July 5th, 2018

PBGC Aligns Disaster Relief Directly With IRS Announcements Rather than issuing stand-alone announcements each time IRS grants disaster relief, PBGC is streamlining the process by issuing a permanent announcement regarding its own disaster relief that comes into play each time IRS grants relief in response to a particular disaster. Read more > Exciting Announcements About 2018 PLANADVISER National Conference New at this year’s conference, advisers will have the ability to earn their PLANSPONSOR Retirement Professional designation while in attendance, and we are particularly excited for our opening evening speaker, the award-winning comedian and actor Jason Alexander. Read more > Clean Shares’ Popularity The retirement plan industry has seen a pronounced increase in the offering of clean shares. According to research firm Morningstar, “clean shares help financial service companies that wish to shift to a ‘level fee’ model in which advisers’ compensation comes only from a level charge on a client’s assets and not from any varying third-party payments.” Read more > 2018 PLANADVISER DCIO Survey Now in its seventh year of publication, the PLANADVISER Defined Contribution Investment Only (DCIO) Survey shows a continued upward trend—albeit at a much slower pace than in previous years—for DCIO assets among the survey’s 42 participating providers. While not representative of this entire market, the survey can be seen as a proxy for the overall direction of DCIO asset levels and allocation.  Read more > MOST READ ARTICLES 1 Warn Your Clients: Don’t Abuse Coronavirus Hardship Withdrawals 2 Home Depot ERISA Lawsuit Clears Dismissal Motions 3 A New World and New Opportunities for Alpha 4 Excessive Fee Lawsuit Filed Against Duke Energy 5 AutoZone ERISA Suit Clears Motion to Dismiss

Limited Liability of a Trustee Plan sponsors may have an understanding of the different levels of fiduciary responsibilities under the Employee Retirement Income Security Act for discretionary trustees and directed trustees, but may not appreciate fully the implications of those distinctions, which were emphasized by a 2017 case in the Southern District of New York, Harley, et al., v. Bank of New York Mellon. Read more > From the Magazine: A New Best Interest Model “Remarkably, the SEC intends that the proposed standard be consistent with the best interest standard established in the defunct DOL advice rule and best interest contract exemption. And, ironically, if the proposal were to be adopted as currently drafted, broker/dealers could find themselves complying with a best interest standard and addressing conflicts of interest in a manner consistent with what they intended to use to comply with the DOL’s rulemaking.” Read more > Market Mirror Tuesday, the Dow lost 132.36 points (0.54%) to finish at 24,174.82, the NASDAQ closed 65.01 points (0.86%) lower at 7,502.67, and the S&P 500 decreased 13.49 points (0.49%) to 2,713.22. The Russell 2000 was up 5.33 points (0.32%) at 1,660.42, and the Wilshire 5000 was down 104.97 points (0.37%) at 28,376.98. The price of the 10-year Treasury note increased 11/32, bringing its yield down to 2.829%. The price of the 30-year Treasury bond climbed 23/32, decreasing its yield to 2.957%.

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