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PLANSPONSOR NEWSDASH LOGO September 4th, 2020
Insight on Plan Design & Investment Strategy Every Weekday
Administration
Important Considerations for the RFP Process
Important Considerations for the RFP Process
When conducting a service provider request for proposals (RFP), being specific can help ensure plan and participant needs are met, as well as compliance with fiduciary duties.
Benefits
This Year’s Open Enrollment Season a Change for Employers and Employees
More classifications of employees, a remote work environment and employees placing a greater value on benefits means employers have more to consider for benefit offerings and communications.
Most Read

2020 PLANSPONSOR National Conference

2020 Recordkeeping Survey

2019 Recordkeeping Survey
Economic Events
Interest on a 30-year fixed-rate mortgage averaged 2.93% for the week ending September 3, up from last week when it averaged 2.91%, according to Freddie Mac. A year ago at this time, the 30-year FRM averaged 3.49%. Interest on a 15-year fixed-rate mortgage averaged 2.42%, down from last week when it averaged 2.46%. A year ago at this time, the 15-year FRM averaged 3.00%.

In the week ending August 29, the advance figure for seasonally adjusted initial claims for unemployment insurance was 881,000, a decrease of 130,000 from the previous week’s revised level of 1,011,000, the Labor Department reported. The four-week moving average was 991,750, a decrease of 77,500 from the previous week’s revised average of 1,069,250.
Market Mirror
Thursday, the Dow dropped 807.77 points (2.78%) to 28,292.73, the NASDAQ fell 598.34 points (4.96%) to 11,458.10, and the S&P 500 lost 125.78 points (3.51%) to finish at 3,455.06. The Russell 2000 closed 33.90 points (2.15%) at 1,544.68, and the Wilshire 5000 plunged 1,322.36 points (3.61%) to 35,275.67.

The price of the 10-year Treasury note was up 1/32, decreasing its yield to 0.633%. The price of the 30-year Treasury bond increased 27/32, bringing its yield down to 1.359%.
Compliance
Biogen Targeted in Recent Suit About Use of Fidelity TDF Suite
The lawsuit challenges Biogen’s use of the actively managed Freedom Funds over the index version of the target-date fund suite.
Computer Graphics Company Targeted in ERISA Excessive Fee Suit
The suit alleges 401(k) plan fiduciaries failed to use the lowest cost share classes or consider CIT versions of mutual funds in the plan, among other things.
Investing
Equity Analysts See More Volatility and Decent Returns
Asset managers’ mixed outlook on the market reflects the uncertainty and volatility experienced so far this year, though there is more optimism for the rest of 2020 than one might expect.
Products
Investment Product and Service Launches
Transamerica announces management fee reductions and J.P. Morgan AM reduces fees in two series.
Small Talk
ON THIS DATE: In 1882, Thomas Edison’s Pearl Street electric power station began operations in New York City. It was the first display of a practical electrical lighting system. In 1886, Apache leader Geronimo surrendered to U.S. government troops. In 1888, George Eastman registered the name “Kodak” and patented his roll-film camera. The camera took 100 exposures per roll. In 1951, the first live, coast-to-coast TV broadcast took place in the U.S. The event took place in San Francisco, California, from the Japanese Peace Treaty Conference. In 1957, Arkansas governor Orval Faubus enlisted the National Guard to prevent nine African American students from entering Central High School in Little Rock. In 1971, “The Lawrence Welk Show” was seen for the last time on ABC-TV. In 2003, Keegan Reilly, 22, became the first parapalegic climber to reach the peak of Japan’s Mount Fuji. In 2014, Joan Rivers, one of the best-known comedians of her era, died at age 81 in a New York City hospital, a week after she went into cardiac arrest while undergoing a medical procedure on her vocal cords at a Manhattan clinic.

And now it’s time for FRIDAY FUN!
A dog with no patience.

Here’s one way to de-stress.

Oh, no! She ate the baby!

Busch has come out with what it calls “Dog Brew.” It’s non-alcoholic, it’s brewed from bone broth, and includes flavors designed to appeal to a dog’s palate, including bone-in pork butt, corn, celery, basil, mint, turmeric, ginger and water. It can be used either as a refreshing treat for dogs or to soften hard food. “After a long day there’s nothing quite like having a Busch with a friend, and with so many new pet owners across America this year, we wanted to create a brew to give our fans a chance to share a Busch brew with their ‘best friend,'” Daniel Blake, VP of Value Brands at Anheuser-Busch, said in a press release. Busch Dog Brew will be sold online, at $9.99 for a pack of four. For every case of Dog Brew sold (six 4-packs), Busch will donate $1 to Best Friends Animal Society, up to $50,000.

In Fukui, Japan, three retired women have started Monkey Busters, a business to help save crops from monkey damage. Monkeys have been damaging onion, eggplant, soybean and potato crops in the area, so after taking a class about how to repel monkeys, offered by the Japan Agricultural Cooperative, they launched Monkey Busters in May. “Whenever anyone from the community reports a monkey sighting, it’s usually during the day when the women are in the middle of housework or farming. However, as soon as a sighting is reported, the Monkey Busters are immediately notified and drop everything to rush to the scene with their air guns, often arriving in their aprons as they don’t want to waste a minute in responding,” SoraNews24 reports. The Monkey Busters fire a warning shot in the direction of the monkeys and are often backed up by locals who use firecrackers and loud bellows. The efforts of the Monkey Busters to protect local crops and livelihoods has received a lot of praise from the community.

Wishing everyone a safe and happy weekend!
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