May 4th, 2020

Wilmington Trust to Pay $80 Million to Settle DOL Investigations The DOL alleged Wilmington Trust caused losses to ESOPs when it authorized them to pay more than fair market value for privately held employer stock. Read more > Lawsuit Argues Fees Are Excessive for University of Miami 403(b) The plaintiffs say there is additional evidence for their cliams, “such as incorrect reporting on mandatory Department of Labor disclosures about the amount of administrative fees paid by [the] participants.” Read more > SEC Says Advisory Firms May Have to Report PPP Loans FINRA previously addressed reporting of Paycheck Protection Program loan forgiveness in its FAQs related to COVID-19. Read more > Coronavirus News for Plan Advisers Focused editorial analysis of market movements, business challenges and legislative and regulatory actions. Read more > MOST READ ARTICLES 1 Principal Continues Focus on Asset Management, ‘Jet Fuel’ of the Business 2 Biden’s First Veto Keeps DOL’s ESG Rule in Place 3 2023 Retirement Plan Adviser of the Year Finalists 4 Experts Predict Major Growth in Retirement Coverage, Benefits 5 Complying With the Custody Rule and the New Custody Proposal

Retirement Industry People Moves MassMutual hires regional managing directors for retirement services; Callan names private equity SVP; and IRI adds changes to executive committee and board of directors. Read more > GoalPath Partners With Questis on Financial Wellness The companies are offering a support program to investors affected by the COVID-19 pandemic for free for nine months. Read more > Market Mirror Friday, the Dow dropped 622.03 points (2.56%) to 23,723.69, the NASDAQ lost 284.60 points (3.20%) to finish at 8,604.95, and the S&P 500 decreased 81.72 points (2.81%) to 2,830.71. The Russell 2000 fell 50.18 points (3.83%) to 1,260.48, and the Wilshire 5000 closed 864.86 points (2.95%) lower at 28,500.63.   The price of the 10-year Treasury note was up 2/32, decreasing its yield to 0.621%. The price of the 30-year Treasury bond increased 30/32, bringing its yield down to 1.255%.   For the week ending May 1, the Dow decreased 0.22%, the NASDAQ finished 0.34% lower, and the S&P 500 was down 0.21%. The Russell 2000 gained 2.22%, and the Wilshire 5000 was up 0.06%.

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