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PLANSPONSOR NEWSDASH LOGO September 8th, 2020
Insight on Plan Design & Investment Strategy Every Weekday
Data and Research
Educators Face Student Loan Setbacks Due to COVID-19
While loan forgiveness programs are an option, many applications are confusing and difficult to navigate.
Deals and People
Retirement Industry People Moves
IRS names associate chief counsel for EEE; Northern Trust appoints COO and senior executive; and Wellington Management CEO announces 2020 resignation; managing partner to succeed.
Most Read

2020 PLANSPONSOR National Conference

2020 Recordkeeping Survey

2019 Recordkeeping Survey
SPONSORED BY: AIG LIFE & RETIREMENT
Help Your Employees Navigate Public Service Student Loan Forgiveness.
AIG Retirement Services created a program that makes it simple –from eligibility to enrollment.
Economic Events
Total nonfarm payroll employment rose by 1.4 million in August, and the unemployment rate fell to 8.4%, the Bureau of Labor Statistics (BLS) revealed. These improvements in the labor market reflect the continued resumption of economic activity that had been curtailed due to the pandemic, as well as hiring for the 2020 Census.

Thursday, the Labor Department will issue its initial claims report, the Census Bureau will report about wholesale trade for July, and the BLS will reveal the producer price index for August. Friday, the BLS will reveal the consumer price index for August.
Market Mirror
Friday, the Dow decreased 159.42 points (0.56%) to 28,133.31, the NASDAQ fell 144.97 points (1.27%) to 11,313.13, and the S&P 500 closed 28.10 points (0.81%) lower at 3,426.96. The Russell 2000 was down 9.38 points (0.61%) at 1,535.30, and the Wilshire 5000 lost 305.39 points (0.87%) to finish at 34,970.28.

The price of the 10-year Treasury note decreased 8/32, bringing its yield up to 0.723%. The price of the 30-year Treasury bond fell 2 29/32, increasing its yield to 1.473%.

For the week ending September 4, the Dow was down 1.82%, the NASDAQ fell 3.27%, and the S&P 500 decreased 2.31%. The Russell 2000 lost 2.73%, and the Wilshire 5000 finished 2.73% lower.
Compliance
Delphi Retirees Lose Bid to Have Pension Takeover by PBGC Reversed
A federal appellate court found that court adjudication is not required for PBGC to terminate a plan and that retirees had no property right to unfunded, vested benefits.
SECURE Act Compliance Q&A Published by IRS
The guidance document includes an extensive number of questions and answers about five key changes made by the SECURE Act.
DOL’s Proposed Proxy Voting Rule Another Attempt to Make Stance Permanent
Attorneys say the DOL is showing frustration over the regulatory back and forth on employee benefit plan proxy voting as well as ESG investing in retirement plans.
SPONSORED BY: AIG LIFE & RETIREMENT
Help Your Employees Own Their Futures With Retirement Pathfinder®
AIG Retirement Services created an interactive tool that helps your employees get a personalized plan for retirement.
Small Talk
ON THIS DATE: In 1504, “David,” the 17-foot-tall, 12,000-pound marble masterpiece by Michelangelo Buonarroti, was unveiled to the public in Florence, Italy’s Piazza della Signoria. In 1565, a Spanish expedition established the first permanent European settlement in North America at present-day St. Augustine, Florida. In 1664, the Dutch surrendered New Amsterdam to the British, who then renamed it New York. In 1943, Gen. Dwight Eisenhower publicly announced the surrender of Italy to the Allies.1945 – Bess Myerson of New York was crowned Miss America. She was the first Jewish contestant to win the title. In 1974, President Gerald Ford pardoned his disgraced predecessor Richard M. Nixon for any crimes he may have committed or participated in while in office.
SURVEY SAYS: Last week, I asked NEWSDash readers, “Did you create a home office or workspace this year?” Nearly half (48.8%) reported they already have a home office, while 14.6% created a home office and 17.1% created a dedicated workspace. The rest (19.5%) indicated they just use the dining table or some other place already in their house. Some readers shared what some may consider an “unusual” workspace. Responding readers who chose to leave comments mostly expressed that they enjoy working from home, even if it was an adjustment in the beginning. I really enjoyed reading about the activities they can enjoy when working from home that they can’t when working in the office. Editor’s Choice goes to the reader who said: “My dog may never forgive me when I have to return to the office.” A big thank you to all who participated in the survey!
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