PLANADVISER Weekend Newsdash
Week ending June 12th, 2020

Greetings loyal PLANADVISER readers! With so many important and rapidly evolving national news stories playing out right now, it can be hard to keep track of more mundane matters like retirement plan litigation and regulations. Yet the fiduciary duties of prudence and loyalty remain paramount in the operation of tax-qualified retirement plans. With that in mind, collected below is a recap of some of the most important legal and regulatory developments of recent weeks. We hope you find the reporting helpful and consider sharing some of what you read with a client or colleague.

Editor's choice
DOL Issues Guidance About Private Equity Investments in DC Plans
An Information Letter addresses private equity investments as a component of a professionally managed asset allocation fund and outlines what plan fiduciaries should consider. Read more >
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. Read more >
IRS Provides Relief for Participant Elections Required to Be Witnessed
Notice 2020-42 provides temporary relief from the physical presence requirement for any participant election witnessed by a notary public in a state that permits remote notarization or witnessed by a plan representative using certain safeguards. Read more >
Opinion Letters for Pre-Approved DC Plans Coming
The IRS says it expects to issue the letters on June 30, or in some cases, as soon as possible thereafter, and an employer adopting a newly approved plan document will be required to do so by July 31, 2022. Read more >
Retirement Plan Cyberfraud Suit Moves On With Claims Against Both Parties
A federal judge previously moved forward ERISA claims against retirement plan providers and has recently allowed for a counterclaim by the providers against the plan sponsor. Read more >
First Hints of Potential New DOL Fiduciary Rule Emerge
The Department of Labor has submitted a draft regulation to the Office of Management and Budget. Read more >
Plaintiffs’ Attorneys: Leaving Pension Policing Solely to DOL Won’t Work
Part of the Supreme Court’s reasoning in affirming two lower court rulings in Thole v. U.S. Bank is the fact that the Department of Labor polices pension plan fiduciary violations, but plaintiffs’ attorneys say the resourced-strapped federal agency can’t do the job alone. Read more >
Supreme Court’s Thole v. U.S. Bank Ruling Has Constitutional Implications
Normally the Supreme Court strives to structure its rulings with the narrowest possible scope and implications, but that is not always the case. Read more >
MOST POPULAR STORIES
TIAA Faces New Managed Account Rollover Complaint Months After Settling SEC Charges

A new lawsuit suggests the individual advisory program TIAA clients were rolled into was significantly more expensive and generated hundreds of millions of dollars in fees for TIAA—without providing commensurate performance benefits.

DOL Announces Anticipated ESG Fiduciary Investing Rule

Agency leaders say the principal idea of the new proposal is that climate change and other ESG factors can be financially material and, when they are, considering them will inevitably lead to better long-term risk-adjusted returns.

Social Security Benefits Will Grow 5.9% in 2022 Amid Renewed Inflation Concerns

The important federal benefit increases when the cost of living rises, as measured by the Department of Labor’s Consumer Price Index for Urban Wage Earners and Clerical Workers, or the ‘CPI-W.’

Retirement Industry People Moves

Impax appoints Ed Farrington as head of distribution for North America; Prudential forms new Prudential Retirement Strategies business; Northern Trust appoints Gary Paulin as head of global strategic solutions; and more.

Calmer Summer Yields to Volatile Fall for U.S. Investors

Individual and institutional investors were feeling better about market risks before getting a Delta-driven reality check.

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