PLANADVISER Weekend Newsdash
Week ending April 7th, 2017
NOTE FROM THE EDITOR
Happy Friday, readers! The biggest news of the week was the decision by the Department of Labor to delay the new fiduciary rule by 60 days. Thus, rather than taking effect this coming Monday, April 10, it will take effect on Friday, June 9. However, given the tenor of the Trump administration and the president’s predilection for fewer regulations, it is possible that it could still be shelved altogether. That could potentially be very unfortunate for investors, as a coalition of consumer groups maintains that without the fiduciary rule, investors are being overcharged by unscrupulous advisers to the tune of $17 billion a year.
Editor's choice
Compliance
DOL Delays Fiduciary Rule by 60 Days
The Department is making the move in response to the Trump memorandum. Read more >
Compliance
Consumer Groups Vow to Continue Fighting for Fiduciary Rule
Their “Retirement Ripoff Counter” shows that without the protections of the fiduciary rule, investors are losing $1.9 million an hour, $46 million a day—and $17 billion a year. Read more >
Compliance
Coalition Deploys to Defend Retirement Savings
An organization comprised of industry advocates and businesses is set out to expand Americans’ access to retirement plans and protect the system’s retirement tax incentives. Read more >
Compliance
EBRI Calls for Auto Plan Portability
If workers could automatically roll their 401(k) plan over to a new employer, the Institute says this could generate an additional $2 trillion in retirement savings. Read more >
Practice Management
B/Ds That Support Advisers Boost Adviser Productivity
Their practice management programs also help attract and retain advisers. 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.

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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