Newsdash Insight on Plan Design & Investment Strategy from PLANSPONSOR
June 12th, 2020

Warn Your Clients: Don’t Abuse Coronavirus Hardship Withdrawals

Though retirement plans can allow individuals to self-certify that they qualify for a penalty-free coronavirus-related distribution, should the IRS discover otherwise during a future audit, a participant can be subject to substantial penalties. Read more >
Recordkeeping Fee Structure Questioned in KeyCorp ERISA Lawsuit
The regional banking company is accused of breaches of the fiduciary duties of prudence and loyalty. Read more >
Zoom Will Be the Venue for Fidelity Self-Dealing Case Trial
After attorneys suggested ways to help streamline the trial, the judge instructed the parties to inform the court of the reduced number of trial days now necessary for receiving evidence and arguments. Read more >
SBA Launches Hiring and Retainment Tool on Third-Party Providers
SBA’s founding principal says search engagements on the vendor platform will start at $25,000, depending on the nature and scope of the plan sponsor’s request. Read more >
MOST READ ARTICLES
Investment Product and Service Launches
Lincoln Financial Group adds solution within director program; Franklin Templeton increases ETF lineup; Northern Trust announces new series trust; and more. Read more >
SoFi Adds CARES Program for Student Debt Relief
The program will help employers facilitate student loan contributions under the CARES Act through 2020.  Read more >
Market Mirror
Thursday, the Dow plunged 1,861.82 points (6.90%) to 25,128.17, the NASDAQ lost 527.62 points (5.27%) to finish at 9,492.73, and the S&P 500 fell 188.04 points (5.89%) to 3,002.10. The Russell 2000 closed 111.17 points (7.58%) lower at 1,356.22, and the Wilshire 5000 dropped 1,933.94 points (5.96%) to 30,532.05.   The price of the 10-year Treasury note increased 6/32, bringing its yield down to 0.662%. The price of the 30-year Treasury bond climbed 2 25/32, decreasing its yield to 1.408%.
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