March 21st, 2018

Circuit Court Fiduciary Rule Decisions Raise Important Process Questions While the Fifth U.S. Circuit Court of Appeals has vacated the DOL fiduciary rule expansion, one attorney warns the rule is still technically in effect, at the very least until the court issues a “mandate” opening a limited period during which the Department of Labor can choose to contest the decision; he also questions whether the circuit courts are in fact split on the matter, as some are suggesting. Read more > Court Denies New Complaint Against Voya Over Advice Services The U.S. District Court for the Southern District of New York has denied a 401(k) plan participant a second chance at filing a lawsuit claiming Voya Financial and Voya Retirement Advisors engaged in prohibited transactions in violation of the Employee Retirement Income Security Act through a service arrangement with Financial Engines. Read more > HSAs in Retirement Planning A recent report by the Employee Benefits Research Institute shows that, last year, a 65-year-old man needed $73,000 in savings and a 65-year-old woman $95,000 for each to have a 50% chance of being able to cover premiums and median prescription drug expenses in retirement. If they wanted a 90% chance of having enough saved, the man would need $131,000 and the woman, $147,000. Read more > Community Engagement and Next Gen Adviser Recruiting Many students studying to enter the field say they will prioritize “purpose and innovation” as key aspects of their future work as advisers. Respondents to a new survey further identified the “ability to help others” and “being a part of a dynamic industry” as more important than their compensation package. Read more > MOST READ ARTICLES 1 DOL Finalizes Rule Opening Door to ESG Investing in Retirement Plans 2 Advisers Get Long-Awaited Clarity on ESG in Retirement Plans 3 Plan Advisers Value Trustworthiness, “Personal” Touch from DC Recordkeepers 4 AARP Finds Major Gap Between Retirement Goals and Preparedness 5 Financial Firms Looking to HBCUs, “Pipeline” Programs to Bolster Diversity

Sponsored message from PIMCO TDFs: Go Active Where it Matters, Passive Where it Saves TDFs that blend actively managed bonds with passively managed stocks may deliver superior results. Read more > IRS Cuts Fee for Application for Determination for Terminating Plan In Revenue Procedure 2018-19, the Internal Revenue Service (IRS) announced a change in the Schedule of User Fees, with respect to applications on Form 5310, Application for Determination for Terminating Plan. The fee has been reset to the 2017 level. Read more > Nearly Three-Quarters of Boomers Want to Delay Retirement “There is a disconnect between Baby Boomers’ current financial status and where they perceive themselves in retirement,” warns Richard Burns, president and CEO of The NHP Foundation. “This wishful thinking carries potential consequences that will likely have a large impact throughout all areas of the economy.” Read more > Market Mirror Tuesday, the Dow climbed 116.36 points (0.47%) to 24,727.27, the NASDAQ closed 20.06 points (0.27%) higher at 7,364.30, and the S&P 500 was up 4.02 points (0.15%) at 2,716.94. The Russell 2000 was virtually unchanged at 1,570.41, and the Wilshire 5000 gained 91.52 points (0.33%) to finish at 28,189.80. The price of the 10-year Treasury note was down 8/32, increasing its yield to 2.888%. The price of the 30-year Treasury bond decreased 22/32, bringing its yield up to 3.125%.

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