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Weekday news and analysis for retirement plan advisers
Wednesday, March 30, 2022
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COMPLIANCE
House Easily Passes the Securing a Strong Retirement Act
The U.S. House of Representatives voted Tuesday evening to pass the Securing a Strong Retirement Act, marking an important step forward for the ambitious retirement-focused legislation package. The final vote on the bill was 414 to 5.
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Report Offers Considerations for Using Retirement Plans to Help With Emergency Savings
Roth and after-tax accounts could be used to facilitate emergency savings, with certain considerations about the cost of accessing funds and the effect on nondiscrimination testing.
Today’s Most Read
1. 'Massive' Fraud Charges Trigger Allianz Global Investors U.S. Sale to Voya
2. Why Small Business Owners Often Resist 401(k)s
3. Is the Traditional Fiduciary Insurance Model at Risk?
2021 Was Another Banner Year for Retirement Savers
Employer-sponsored retirement plans and individual retirement accounts reached almost $40 trillion in total assets by the end of last year, even as a recovering economy faced some key pain points, according to new data released by the Investment Company Institute.
District Court Dismisses ERISA Lawsuit Against Principal
The litigation was originally focused on fiduciary breach allegations leveled against a hospital network—claims which have since been settled—but it also included separate accusations against Principal.
Notice of Proposed Rulemaking Updates MEP ‘One Bad Apple’ Rule
New regulations would apply to multiple employer plans that are either maintained by employers that have a ‘common interest’ or have a ‘pooled plan provider.’
Market Mirror Market Mirror Graph

Tuesday, the Dow gained 338.30 points (0.97%) to finish at 35,294.19, the Nasdaq closed 264.73 points (1.84%) higher at 14,619.64, and the S&P 500 added 56.08 points (1.23%) to close at 4,631.60. The Russell 2000 increased 55.04 points (2.65%) to 2,133.10, and the Wilshire 5000 climbed 694.78 points (1.51%) to 46,717.12.

The price of the 10-year Treasury note increased 27/32, bringing its yield down to 2.403%. The price of the 30-year Treasury bond climbed 31/32, decreasing its yield to 2.505%.

Industry Intel Roundup
Milliman Partners with SecureSave on Emergency Savings

According to the firms, employees with access to SecureSave save an average of $103 a month towards an emergency savings account.

Investment Product and Service Launches

Putnam Investments to develop suite of sustainable retirement target-date funds; PGIM Investments expands actively managed fixed income ETF lineup; Nationwide adds new solution to address market volatility; and more.

SEC Votes to Propose Updated Fund Name Rules, ESG Disclosures for RIAs

Wednesday was a busy day for the U.S. Securities and Exchange Commission, which voted to propose two separate regulations that will impact investment managers and registered investment advisers—and which sources say are likely to generate substantial public comment and debate.

Empower Partners with Rockefeller Capital on 3(38) Service

Plan sponsors and plan fiduciaries that use the service would add an extra layer of fiduciary protection, with Rockefeller serving as an ERISA 3(38) investment manager.

SEC Names Director of Division of Examinations

Leaders at the SEC say the role of the examinations program is critical for capital markets to function well and keep the public’s trust.

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