NewsDash – September 21, 2020

September 21st, 2020
Insight on Plan Design & Investment Strategy Every Weekday

Postscript

Winning Ways in the Pandemic

Plan Sponsors of the Year share how they’re dealing with COVID-19.

Data and Research

Women’s Retirement Confidence Has Waned During Pandemic

A mere 17% of women say they are very confident they will be able to retire comfortably, according to the Transamerica Center for Retirement Studies.

Most Read

Compliance
SECURE Act 2.0 Passed Unanimously by Ways and Means Committee

2020 Recordkeeping Survey

Data and Research
Health Care Costs in Retirement Remain a Top Stressor

SPONSORED BY: OneAmerica

Choice and Simplicity

Interview with Sandy McCarthy

Economic Events

Tomorrow, the National Association of Realtors will report about existing home sales in August. Thursday, the Labor Department will issue its initial claims report, and the Census Bureau will report about new home sales in August. Friday, the Census Bureau will report about durable goods orders in August.

Market Mirror

Friday, the Dow decreased 244.56 points (0.88%) to 27,657.42, the NASDAQ lost 117.00 points (1.07%) to finish at 10,793.28, and the S&P 500 fell 37.54 points (1.12%) to 3,319.47. The Russell 2000 was down 5.82 points (0.38%) at 1,536.78, and the Wilshire 5000 closed 320.43 points (0.93%) lower at 34,055.13.

The price of the 10-year Treasury note was unchanged with its yield up to 0.695%. The price of the 30-year Treasury bond was down 3/32, increasing its yield to 1.452%.

For the week ending September 18, the Dow was up 0.01%, the NASDAQ lost 0.56%, and the S&P 500 finished 0.64% lower. The Russell 2000 climbed 2.64%, and the Wilshire 5000 decreased 0.05%.

Compliance,

Former Intel Plan Participant Reiterates His Claims

Now that the U.S. Supreme Court has decided the ‘actual knowledge’ issue, perhaps the industry will get a court ruling about the use of alternative investments in TDFs.

A Democrat and a Republican Talk About Retirement Security

Political strategists discussed Social Security, the payroll tax deferral and student loan debt.

Providers to DB Plans Face Lawsuit Over Investment Strategy

Because downside protection promised for certain funds wasn’t provided and it wasn’t warned, the committee for defined benefit plans of the Blue Cross and Blue Shield Association says the plans suffered ‘staggering’ losses earlier this year.

Deals and People

Retirement Industry People Moves

The Wagner Law Group promotes ERISA attorneys; Millennium Trust adds retirement services head; SageView hires retirement plan consultant for Northern California; and more.

Small Talk

ON THIS DATE: In 1780, during the American Revolution, American General Benedict Arnold met with British Major John Andre to discuss handing over West Point to the British, in return for the promise of a large sum of money and a high position in the British army. In 1792, the French National Convention voted to abolish the monarchy. In 1897, the New York Sun ran the “Yes, Virginia, there is a Santa Claus” editorial. It was in response to a letter from 8-year-old Virginia O’Hanlon. In 1937, J.R.R. Tolkien’s “The Hobbit” was first published. In 1949, Communist leaders proclaimed The People’s Republic of China. In 1970, “NFL Monday Night Football” made its debut on ABC-TV. The game was between the Cleveland Browns and the New York Jets. The Browns won 31-21. In 1973, Henry Kissinger was confirmed by the Senate to become the 56th Secretary of State. He was the first naturalized citizen to hold the office of Secretary of State. In 1981, the Senate confirmed Sandra Day O’Connor to be the first female justice on the U.S. Supreme Court. In 1996, the board of the all-male Virginia Military Institute voted to admit women.

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