PLANADVISER Weekend Newsdash
Week ending July 12th, 2019

Happy Friday, readers! This weekend’s mailing compiles our coverage of recent important developments in retirement plan regulation, legislation and litigation. As you will read about below, the SECURE Act appears to be stuck fast in the Senate, while the Supreme Court has handed down multiple decisions with important implications for the retirement plan audience. The DOL and SEC have also remained active in recent weeks. Get all caught up with this edition of PLANADVISERweekend.

Regulation, Litigation, Legislation
Split House Committee Advances Stressed Union Pension Loan Program
Democrats on the House Ways and Means Committee were adamant the bill is a positive first step that can and should be built upon in a bipartisan manner. Read more >
Proposed Regs Would Provide Exception to One-Bad-Apple Rule for MEPs
A final rule would take care of one item being considered in legislation proposing the ability for employers to join open multiple employer plans. Read more >
Plaintiffs’ Attorney in Thole v. U.S. Bank Predicts Victory in Supreme Court
The Supreme Court will weigh in on the question of whether an adequately funded pension that is not in immediate danger of insolvency could have wronged participants and breached ERISA in the selection of poorly performing investments offered by an affiliate company. Read more >
The Case That Almost Demolished the Retirement Plan Regulatory System
Expert ERISA attorneys have been eagerly awaiting the Supreme Court’s decision in a case called Kisor v. Wilkie. The complicated ruling issued Wednesday is the most significant of the term for the retirement plan audience.  Read more >
House Continues Fiduciary Fight
The lower chamber has voted to block funding for the SEC to implement and enforce Regulation Best Interest. Read more >
MOST POPULAR STORIES
With Prudential Acquisition, Empower Aims for Growth Up to 3x Faster Than Other Recordkeepers

The CEO of the nation’s No. 2 recordkeeper says Empower’s focus will continue to be on a best-in-class user experience.

Empower to Acquire Full-Service Retirement Business of Prudential

Empower will acquire Prudential’s DC, DB, non-qualified and rollover IRA business, in addition to its stable value and separate account investment products and platforms.

ProNvest Launches Fintech Platform

It can cull data for advisers, banks, credit unions, insurance firms and other institutions to give an overview of a person’s defined contribution plan holdings.

Dissecting TIAA Subsidiary’s $97 Million SEC Rollover Settlement

A subsidiary of TIAA will settle conflict of interest charges related to the provision of rollover advice to employer-sponsored retirement plan participants; the development offers up some important considerations for financial services professionals.

Talking Scale With Voya, Sterling Resources Leaders

Over the past decade, the universe of retirement plan recordkeepers has contracted from about 400 to approximately 150, with no signs of slowing. Experts say one lesson learned in this time is that not all scale is created equal.

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