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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. Many Providers Are Prioritizing Participant Financial Advice in 2023
2. A Reminder to Avoid Fraudulent Hardship Withdrawals
3. Small Businesses and SECURE 2.0: Exemptions and Tax Credits
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
Enter Now for PLANADVISER’s 2023 Top Retirement Plan Advisers List

PLANADVISER is accepting entry forms for its listing of top retirement plan advisers.

DOL Secretary Walsh Reportedly Leading Candidate to Helm NHL Players’ Association

The approval of Walsh to head the NHLPA is considered a “formality.”

OneDigital Acquires $500M Florida Retirement and Wealth Management Shop

The Florida Pension Group is OneDigital’s seventh such partnership in 12 months as it expands its retirement-linked wealth management capabilities.

Financial Sector Faces Growing Return-to-Work Gender Gap

New research among financial service and insurance companies reveals women’s careers are more at risk as workplace flexibility begins to tighten.

Advisory M&A

Cetera Financial Group broke adviser recruiting record in 2022; Advisor Group added 1,800 advisers representing $84.2B in client assets in 2022; Wealth Enhancement Group expands in East Coast with acquisition representing $371M in client assets; and more.

Investment Firms With $11.2 Trillion AUM Sign CFA Diversity Code

Over 100 investing firms including Callan, Northern Trust Asset Management, and Nuveen pledged to boost DEI and track their progress.

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