PLANADVISER Weekend Newsdash
Week ending April 24th, 2020

Another week of unexpected challenges has passed and the retirement plan industry continues its efforts to respond to the demands of the novel coronavirus pandemic. Collected below are some recent PLANADVISER stories detailing the key actions of governments, advisers and providers as they seek to ease the economic pain. We hope you find some of what you read helpful and consider sharing with a client or colleague during this challenging time. Stay well!

Editor's choice
Bear Markets, Pandemics and ESG Portfolios
Investment managers say evidence is already mounting to show an outperformance of ESG-themed portfolios during the coronavirus pandemic. Might that help their popularity in the U.S.? Read more >
How Coronavirus Has Impacted Retirement Confidence
Data collected immediately before the pandemic shows retirement confidence was about as high as it’s ever been; more recent data shows that’s still the case, though shorter term worries are ballooning. Read more >
Social Security Reports Comparable Projections from 2019
However, the estimates do not reflect the potential outcomes due to the COVID-19 pandemic, says the Social Security Board of Trustees.  Read more >
Investors Fled to Stable Value, Money Markets in March
Stable value funds took in 64% of the inflows and money market funds, 24%, according to the Alight Solutions 401(k) Index. Read more >
Nontraditional Workers Face Big Setbacks Amid COVID-19
But retirement industry professionals can find ways to help improve their situations. Read more >
Providers’ Responses to COVID-19
Retirement plan recordkeepers have announced fee cuts, service expansions and more. Read more >
MOST POPULAR STORIES
$300 Million Plan Faces ERISA Fiduciary Breach Lawsuit

The plan being challenged in the latest fiduciary breach lawsuit held less than $300 million as of the start of last year, making it one of the smallest to become the target of an ERISA complaint.

Three New ERISA Lawsuits Bash Actively Managed TDFs

Three new lawsuits question the offering of actively managed target-date funds to retirement plan participants.

Another Lawsuit Challenges Use of Untested CITs in 401(k) Plan

A similar lawsuit was filed in May against an investment manager and a different plan sponsor.

DOL Aims to Quickly Simplify Conflict of Interest Framework

The main theme of the new fiduciary rule proposal is alignment with other regulators—the SEC and FINRA in particular—but the agency is by no means surrendering its jurisdiction over tax-qualified retirement plans.

Warn Your Clients: Don’t Abuse Coronavirus Hardship Withdrawals
Though retirement plans can allow individuals to self-certify that they qualify for a penalty-free coronavirus-related distribution, should the IRS discover otherwise during a future audit, a participant can be subject to substantial penalties.
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