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Only 5% of respondents to a new survey have withdrawn from their retirement accounts, but another 7% said they plan to do so in the coming weeks.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
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.
Home Depot ERISA Lawsuit Clears Dismissal Motions

While a court has ruled the plan’s advisers should be carved out of the litigation, the counts against Home Depot fiduciaries will proceed.

A New World and New Opportunities for Alpha
Pandemic-driven volatility has once again highlighted the relative virtues of active and passive management.
Excessive Fee Lawsuit Filed Against Duke Energy

The drumbeat of Employee Retirement Income Security Act (ERISA) excessive fee lawsuits rolls on.

Fiduciaries of Mutual of Omaha 401(k) Plan Agree to Pay $6.7M to Settle Suit

The suit alleged 401(k) plan fiduciaries selected numerous investment options not to benefit the plan or its participants, but because they paid fees to Mutual of Omaha or its subsidiaries.

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