I have seen a few memes showcasing “2020, written by Stephen King and directed by Quentin Tarantino.” This feels pretty spot on. Well, we have reached intermission on the film and I, like many of us am really struggling to see how this one ends. But kudos to us all for making it to intermission and finding ourselves with some surprising wins and as well as some unique challenges.
RSG lives in the retirement plan space and are complete geeks focused on the features of this crisis that most relates to our world. Examples like the CARES Act distributions and loans, participant behavior amongst the historic volatility, and the impact to IRS deadlines. But, we are also corporate and individual citizens. We support nearly 20,000 Americans. So while we are focused on our space, we are not blind to the massive challenges facing our country in the first half of this film, and the high level of uncertainty as we enter the second half.
If we can add value to you and your organization as business consultants as you navigate one of the most challenging years ever, please do not hesitate to reach out to me personally at 312-307-2006 or steve@retirementsolutiongroup.com. Happy to help, but for the record I may need a little help myself…
CARES Act Update – The PPP program has been extremely important to maintain many small businesses. Small business is not our only focus, but their success is one of the most important factors in the US economy. It was pushed through with amazing speed and generated many questions. So, as we receive updates, we want to share them as a member of this community.
Small Plans Feel Pandemic Impact More – As the previous update mentions, our focus has been on the small business community. But our real focus has always been on the qualified retirement plan space. This has too often been a throw away benefit that is set up and ignored. We are a solution to that problem by creating a process of engagement at the sponsor and participant levels. Small plans have been impacted at a greater level, which is no surprise. If you have not received adequate support during this crisis, then when would you? Now is when you need an engaged service provider team. Click here to read more about the impact on smaller 401(k) plans.
Fiduciary Rule Take 2 for the DOL – For many years we have published numerous emails on the fiduciary rule. We were convinced this was happening and then it did not. I said then and continue to believe that this will eventually happen but now here is round two by the DOL. Not sure how far this version will go but rest assured that it is not going away. Here is more information.
Did You Know?
U.S. equities wrapped up their best quarter in decades on Tuesday as markets recovered from the historic sell-off triggered by the coronavirus. The Dow gained 17.8% in the second quarter, posting its best quarter since 1987, while the S&P 500 finished the period with a near 20% gain, its best since 1998. The technology-heavy Nasdaq Composite soared 30.6% for the quarter, the most since 1999. The Nasdaq was the first of the major averages to make back all of its coronavirus losses.
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