PLANADVISER Weekend Newsdash
Week ending August 14th, 2020

Greetings loyal PLANADVISER readers. This edition of PLANADVISERweekend offers a 2020 compliance update. From action at the Supreme Court to new debates on Capitol Hill, a lot has happened so far this year—not to mention the regulatory and legislative impacts of the coronavirus pandemic. We hope you find our coverage helpful and consider sharing some of what you read with a client or colleague. Stay well!

Editor's choice
DOL Motives for Fiduciary Rule Questioned in Public Comments
Consumer groups and advocates of the fiduciary adviser industry want the Department of Labor to reconsider aspects of its proposed fiduciary rule. Read more >
Princeton ERISA Settlement Features $5.8M Price Tag
In addition to the payment into a settlement fund, Princeton has agreed to what the settlement agreement calls “therapeutic relief,” including a pledge to not raise fees.  Read more >
Biden’s Plan to Shore Up Americans’ Retirement Builds on Status Quo
It proposes reinforcing Social Security and Medicare as key steps to providing greater retirement security to older Americans. Read more >
Segal Leaders Perplexed Over Treasury’s Benefit Cut Rejections
A law passed in 2014 allows stressed union pensions to reduce benefits in order to prevent insolvency, subject to approval by the U.S. Treasury. One leading actuarial firms says the agency is preparing to wrongfully reject an application made by one of its clients. Read more >
SEC Fund Report Proposal Seen as Big Step Toward Modernization
One attorney who works on Securities and Exchange Commission compliance issues says the proposal will help retail investors digest key information while ensuring transparency remains a top priority. Read more >
DOL’s ESG Restrictions Prompt Retirement Industry Head Scratching
Broad based demand is building among U.S. retirement plan investors for access to environmentally and socially responsible investments, leaving industry analysts wondering why new restrictions are being proposed by the Trump administration. Read more >
MOST POPULAR STORIES
Stimulus Bill Extends Some Provisions of the CARES Act

It also provides a way for retirement plan sponsors to avoid a partial plan termination.

Practice Management: Areas of Success

A look at what worked particularly well in 2020 and that could keep propelling growth in 2021.

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.
Lockton and Norton Healthcare Agree to Pay $5.75M ERISA Settlement

A newly filed settlement agreement stipulates that Norton Healthcare and Lockton will each pay half of a total settlement of $5.75 million, which will be used to compensate plan participants who invested in overly expensive share classes.

SEC Chair Nominee Gensler Faces Senate Scrutiny Tuesday

In his prepared remarks, Gary Gensler calls the U.S. securities markets the ‘finest in the world,’ while emphasizing the need for ‘clear rules of the road and a cop on the beat to enforce them.’

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