PLANADVISER Weekend Newsdash
Week ending July 10th, 2020

Greetings loyal PLANADVISER readers! One of the core editorial missions of our publication is the tracking and analysis of regulatory, judicial and legislative developments impacting the retirement plan services space. In fact, with so much happening on a daily and weekly basis, it can be challenging for readers to keep up with all the important compliance issues. With that fact in mind, we have collected below some of our recent stories on key court rulings, regulations and legislative proposals. We hope you share some of what you read with a client or colleague.

Editor's choice
IRS Actively Seeking Out CARES Act Fraudsters
Officials say criminals have already gotten millions in PPP loans and unemployment insurance. Read more >
$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. Read more >
Court Calls Foul (For Now) on Northrop Grumman Settlement
Following the filing of various class member objections, a federal district court has denied a settlement agreed to by the parties in an ERISA fiduciary breach lawsuit against Northrop Grumman. Read more >
Despite DOL’s Proposed Tightening, ESG Can Still Shine
It is not all doom and gloom for plan sponsors and participants who want these investments. Here’s what advisers should know about the new rules proposed by the Department of Labor (DOL).  Read more >
DOL Files Brief in Case Over ERISA Preemption of CalSavers
A brief filed in a federal appellate court explains how the agency believes a federal district court erred in dismissing the case. Read more >
Paycheck Protection Program Considerations for Advisers
Like any clients that have taken advantage of the Paycheck Protection Program (PPP), advisory practices must be careful about the provisions the Small Business Administration has set forth to make any payments forgivable. Read more >
Assessing the State of Trump’s EBSA
The Employee Benefits Security Administration is among the regulators with the most direct influence over the retirement planning industry. It gets a new leader at the end of the month. Read more >
MOST POPULAR STORIES
Class Certified in 401(k) Plan Trustees’ Lawsuit Against John Hancock

The suit alleges that John Hancock Life Insurance Co. violated ERISA by retaining foreign tax credits generated by plans’ investments under a group variable annuity contract.

Supreme Court Rules Against Northwestern University in Fee Case

The high court’s ruling states that the 7th U.S. Circuit Court of Appeals erred in relying on the fact that plaintiff-participants had the ‘ultimate choice’ over their investments to excuse allegedly imprudent decisions by the plan sponsor.

Another Stressed Union Pension to Get PBGC Support

The plan was projected to run out of money at some point this year, but the special financial assistance from PBGC should prevent this outcome.

Hub Expects Good Retirement Outcomes for American Workers

A solid retirement plan is essential for workers’ financial well-being and may be just as important as health benefits, the firm argues.

PPL Corp. and Mass Brigham General Face ERISA Lawsuits

Imprudent investments and excessive fees were themes of lawsuits filed last week against retirement plan fiduciaries.

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