PLANADVISER Weekend Newsdash
Week ending March 17th, 2017
NOTE FROM THE EDITOR
Happy Friday, readers! This week the DOL fiduciary rule and 401(k) industry-focused litigation again grabbed headlines—but readers also responded with interest to our story, “Few Millennials Making Recommended 401(k) Contribution.” Research reported on in the article offers equal cause for concern and optimism about Millennials’ collective financial future. Collected below you will find a series of additional articles exploring the role of Millennials as consumers and providers of financial advice. 
Editor's choice
Millennials’ Most Valuable Asset: Time
According to data from John Hancock Retirement Plan Services and Allianz Life, many Millennials have already fallen behind recommended retirement savings targets—but they also have time to recover and set the right approach. Read more >
Millennials Essential
Many studies have shown that two-thirds of retirement advisory practices have no succession plan. This widespread failure among retirement plan practices to consider the future can be particularly troubling, as “the average age of all advisers today is 51, 21% are over the age of 60, and 50% are within 15 years of retiring,” says Richard Saperstein, managing director and chief investment officer at HighTower Treasury Partners in New York City. Read more >
Millennials Favor ESG Amid Unfavorable Political Climate
While little concrete policy has yet been crafted, it is commonly assumed that the Trump administration will have little enthusiasm for promoting environmental, social and governance investing. Read more >
Millennials Fret Their Student Debt Load
More than half of all young workers worry about repaying their student debt “either all the time or often,” according to a new survey by American Student Assistance. Read more >
Millennials Overconfident in Their Financial Knowledge
Less than a quarter know the basics about finances. 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.
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.
Many Near-Retirees Don't Understand Social Security Benefits

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

Once They Catch On, PEPs Could Grow Exponentially
The current hesitancy over how they will take shape will be overcome by appreciation among advisers and sponsors alike at the prospect of expanding retirement coverage, sources say.
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