PLANADVISER Weekend Newsdash
Week ending May 10th, 2019

The Treasury Department’s Office of Tax Policy and the IRS publish a Priority Guidance Plan each year to identify and prioritize the tax issues that should be addressed through regulations, revenue rulings, revenue procedures, notices, and other published administrative guidance. The federal agencies are currently accepting comments for the next Priority Guidance Plan, which will be in effect during the period from July 1, 2019, through June 30, 2020. Find more information on the Priority Guidance Plan below, along with coverage of other recent regulatory developments.

Regulatory News
Treasury, IRS Ask for Comments on 2019-2020 Priority Guidance Plan
The 2019-2020 Priority Guidance Plan will identify guidance projects that the agencies intend to actively work on as priorities during the period from July 1, 2019, through June 30, 2020. Read more >
PBGC Submits Updated Proposal for Determining Whether Plans Covered by ERISA
The agency explains that, in limited situations, employers will be able to use the soon-to-be issued coverage forms to request an opinion letter about whether a plan being developed is likely to receive PBGC coverage. Read more >
Upcoming Impactful Regulations in the Retirement Industry
The latest legislation to affect retirement planning in 2019 and beyond.  Read more >
Unlike SEC’s Approach, New Jersey Fiduciary Regs Have Teeth
The state’s former securities chief says recently issued fiduciary regulations have been crafted in the interest of aggressively tamping down on conflicts of interest in the financial services industry. Read more >
IRS Expands Opportunities for Retirement Plan Sponsors to Self-Correct
The IRS Self Correction Program has been expanded to include certain plan document failures and certain loan failures and a way to self-correct via plan amendments. Read more >
Council Finds Noncompliance With ERISA Fidelity Bond Rules
For this reason, the ERISA Advisory Council is recommending that the Department of Labor relaunch the updated rules it published in Field Assistance Bulletin (FAB) 2008-04. Read more >
MOST POPULAR STORIES
6th Circuit Backs Defense in Fidelity Freedom Funds ERISA Suit

One expert who works on the fiduciary insurance side of the retirement plan industry calls the appellate ruling ‘the best decision ever written in an excessive fee case,’ and one which could dissuade other plaintiffs in similar cases.

Ready for PTE 2020-02 July 1 Enforcement?
The July 1 enforcement date for the Department of Labor’s new best-interest rollover documentation requirements has been widely publicized, but that doesn’t mean all advisers are ready.
Olin Corp. Soundly Defeats ERISA Lawsuit

The judge’s opinion sides firmly against the arguments made by the plaintiffs in the case, who are among the many litigants currently represented by the law firm Capozzi Adler.

Retirement Industry People Moves

The Retirement Advantage hires veteran financial professional, while AssetMark will acquire Adhesion Wealth.

Significant Retirement Bill Moves Forward in Senate

Sources say the Senate HELP Committee’s measure, called the RISE & SHINE Act, is expected to be combined with a Finance Committee measure into one Senate bill, which will then need to be reconciled with House-passed legislation.

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