PLANADVISER Weekend Newsdash
Week ending May 22nd, 2020

Greetings loyal PLANADVISER readers. The focus of this weekend’s mailing is health care and retirement—a topic that is clearly on many peoples’ minds. Even before the outbreak of the coronavirus pandemic earlier this year, retirement plan advisers were growing increasingly focused on the links between physical wellness and financial wellness. Collected below is a series of articles and reports on just that. We hope you find our reporting useful and consider sharing some of what you read with a client or colleague. Stay well!

Editor's choice
Facts You Haven’t Learned About HSAs
One overlooked benefit of HSAs is that people can actually spend money on qualified health care expenses out of pocket and then reimburse themselves tax-free via the HSA once they enter retirement.  Read more >
IRS Publishes 2021 HSA Max Inflation Adjustment
Each year, the Internal Revenue Service adjusts its annual contribution limitations for health savings accounts to account for inflation. 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 >
Mind-Body Wellness
Lorna Sabbia, head of retirement and personal wealth solutions for Bank of America, says, when employees who feel financially well are compared with those who feel less well, a mix of short- and long-term factors have contributed directly to either feeling. Read more >
HSAs, FSAs and HRAs: Get to Know the Health Savings Alphabet
The account types differ quite a lot. Some require same-year spending, most are owned by the employer, and one comes with a triple tax advantage. 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 >
MOST POPULAR STORIES
$300 Million Plan Faces ERISA Fiduciary Breach Lawsuit

The plan being challenged in the latest fiduciary breach lawsuit held less than $300 million as of the start of last year, making it one of the smallest to become the target of an ERISA complaint.

Three New ERISA Lawsuits Bash Actively Managed TDFs

Three new lawsuits question the offering of actively managed target-date funds to retirement plan participants.

Another Lawsuit Challenges Use of Untested CITs in 401(k) Plan

A similar lawsuit was filed in May against an investment manager and a different plan sponsor.

DOL Aims to Quickly Simplify Conflict of Interest Framework

The main theme of the new fiduciary rule proposal is alignment with other regulators—the SEC and FINRA in particular—but the agency is by no means surrendering its jurisdiction over tax-qualified retirement plans.

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.
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