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Only 5% of respondents to a new survey have withdrawn from their retirement accounts, but another 7% said they plan to do so in the coming weeks.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
6th Circuit Backs Defense in Fidelity Freedom Funds ERISA Suit

One expert who works on the fiduciary insurance side of the retirement plan industry calls the appellate ruling ‘the best decision ever written in an excessive fee case,’ and one which could dissuade other plaintiffs in similar cases.

Ready for PTE 2020-02 July 1 Enforcement?
The July 1 enforcement date for the Department of Labor’s new best-interest rollover documentation requirements has been widely publicized, but that doesn’t mean all advisers are ready.
Olin Corp. Soundly Defeats ERISA Lawsuit

The judge’s opinion sides firmly against the arguments made by the plaintiffs in the case, who are among the many litigants currently represented by the law firm Capozzi Adler.

Retirement Industry People Moves

The Retirement Advantage hires veteran financial professional, while AssetMark will acquire Adhesion Wealth.

Senate Finance Committee Advances EARN Act

The committee’s unanimous passage of the EARN Act represents another step forward for an ambitious package of retirement planning reforms making their way through the legislative process.

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