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
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.
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.
Many Near-Retirees Don't Understand Social Security Benefits

More than one-third failed a basic Social Security quiz administered by MassMutual.

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.
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