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 >
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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.
Reliance Trust Reaches Deal on 401(k) Excessive Fee, Self-Dealing Suit

Admitting no wrongdoing, Reliance Trust will pay $39.8 million to settle the case.

A New World and New Opportunities for Alpha
Pandemic-driven volatility has once again highlighted the relative virtues of active and passive management.
Nestle Sued Over Fees for Managed Accounts, Recordkeeping

The lawsuit contends that, in most cases, the managed account service added no material value to participants, creating asset allocations 'not materially different than' those of the age appropriate target-date options for participants.

How to Diversify Retirement Plan Committees

With representation being top of mind in 2020, companies are reconsidering the makeup of their workforces and their retirement plan committees.

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