Plansponsor Logo
PLANSPONSOR NEWSDASH LOGO September 25th, 2020
Insight on Plan Design & Investment Strategy Every Weekday
Administration
PSNC 2020: Evaluating Service Providers
The COVID-19 pandemic was a test for provider relationships. Did plan sponsors see their providers as real partners or did they see a change was needed, and how might RFPs be different going forward?
Administration
PSNC 2020: Recalibrating Retirement Plans
The COVID-19 pandemic has accelerated what was already an emerging goal for the retirement planning industry: helping participants prepare for short-term financial challenges as a means to create greater long-term wealth.
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: Fidelity Investments
Racial Inequalities in Financial Wellness
To address racial inequalities, we must acknowledge they exist and understand the reasons why. Here, we explore differences by race and ethnicity across budgeting, debt, savings, protection, and financial confidence.
Economic Events
Sales of new single-family houses in August were at a seasonally adjusted annual rate of 1,011,000, according to estimates released jointly by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 4.8% above the revised July rate of 965,000 and is 43.2% above the August 2019 estimate of 706,000.

Interest on a 30-year fixed-rate mortgage averaged 2.90% for the week ending September 24, up from last week when it averaged 2.87, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 3.64%. Interest on a 15-year fixed-rate mortgage averaged 2.40%, up from last week when it averaged 2.35%. A year ago at this time, the 15-year FRM averaged 3.16%.

In the week ending September 19, the advance figure for seasonally adjusted initial claims for unemployment insurance was 870,000, an increase of 4,000 from the previous week’s revised level of 866,000, the Labor Department reported. The four-week moving average was 878,250, a decrease of 35,250 from the previous week’s revised average of 913,500.
Market Mirror
Thursday, the Dow inched upward by 52.31 points (0.20%) to reach 26,815.44, the NASDAQ took on 39.28 additional points (0.37%) to end at 10,672.27, and the S&P 500 was up 9.67 points (0.30%) at 3,246.59. The Russell 2000 fell 45.14 points (3.02%) to 1,451.82, and the Wilshire 5000 was up 77.96 points (0.24%) at 33,245.11.

The price of the 10-year Treasury note was up 1/32, lowering its yield to 0.665%, and the price of the 30-year Treasury bond was up 26/32, lowering its yield to 1.404%.
Compliance
Duke Energy Faces Classic Excessive Fee Lawsuit
The complaint suggests the plan’s recordkeeping expenses demonstrate that defendants failed to engage in prudent monitoring and engage in prudent practices to keep those costs at competitive levels.
Sizable Settlement Reached in OSF Health ‘Church Plan’ Lawsuit
In the settlement agreement, OSF Health admits no wrongdoing, but the hospital system agrees to pay a sum of $25 million to better fund its pension plan.
Data and Research
BoA Finds Financial Wellness Disconnect Between Employees and Employers
Employer interest in helping employees grows, but workers aren’t reporting better financial security, and more are willing to use financial tools and resources from a third-party instead of their employer.
Benefits
PSNC 2020: Promoting Lifelong Financial Wellness for Employees
The keys are tailoring it for people as they age, making it actionable and providing one-on-one access to a financial adviser.
PSNC 2020: Stopping the Unexpected From Hurting Financial Futures
Experts touched on pragmatic features to improve financial wellness in a post-COVID-19 environment.   
Small Talk
ON THIS DATE: In 1789, the first U.S. Congress adopted 12 amendments to the Constitution. Ten of the amendments became the Bill of Rights. In 1890, the Sequoia National Park was established as a U.S. National Park in Central California. In 1957, under escort from the U.S. Army’s 101st Airborne Division, nine Black students entered all-white Central High School in Little Rock, Arkansas. In 1981, Sandra Day O’Connor became the first female justice of the U.S. Supreme Court when she was sworn in as the 102nd justice. In 1995, Ross Perot announced that he would form the Independence Party.
SURVEY SAYS: During the 2020 PLANSPONSOR National Conference this week, the competition for employee money was discussed. This week, I’d like to know, have you ever reduced your retirement plan deferrals because an increase in health care benefit costs reduced your take-home pay? Have other employees in your company done this? I know you may have been busy, hopefully attending our conference, but please respond to this week’s survey by 6 p.m. Pacific time today.
And now it’s time for some FRIDAY FUN!

“Look at this fence I just fixed to keep the dog… WAIT! COME BACK HERE!”

Sometimes the birthday cake is just not meant to be.

In Sri Lanka, a detainee at a high-security prison has escaped. The AFP reports that a cat was detected by jail intelligence officials with nearly two grams of heroin, two SIM cards and a memory chip tied around the its neck. It was detained that day, but the next day, somehow escaped the room where it was being kept.

In Canton, Georgia, an arrest was not the only bad luck for a man who fled police. The man was a passenger in a vehicle that was pulled over for a tag violation. The Associated Press reports that he ran into the woods when the car was stopped. He left behind a backpack in which police found methamphetamine and a lotter scratch off ticket that was a $100 winner. The man was later taken into custody. The police said he could have the lottery ticket back, but not the drugs.

Have a safe and happy weekend!
Did someone forward you this newsletter? Sign up here to get NEWSDash directly in
your mailbox!
rss icon twitter icon linkedin-in icon facebook icon
ISS MEDIA logo
Unsubscribe | Manage Subscriptions | Contact Us | Privacy Policy | Advertise
©2020 Asset International Inc. All rights reserved.
702 King Farm Boulevard, Suite 400, Rockville, MD 20850