PLANADVISER Weekend Newsdash
Week ending December 11th, 2020

Greetings loyal PLANADVISER readers! With so many important and rapidly evolving national news stories playing out right now, it can be hard to keep track of more mundane matters like retirement plan litigation and regulations. Yet the fiduciary duties of prudence and loyalty remain paramount in the operation of tax-qualified retirement plans. With that in mind, collected below is a recap of some of the most important legal and regulatory developments of recent weeks. We hope you find the reporting helpful and consider sharing some of what you read with a client or colleague.

Editor's choice
OMB Has Received a Final Fiduciary Rule From DOL
The sense of déjà vu associated with the filing of a finalized fiduciary rule by the Department of Labor is palpable, but one ERISA expert says this version could actually stick—for good—despite the pending change in administration. Read more >
2020 Required Amendments List Published by IRS
The two items that may require an amendment relate to difficulty of care payments treated as compensation for 415 limits, and the application of cooperative and small employer charity pension plan rules. Read more >
What to Expect From a Biden Appointee-Led SEC
A former Securities and Exchange Commission litigator who was at the regulator during the transition from the Clinton administration to the Bush administration considers what might happen when Democratic President-elect Joe Biden takes office. Read more >
SEC Chair Clayton Confirms Plan to Step Down at Year’s End
Jay Clayton’s stint at the helm of the Securities and Exchange Commission included oversight of the Regulation Best Interest finalization and implementation process, among other important projects. Read more >
Has the DOL Found an ESG Middle Ground?
George Michael Gerstein, an ERISA attorney with Stradley Ronon, dissects the DOL’s final rule regarding ESG investing in retirement plans, calling it a compromise that might be here to stay. Read more >
Does Senate Hearing Foreshadow More Retirement Reform?
Commenters at a Senate Finance Committee hearing held Wednesday sure hoped so—and they had a lot of ambitious ideas. Read more >
IRS Offers Guidance for Safe Harbor Plans on SECURE Act Provisions
A Q&A addresses the auto-enrollment cap and safe harbor notice requirements. 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.

Coronavirus Hardship Withdrawals, Taxes and Your Retirement Plan Clients
Coronavirus-related withdrawals made in 2020 were a financial lifeline for some, but they could also turn into a major tax headache for others.
Once They Catch On, PEPs Could Grow Exponentially
The current hesitancy over how they will take shape will be overcome by appreciation among advisers and sponsors alike at the prospect of expanding retirement coverage, sources say.
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.
Lawsuit Challenges Fees in Kimberly-Clark's 401(k) Plan

The plaintiffs allege plan fiduciaries used what it calls ‘cobbled-together services from many providers’ and didn't monitor fees for any of them.

rss icon twitter icon linkedin-in icon facebook icon
ISS MEDIA logo
Unsubscribe | Manage Subscriptions | Contact Us | Privacy Policy | Advertise
©2021 Asset International, Inc. All rights reserved.
702 King Farm Boulevard, Suite 400, Rockville, MD 20850