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
Walgreen Sued for Keeping Underperforming TDFs in 401(k)

Despite a market “teeming with better-performing alternatives,” the plaintiffs say, Walgreen selected the Northern Trust Funds, which already had a history of poor performance.

‘Stretch IRAs,’ Multigenerational Inheritance and the SECURE Act
Low and middle-income Americans struggling to save for retirement are depending on the U.S. Senate to pass the SECURE Act, advocates say. At present, one roadblock seems to the law’s treatment of “stretch IRAs.”
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.
The DOL’s Fiduciary Race Ahead of 2021
There is precious little time remaining for the proposal and adoption of any new advisory industry conflict of interest rules that the DOL hopes to make effective during this presidential administration.
Retirement Industry People Moves

Gramercy Funds hires global head of business development; Ascensus acquires retirement and benefits solution adviser; Private equity director joins Hirtle Callaghan; and more. 

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

Advertising: Paul Zampitella paul.zampitella@strategic-i.com

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