Happy Friday, readers! The original topic planned for this edition of PLANADVISERweekend was an early 2020 compliance update. From action at the Supreme Court to new debates on Capitol Hill, a lot has happened so far this year. But with the dramatic ongoing market volatility, it seems appropriate to call an audible. Find below a collection of articles about the emergence of the first bear market in a decade—including some helpful tips and advice for worried participants facing an uncertain investment outlook.
“Although the unfortunate reality is that volatility like this may be here to stay until the coronavirus runs its course, experience has proven time and time again that cool heads typically prevail,” analysts say.
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As the markets tanked amid fears of a worldwide coronavirus outbreak, the last week of the month was among the busiest stretches in the 20 year-plus history of the Alight Solutions 401(k) Index.
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Though retirement plans can allow individuals to self-certify that they qualify for a penalty-free coronavirus-related distribution, should the IRS discover otherwise during a future audit, a participant can be subject to substantial penalties.
The markup hearing, punctuated by a unanimous vote to advance the legislation, demonstrated that retirement security issues are capable of bringing together members of Congress who don’t agree on much else.