PLANADVISER Weekend Newsdash
Week ending July 17th, 2020

Greetings loyal PLANADVISER readers! Over the past several months it has become a major part of our editorial mission to help the retirement planning industry come to terms with the challenges of the coronavirus pandemic. In that spirit, we offer below a recap of the most important commercial, regulatory and legislative actions taken by our political and industry leaders. We hope you find our coverage helpful and consider sharing some of what you read with a client or colleague.

Editor's choice
Wave of Coronavirus Hardship Distributions Still Building
Only 5% of respondents to a new survey have withdrawn from their retirement accounts, but another 7% said they plan to do so in the coming weeks. Read more >
IRS Expands Coronavirus Loan, Distribution Relief
The Internal Revenue Service is expanding the categories of individuals eligible for special loans and distributions and providing updated guidance on the tax treatment of these distributions and loans. Read more >
IRS Actively Seeking Out CARES Act Fraudsters
Some criminals are using fake URLs that appear to be from the IRS and phishing attempts to get money from taxpayers. The IRS also noticed early fraudulent attempts to get Paycheck Protection Program (PPP) loans. Read more >
Planning for Clients’ Health Care Expenses in Event of a Layoff
Mark Waterstraat, president of consumer solutions at Alegeus, offers simple steps to coach clients through managing their health care finances after a layoff. For example, did you know that individuals can use HSA funds to pay COBRA premiums tax-free? 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 >
QDIAs Have Evolved. They Will Again After the Coronavirus.
Many participants appear to be battled hardened from the Great Recession and are enjoying at least some measure of protection from well-diversified default portfolios. Read more >
MOST POPULAR STORIES
RIA Aggregators Aim for Small-Plan Market Expansion

OneDigital and Ascensus recently announced the availability of a ‘co-created small market solution,’ making OneDigital the latest adviser aggregator to launch a DC plan solution targeted at small businesses.

10th Circuit Affirms Great-West Fee Suit Dismissal

The district court ruling in the case, now backed by an appeals court, stands out for having been filed alongside a sanction declaring the plaintiff’s law firm Schlichter Bogard & Denton behaved “recklessly.”

‘Secure Act 2.0’ Likely to Become a Reality

Retirement Plan Execs Confident Senate Will Pass the Bill Into Law

T. Rowe Price CEO Change Reflects Financial Industry Trends

During a conference call held to discuss the pending retirement of Bill Stromberg, CEO of T. Rowe Price, leaders at the firm highlighted the growing importance of socially responsible investing and the need to improve diversity and inclusion in financial services.

New Bill Would Change Saver’s Credit to Government Match

The Encouraging Americans to Save Act would expand the saver’s tax credit and add a COVID-19 recovery bonus for middle- to low-income workers.

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