May 15th, 2020

Goldman Sachs to Acquire Folio Financial Financial services industry merger and acquisition activity has been impacted the by coronavirus crisis, but deals continue to be inked—especially among firms looking to acquire mass-market advice technology. Read more > Recordkeepers Holding Steady on Staffing—So Far DCIIA and SPARK surveyed members in early April with regard to the CARES Act and the effects of the coronavirus pandemic. Read more > BBVA Fails to Gain Summary Dismissal of ERISA Complaint The interim ruling permits the lawsuit to proceed to discovery and emphasizes the importance of language included in summary plan descriptions. Read more > IRS Offers Review of Special 403(b) Catch-Up Contribution Rules The agency says proper use of catch-up contributions will be an examination focus for 403(b) plans in fiscal year 2020. Read more > MOST READ ARTICLES 1 Biden’s First Veto Keeps DOL’s ESG Rule in Place 2 Experts Predict Major Growth in Retirement Coverage, Benefits 3 Principal Continues Focus on Asset Management, ‘Jet Fuel’ of the Business 4 Why 529 Education Savings Plans Are More Valuable Than Ever 5 Advisers Recommend Fiduciary Outsourcing Services, Mostly for Small Plans

Coronavirus News for Plan Advisers Focused editorial analysis of market movements, business challenges and legislative and regulatory actions. Read more > Investment Product and Service Launches DWS Group renames fixed income ETFs and MassMutual and NextCapital offer managed advice solution. Read more > Market Mirror Thursday, the Dow climbed 377.37 points (1.62%) to 23,625.34, the NASDAQ increased 80.55 points (0.91%) to 8,943.72, and the S&P 500 gained 32.50 points (1.15%) to finish at 2,852.50. The Russell 2000 was up 4.30 points (0.35%) at 1,237.56, and the Wilshire 5000 closed 312.17 points (1.10%) higher at 28,779.59.   The price of the 10-year Treasury note was up 2/32, decreasing its yield to 0.631%. The price of the 30-year Treasury bond increased 27/32, bringing its yield down to 1.291%.

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