PLANADVISERdash – March 1, 2023

Weekday news and analysis for retirement plan advisers

Wednesday, March 01, 2023

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Events

Compliance

House Passes Resolution to Repeal DOL 401(k) ESG Rule

PA-022823-House-ESG-Vote-180247028-web-2

The resolution catalyzes the debate over whether to allow ESG investing considerations in retirement savings plans, with the Senate next to weigh in.

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Biden To Nominate Su for Secretary of Labor

Deputy Secretary of Labor Julie Su has been selected to replace the outgoing Marty Walsh, but Senate confirmation may bring an ESG battle.

Today’s Most Read

1.	2023 PLANADVISER Top Retirement Plan Advisers
2.	2023 PLANADVISER Top Retirement Plan Advisers
3.	Why 529 Education Savings Plans Are More Valuable Than Ever

EBSA Head Says Disclosure, SECURE 2.0, ESG Are Key Priorities

EBSA’s Lisa Gomez identified upcoming regulatory priorities related to SECURE 2.0 and the importance of effective disclosure at a conference hosted by the NIRS.

IRS Proposes Rules That Require Retirement Forfeitures Be Used in 12 Months

A new IRS proposal formalizes guidelines on how plan administrators should manage and use retirement plan forfeitures.

The DB Summit is designed to help plan sponsors that have or are considering adding a DB plan make the important decisions. Discussions and presentations on March 8 and 9 will focus on whether the future environment is conducive to more pension risk transfers, to keeping plans active or to reopening closed plans, as well as what investing strategies can help plan sponsors reach their plan goals. Join us as we explore the prospective role of DB plans in American’s retirement security. Receive a $10 coffee card if you are among the first 100 registrants who log into the event each day.

Market Mirror

Tuesday, the Dow decreased 232.39 points (0.71%) to close at 32,656.70, the Nasdaq decreased 11.44 points (0.10%) to close at 11,455.54 and the S&P 500 lost 12.09 points (0.30%) to close at 3,970.15. The Russell 2000 gained 0.72 points (0.04%) to close at 1,896.99 and the Wilshire 5000 lost 104.71 points (0.26%) to close at 39,704.38.

The price of the 10-year Treasury note was unchanged, bringing the yield to 3.924%. The price of the 30-year Treasury bond increased 2/32, bringing the yield to 3.921%.

Industry Intel Roundup
Featured Webcasts

PLANADVISER is pleased to present the next edition of our Industry Intelligence roundup. This week, we are featuring webcasts sponsored by experienced providers in the industry. The content was created to educate, inform and offer ideas for plan sponsors regarding plan design, investing, administration and compliance.

SECURE 2.0 Webinar Series: New Plan Creation Under SECURE 2.0

If the SECURE 2.0 Act—which builds on the Setting Every Community Up for Retirement Enhancement Act of 2019—works as expected, new 401(k) and 403(b) retirement plans will proliferate in the years ahead. The legislation provides tax credits for small businesses that start a retirement plan for their employees; in 2025, it will mandate that those plans utilize automatic enrollment and automatic escalation for qualified employees. These are just some of the provisions whereby Congress is targeting its overarching goal of addressing the nation’s retirement savings gap. Join PLANSPONSOR, PLANADVISER and a panel of industry experts as we discuss: • SECURE 2.0 provisions related to the creation of new retirement plans; • Why existing plan sponsors should care about the rules for newly created plans; and • How SECURE 2.0 can assist advisers and employers in closing the retirement plan coverage gap.

SECURE 2.0 Webinar Series: SECURE 2.0 and Financial Wellness Benefits

SECURE 2.0—which expands on the Setting Every Community Up for Retirement Enhancement Act of 2019—has gotten attention for its retirement plan incentives and mandates. But the legislation was also designed to attack some of the biggest financial stresses for everyday Americans, such as by allowing for matching contributions toward student loan debt and encouraging emergency saving. These are just two new benefits in the law that employers may use to help boost employees’ overall financial wellness and facilitate saving for retirement. Join PLANSPONSOR, PLANADVISER and a panel of industry experts as they review: • SECURE 2.0 provisions related to employee financial wellness; • Ways plan sponsors can implement new benefits, and how advisers can help them; and • How to determine the best benefits for a plan sponsor’s unique employee group.

SECURE 2.0 Webinar Series: SECURE 2.0 Has Passed. Now What?

At the close of last year, Congress passed and President Joe Biden signed the SECURE 2.0 Act of 2022, which builds upon the most significant retirement plan legislation in more than a decade, the Setting Every Community Up for Retirement Enhancement Act of 2019, or SECURE Act. The new law contains 90 provisions aimed at modernizing the retirement system, encouraging creation of new retirement plans and easing administrative requirements, not to mention prompting plan participants to increase what they save. Most retirement plans will be affected in some way, including those for lower-income workers and small business staff. Join PLANSPONSOR, PLANADVISER and industry experts as we discuss: • The impact many provisions will have on plan sponsors and participants; • A timeline for the issuance of new rules and regulation effective dates; and • What actions plan sponsors must take now to comply with the law.

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