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
With Prudential Acquisition, Empower Aims for Growth Up to 3x Faster Than Other Recordkeepers

The CEO of the nation’s No. 2 recordkeeper says Empower’s focus will continue to be on a best-in-class user experience.

Dissecting TIAA Subsidiary’s $97 Million SEC Rollover Settlement

A subsidiary of TIAA will settle conflict of interest charges related to the provision of rollover advice to employer-sponsored retirement plan participants; the development offers up some important considerations for financial services professionals.

Empower to Acquire Full-Service Retirement Business of Prudential

Empower will acquire Prudential’s DC, DB, non-qualified and rollover IRA business, in addition to its stable value and separate account investment products and platforms.

ProNvest Launches Fintech Platform

It can cull data for advisers, banks, credit unions, insurance firms and other institutions to give an overview of a person’s defined contribution plan holdings.

Talking Scale With Voya, Sterling Resources Leaders

Over the past decade, the universe of retirement plan recordkeepers has contracted from about 400 to approximately 150, with no signs of slowing. Experts say one lesson learned in this time is that not all scale is created equal.

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