PLANADVISER Weekend Newsdash
Week ending April 12th, 2019

Happy Friday, readers! This weekend’s mailing focuses on the ever-evolving topic of retirement plan regulations. For the casual observer, the shifting tangle of laws and regulations governing the behaviors of retirement plan fiduciaries can seem almost comically complex. For industry practitioners, wrestling with the regulatory Hydra is a daily battle, and one with potentially dire personal and professional consequences. Below you will find a roundup of significant regulatory events from the first quarter of 2019. We hope you’ll share some of what you read with a client or colleague.

Regulation News
Supreme Court Asked to Review Chevron Case for ERISA Pleading Standards
Specifically, the petition filed by participants in Chevron’s DC plan asks the Supreme Court to answer: “In pleading a breach of fiduciary duty under ERISA, is it sufficient for a plaintiff to allege a deficient decision-making process indirectly through inferences from the facts known to her?” Read more >
IRS Discusses Ways ESOPs Can Prevent Violation of Nonallocation Year Rules
Since there are no prescribed correction methods to address Internal Revenue Code Section 409(p) violations, prevention methods are important considerations for both employee stock ownership plan design and operation, the IRS says. Read more >
Plan Sponsors Affected by Severe Storms Get ERISA Compliance Relief
The Department says it recognizes that severe storms may impede efforts by plan fiduciaries in Nebraska, Iowa and Alabama to comply with the Employee Retirement Income Security Act over the next few months. Read more >
SEC No-Action Letter Offers Guidance for Processing Rollover Checks
Banc West Investment Services asked the Securities and Exchange Commission to clarify its stance on the potential conflict between FINRA suitability determinations called for by rollover decisions and, on the other hand, SEC demands to forward customer checks within a day of receipt. Read more >
House Subcommittee Witnesses Bash SEC’s Regulation Best Interest
Out of five witnesses called before the House Subcommittee on Investor Protection, Entrepreneurship and Capital markets, just one spoke favorably about the SEC’s conflict of interest regulations—and his support was conditioned on the SEC taking further action in this area. Read more >
Will Your Errors and Omissions Insurance Policy Keep You Dry?
Buyer Beware! One experienced matchmaker pairing RIAs with providers of E&O insurance policies likens the space to the Wild West, especially when one looks at the “non-admitted” provider marketplace. 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.

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.

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.
2019 PLANADVISER National Conference
MIT ERISA Lawsuit Parties Announce Settlement

Trial was to begin on the case September 16.

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

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