategy Every Weekday
Administration
Managing a Retirement Plan Re-enrollment for 2021
Managing a Retirement Plan Re-enrollment for 2021
Plan sponsors need to consider the effects of the COVID-19 pandemic on their businesses and participants before implementing a re-enrollment next year.
Compliance
Excessive Fee, Self-Dealing Charges Filed Against Pentegra-Sponsored MEP
The lawsuit says fiduciaries of the multiple employer plan failed to ensure reasonable fees for administration and investments and acted in Pentegra’s interest by continuing to allow Pentegra to recordkeep the plan.
Most Read
Administration
Consider Who Is Paying When Benchmarking Retirement Plan Fees
Administration
Repositioning Financial Wellness and Retirement Benefits for 2021
Investing
Revisiting the DOL’s 2013 TDF Tips
SPONSORED BY: New York Life Investments
It’s High Time for High Yield: Improve retirement portfolio potential.
Over-reliant on traditional asset classes for your plan line-ups? Add high-yield and other non-core fixed-income asset classes. Read our Market Trends and Analysis white paper to learn more.
Economic Events
Employer costs for civilian workers averaged $26.17 per hour worked for wages and salaries and $12.04 for benefits in June, according to the Bureau of Labor Statistics. Health insurance costs were $3.18, accounting for 8.3% of total compensation costs.

Privately-owned housing starts in August were at a seasonally adjusted annual rate of 1,416,000, the Census Bureau reported. This is 5.1% below the revised July estimate of 1,492,000, but is 2.8% above the August 2019 rate of 1,377,000. Single-family housing starts in August were at a rate of 1,021,000; this is 4.1% above the revised July figure of 981,000. The August rate for units in buildings with five units or more was 375,000.

Interest on a 30-year fixed-rate mortgage averaged 2.87% for the week ending September 17, up slightly from last week when it averaged 2.86, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 3.73%. Interest on a 15-year fixed-rate mortgage averaged 2.35%, down from last week when it averaged 2.37%. A year ago at this time, the 15-year FRM averaged 3.21%.

In the week ending September 12, the advance figure for seasonally adjusted initial claims for unemployment insurance was 860,000, a decrease of 33,000 from the previous week’s revised level of 893,000, the Labor Department reported. The four-week moving average was 912,000, a decrease of 61,000 from the previous week’s revised average of 973,000.
Market Mirror
Thursday, the Dow was down 130.40 points (0.47%) at 27,901.98, the NASDAQ fell 140.19 points (1.27%) to 10,910.28, and the S&P 500 closed 28.48 points (0.84%) lower at 3,357.01. The Russell 2000 decreased 9.73 points (0.63%) to 1,542.60, and the Wilshire 5000 lost 306.91 points (0.88%) to finish at 34,375.55.

The price of the 10-year Treasury note was unchanged, with its yield down to 0.696%. The price of the 30-year Treasury bond increased 29/32, decreasing its yield to 1.435%.
Awards,
PSOY: Corporate 401(k) $25MM–$50MM
PLANSPONSOR is pleased to announce the 2020 Plan Sponsor of the Year award winner in the Corporate 401(k) $25MM–$50MM category—Bohannan Huston, Inc. Read the expanded profile here.
PSOY: Corporate 401(k) <$25MM
We are pleased to announce the 2020 Plan Sponsor of the Year award winner in the Corporate 401(k) <$25MM category—Tingley Rubber Corp. Read the expanded profile here.
Products
Investment Product and Service Launches
FTSE Russell launches enhanced Green Revenue Data Model; Franklin Templeton presents goals optimization engine; and Natixis Launches Three Active ETFs.
Buck Offers MedEncentive Employee Health Education Rewards Program
The program has been found to reduce employee hospitalizations and emergency room visits, resulting in reduced health care costs for employers.
ICMA-RC Introduces Digital Financial Education Game
A series of timed questions will test players’ knowledge of various financial subjects, including key retirement planning topics such as asset allocation and diversification, compounding, financial planning and reducing debt.
Small Talk
ON THIS DATE: In 1793, George Washington laid the cornerstone to the United States Capitol building, the home of the legislative branch of American government. In 1851, the first issue of “The New York Times” was published. In 1927, Columbia Phonograph Broadcasting System made its debut with its network broadcast over 16 radio stations. The name was later changed to CBS. In 1947, the United States Air Force was established as a separate military branch by the National Security Act. In 1955, the “Ed Sullivan Show” began on CBS-TV. The show had been “The Toast of the Town” since 1948. In 2003, Robert Duvall received a star on the Hollywood Walk of Fame.

Have a great weekend, everyone! Hope to “see” you virtually at the PLANSPONSOR National Conference next week!
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