PLANADVISER Weekend Newsdash
Week ending February 14th, 2020

Happy Friday, readers! Rarely does a week go by in the retirement plan advisory industry without seeing some significant regulatory, legislative or judicial development. True to form, this week brought a series of new lawsuits, as well as some important SECURE Act developments. Find all the important details below, and please consider sharing some of what you read with a client or colleague.

Editor's choice
Rockwell Automation Must Face ERISA Challenge
Allegations in the lawsuit, which has now cleared Rockwell’s dismissal motion, echo those filed in other lawsuits challenging the actuarial assumptions used by pension plan sponsors to value alternative forms of benefits other than the default. Read more >
Plaintiffs Challenge Antiquated Mortality Data in Latest ERISA Litigation Trend
The most recent national employer named in a mortality data lawsuit is the United Parcel Service (UPS), which is facing allegations very similar to those filed against MetLife, Pepsi, American Airlines and others. Read more >
SECURE Act Is No Lifetime Income Free-For-All
One analyst argues the landmark legislation’s lifetime income disclosure requirement may prove to be more influential than the annuity selection safe harbor. Read more >
UPS Named in Latest ERISA Fiduciary Breach Suit
UPS is not the first national employer to be accused of using outdated mortality tables and interest rate estimates in order to shortchange certain pension beneficiaries. Read more >
Voya Left With One Claim to Fight in Excessive Fee Suit
A federal judge found Voya is a fiduciary with respect to the 404a-5 participant fee disclosures it provides for the retirement plan in which the plaintiff participates. Read more >
MOST POPULAR STORIES
Stimulus Bill Extends Some Provisions of the CARES Act

It also provides a way for retirement plan sponsors to avoid a partial plan termination.

Coronavirus Hardship Withdrawals, Taxes and Your Retirement Plan Clients
Coronavirus-related withdrawals made in 2020 were a financial lifeline for some, but they could also turn into a major tax headache for others.
Many Near-Retirees Don't Understand Social Security Benefits

More than one-third failed a basic Social Security quiz administered by MassMutual.

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.
The Most Common Retirement Plan Testing Mistakes

By alerting plan sponsors to the issues they see most often, advisers can help their clients navigate IRS testing rules.

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