PLANADVISER Weekend Newsdash
Week ending May 18th, 2018

Happy Friday, readers! This weekend’s mailing focuses on the always-timely topic of Client Service. As we report below, retirement plan advisers and service providers are making a concerted push on Capitol Hill to help propel forward a number of key legislative proposals that would allow clients to more confidently push their plan designs to the next level. From the establishment of open multiple employer plans to a new safe harbor for in-plan income annuity selection, the proposals have been put forward by bipartisan members of Congress and enjoy broad support among the adviser and plan sponsor communities. Below you will also find the latest reporting on how clients are managing student loan debt alongside their retirement investments; how ongoing education remains a top factor in earning client trust; and more. We hope you share some of what you read with a client or colleague.

Client Service
Industry Advocates Urge Lawmakers to Move Forward on Retirement Plan Proposals
This week, retirement industry sources testified before the House Subcommittee on Health, Employment, Labor, and Pensions, seeking to move forward proposed retirement plan legislation. The hearing focused on four bipartisan proposals that would amend ERISA to better meet the retirement plan needs of employees and employers with businesses large and small.  Read more >
DC Plan Industry Still Falls Short on Distribution Options
Looking across today’s DC plan marketplace, researchers suggest it is still much more common to see plan designs that are tailored to drive retired or terminated participants out of the plan. Read more >
Parents Keeping College Savings Separate From Retirement Savings
Only 10% plan to tap their retirement savings to help fund their child’s college education. Read more >
Millennials Increasingly Embrace Roth and Traditional IRAs
The percentage of people who contributed to their Fidelity IRA in Q1 2018 increased 14% over a year ago; among Millennials, IRA contributions increased even more. Read more >
Technology and Retail Clients Most Burdened by Student Debt
Data provided by CommonBond shows that workers in the technology and retail industries are most straddled with student loan debt; even workers in industries less impacted by student debt say they believe employers should help. Read more >
Education a Top Factor in Gaining Retirement Plan Participants’ Trust
“This study shows that for financial firms who want to improve retirement savings outcomes must evolve their role from just account providers to trusted partners that people can turn to for help on holistic financial wellness,” NARPP says. Read more >
MOST POPULAR STORIES
TIAA Faces New Managed Account Rollover Complaint Months After Settling SEC Charges

A new lawsuit suggests the individual advisory program TIAA clients were rolled into was significantly more expensive and generated hundreds of millions of dollars in fees for TIAA—without providing commensurate performance benefits.

DOL Announces Anticipated ESG Fiduciary Investing Rule

Agency leaders say the principal idea of the new proposal is that climate change and other ESG factors can be financially material and, when they are, considering them will inevitably lead to better long-term risk-adjusted returns.

Social Security Benefits Will Grow 5.9% in 2022 Amid Renewed Inflation Concerns

The important federal benefit increases when the cost of living rises, as measured by the Department of Labor’s Consumer Price Index for Urban Wage Earners and Clerical Workers, or the ‘CPI-W.’

Retirement Industry People Moves

Impax appoints Ed Farrington as head of distribution for North America; Prudential forms new Prudential Retirement Strategies business; Northern Trust appoints Gary Paulin as head of global strategic solutions; and more.

Calmer Summer Yields to Volatile Fall for U.S. Investors

Individual and institutional investors were feeling better about market risks before getting a Delta-driven reality check.

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