PLANADVISER Weekend Newsdash
Week ending May 15th, 2020

Greetings loyal PLANADVISER readers! Over the last two 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
Recordkeepers Holding Steady on Staffing—So Far
DCIIA and SPARK surveyed members in early April with regard to the CARES Act and the effects of the coronavirus pandemic. Read more >
State Tax Treatment May Be Different for CARES Act Provisions
Participant communications about coronavirus-related distributions should include language that state tax treatment may vary, or that participants should check with an expert about what state taxes may apply.  Read more >
Tracking Providers’ Responses to COVID-19
Retirement plan recordkeepers have announced fee cuts, service expansions and more. Read more >
Financial Wellness in the Age of Pandemics
Pandemics are not only a public health crisis, but also a crisis of employee confidence. Tech-savvy advisers and employers can help. Read more >
Be Stronger in the Recovery
Todd Kading, president and co-founder of LeafHouse Financial, discusses the importance of flexibility and innovation when the tough times arrive. 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 >
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 >
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.
Reliance Trust Reaches Deal on 401(k) Excessive Fee, Self-Dealing Suit

Admitting no wrongdoing, Reliance Trust will pay $39.8 million to settle the case.

A New World and New Opportunities for Alpha
Pandemic-driven volatility has once again highlighted the relative virtues of active and passive management.
Nestle Sued Over Fees for Managed Accounts, Recordkeeping

The lawsuit contends that, in most cases, the managed account service added no material value to participants, creating asset allocations 'not materially different than' those of the age appropriate target-date options for participants.

How to Diversify Retirement Plan Committees

With representation being top of mind in 2020, companies are reconsidering the makeup of their workforces and their retirement plan committees.

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