Newsdash Insight on Plan Design & Investment Strategy from PLANSPONSOR
April 8th, 2020

A Brave New Fiduciary World

The response of advisers to the coronavirus pandemic can provide a concrete illustration of how fiduciaries now function. While, as a legal matter, ERISA fiduciaries will continue to be measured by their processes, rather than their plan’s results, advisers who can produce measurable results and quantify their value in terms of participant outcomes and process are the leaders who will prosper in the Fiduciary 3.0 world.  Read more >
What to Expect in an SEC Regulation Best Interest Inspection
Two new risk alerts published by the SEC provide broker/dealers and advisers with advance information about the expected scope and content of the initial examinations for compliance with Regulation Best Interest and Form CRS. Read more >
Mercy Health Gets a Victory in Church Plan Lawsuit
While an appellate court ruled that Mercy Health’s pension plan is a church plan exempt from ERISA requirements, a district court must determine whether ERISA’s exemption violates the Establishment Clause. Read more >
Opposition, and Support, Continue for Reg BI
Former Congressmen Dodd and Frank join the legal challenge, while the financial and insurance communities largely stand behind the rule. Read more >
Franklin Templeton to Acquire Putnam for $925 Million
Congress Says It Will Fix at Least 4 Errors in SECURE 2.0
Smart Acquires Managed Account Provider ProManage
Recordkeeper “House” Investment Options Worth a Look, But Carefully, Advisers Say
FINRA Fines Vanguard for Overstating Money Market Projections
PCS and Envestnet Pair to Deliver Turnkey Plan Management
Through the new ManagedPlan solution, the PCS Retirement recordkeeping platform will be fully integrated with Envestnet’s wealth management platform. Read more >
InvestorCOM Launches Reg BI Compliance Platform
The SEC has confirmed that the COVID-19 pandemic will not halt the implementation of the SEC’s Regulation Best Interest, which has a general compliance date of June 30. Read more >
Transamerica Announces Coronavirus-Related Help for Clients
The firm has established a dedicated team to support participants who are considering accessing their retirement savings to meet their short-term financial challenges related to the pandemic. Read more >
John Hancock Waives COVID-19-Related Retirement Plan Fees
In addition to waiving fees related to participant hardship withdrawals, the firm is suspending fees for plan amendments made in response to the pandemic. Read more >
Market Mirror
Tuesday, the Dow decreased 26.13 points (0.12%) to 22,653.86, the NASDAQ lost 25.98 points (0.33%) to finish at 7,887.26, and the S&P 500 closed 4.27 points (0.16%) lower at 2,659.41. The Russell 2000 was virtually unchanged at 1,139.17, and the Wilshire 5000 was down 9.97 points (0.04%) at 26,522.11. The price of the 10-year Treasury note was down 6/32, increasing its yield to 0.734%. The price of the 30-year Treasury bond decreased 31/32, bringing its yield up to 1.320%.
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