PLANADVISER Weekend Newsdash
Week ending March 8th, 2019

Happy Friday, readers! This weekend’s mailing focuses on the always timely topic of regulatory compliance. Below you will find our latest coverage of the DOL, SEC, FINRA and state-based regulators. Particularly interesting is Groom Law Group’s David Kaleda’s most recent column, offering advisers an inside view of what it’s like to be the subject of a Department of Labor examination under the Employee Retirement Income Security Act (ERISA). We hope you will share some of what you read with a client or colleague.

Regulation News
What Is a DOL Adviser Investigation Like?
The number of Department of Labor investigations of financial advisers has steadily increased over the years; here is a primer on the DOL’s sources of authority, and what to expect when examiners come knocking. Read more >
Make the Most of FINRA’s 529 Share Class Disclosure Initiative
FINRA is encouraging firms to undertake a qualitative review of their supervisory practices ranging back to 2013—not a full quantitative analysis of individual 529 plan transactions or recommendations. Read more >
IRS Asks for Comments Regarding 403(b) Plan Auto Enrollment
The request regards information collection for Revenue Ruling 2000-35, which describes certain criteria that must be met before an employee’s compensation can be reduced and contributed to an employee’s section 403(b) plan in the absence of an affirmative election by the employee. Read more >
SEC Money Market Rule Changes Still Playing Out
The SEC made fundamental changes to the rules governing money market funds back in 2014; according to John Faustino at Fi360, the rule changes have created a big opportunity for advisers with stable value fund expertise. Read more >
GAO Asked to Examine Retirement System Cybersecurity
In a letter to the Government Accountability Office (GAO), lawmakers said retirement savings are “a tempting target for criminals who could hack into plans and individuals’ accounts to access information, commit identity fraud, and steal retirement savers’ nest eggs.” Read more >
Comment Deadline Arrives for NAIC Annuity Sales Best-Interest Rule
The standard-setting and regulatory support organization governed by the chief insurance regulators of all 50 states set today as a deadline for industry comments on the latest draft of a model best-interest suitability standard applying to annuity sales. Read more >
MOST POPULAR STORIES
Principal Reveals Eagerly Awaited Wells Fargo Platform Integration Strategy

Principal is incorporating capabilities from the Wells Fargo Institutional Retirement and Trust platform into its own proprietary recordkeeping system, which will serve Principal and transitioning Wells Fargo customers moving forward.

SECURE Act Ensnared in Senate After Flying Through House
Washington insiders say Senator Ted Cruz is probably the biggest roadblock to the SECURE Act being passed in the near-term under unanimous consent; among other issues, he wants the bill to allow people to use tax-advantaged 529 college savings accounts to pay for home school expenses.
Washington Financial Scooped Up By Hub International

With the acquisition of Washington Financial Group, HUB International has made public the first of a series of significant anticipated acquisitions of Global Retirement Partners firms.

2019 PLANADVISER National Conference
Jumbo Imprudence Alleged in H.E. Butt ERISA Challenge

Plaintiffs says defendants failed to properly monitor and control the plan’s expenses, and allowed the plan to become one of the most expensive “jumbo” 401(k) plans in the country.

Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com

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