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Weekday news and analysis for retirement plan advisers
Friday, December 30, 2022
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Advisers, Lobbyists, and Service Providers Respond to SEC Outsourcing Proposal
PA_12_28_22_IAA_Outsourcing Rule Commentary
Some call for the SEC to drop the proposal; others want clarity on which outsourcing duties should be vetted; and some are in favor, with changes.
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Investment Service and Product Launches
Fintech Save starts ESG-focused savings program; ConsumerTrack now officially GoBankingRates; Bitget launches new crypto trading platform; and more.
Today’s Most Read
1. Many Providers Are Prioritizing Participant Financial Advice in 2023
2. OneDigital Acquires $500M Florida Retirement and Wealth Management Shop
3. A Reminder to Avoid Fraudulent Hardship Withdrawals
Top Reads of 2022
Ahead of the New Year, we are sharing ten of PLANADVISER’s top online reads of 2022. The stories below show reader interest over the course of the year in topics including retirement rule changes from the IRS, responses to this year’s market volatility, and participant trends. Happy reading, and we look forward to covering topics of interest to you in 2023.
IRS Issues Update on Required Minimum Distribution Rule
The guidance clarifies that people who did not take RMDs in 2021 and 2022 will not be responsible for the excise tax.
New RMD Rules Mean the End of an Era for IRAs
Advisers should revisit planning for those who were counting on the 'stretch‘ IRA.
A Reminder to Avoid Fraudulent Hardship Withdrawals
An individual in Ohio was recently indicted by a grand jury on charges that he fraudulently claimed the assets he withdrew from his retirement account would be used to purchase a primary residence and to pay medical expenses.
IRS Life Expectancy Tables Updated for Retirees
The actuarial update is important for plan sponsor clients to note, but the effect to regular business is likely limited, as the individuals most affected are likely no longer employed by the plan sponsor.
Court Finds Employer Has No Standing to Sue Over Multiple Employer Plan Fees
The employer claimed it had standing because the actions of ADP and others put it under threat of being sued over allegedly excessive fees and poor investments.
Financial Advisers Increasingly Turn to Alternative Investments Amid Stock and Bond Declines
A Broadridge adviser survey saw an 8% jump in alt investment use over the year, though many aren’t fully satisfied with available options.  
Insurance Executives on the Evolving Retirement Landscape
Leaders at CUNA Mutual Group and Allianz Life speak about the prospects for legislative and regulatory progress in 2022, especially when it comes to the broader distribution of annuity products to retirement plan investors.
CITs Have Different Fiduciary Implications Than Mutual Funds
Speakers at a recent webinar discussed considerations for using collective investment trusts in defined contribution plans.
Market Downturn May Drive Millennials to Cash Out Retirement Plans
New retirement research shows that plan participants are increasingly growing frustrated in today’s market. 
SageView Names Wealth Management Head in Sign of Evolving Industry
The appointment of Jim Dario as head of wealth management comes as SageView increases its focus on this strategic area of its business—mirroring the actions of other national retirement plan advisory shops.
Market Mirror Market Mirror Graph

Thursday, the Dow gained 345.09 points (1.05%) to close at 33,220.80, the Nasdaq gained 264.80 points (2.59%) to close at 10,478.09 and the S&P 500 increased 66.06 points (1.75%) to close at 3,849.28. The Russell 2000 increased 44.23 points (2.57%) to close at 1,766.25 and the Wilshire 5000 increased 698.42 points (1.86%) to close at 38,159.33.

The price of the 10-year Treasury note increased 27/32, bringing the yield down to 3.823%. The price of the 30-year Treasury bond increased 1 1/32, bringing the yield down to 3.912%.

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