PLANADVISER Weekend Newsdash
Week ending June 14th, 2019

Happy Friday, readers! After months of waiting, the SEC has revealed the final version of Regulation Best Interest. Find our Reg BI coverage below, along with the latest from the Department of Labor and Congress. We hope you share some of what you read with a client or colleague.

Reg BI and More
Reg BI Could Make It Easier for B/Ds to Compete With Retirement Plan Advisers
Experts say the new SEC rules could allow brokers to encroach into the traditional territory of advisers without having to meet the same fiduciary standard of care. Read more >
Tracking SECURE Act, RESA, DOL Developments and More
On June 5, the opening day of the 2019 PLANSPONSOR National Conference, David N. Levine, a principal with Groom Law Group, and Robin M. Solomon, a partner at Ivins, Phillips & Barker, discussed the Setting Every Community Up for Retirement Enhancement Act, which recently passed the House by a practically unanimous margin of 417 – 3. Read more >
Groups Ask DOL to Make 401(k) Electronic Delivery the Default
ICI, SPARK and the ACLI are among the eight organizations making the request. Read more >
Just Hours Left to Comment on N.J. Fiduciary Rule
All eyes might be on the SEC’s pending vote on Regulation Best Interest, but ERISA attorneys with Stradley Ronon suggest New Jersey is now “the state to watch” for advisers and brokers tracking the development of conflict of interest regulations. Read more >
SEC Examiners Warn About Cloud Storage Risks for Advisers
SEC inspection staffers have identified growing security risks associated with advisers’ storage of electronic customer recorders in cloud-based platforms—and they will be watching for non-compliance in this area. 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.
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.
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.
Lawsuit Challenges Fees in Kimberly-Clark's 401(k) Plan

The plaintiffs allege plan fiduciaries used what it calls ‘cobbled-together services from many providers’ and didn't monitor fees for any of them.

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