PLANADVISER Weekend Newsdash
Week ending May 8th, 2020

Greetings loyal PLANADVISER readers. This edition of PLANADVISERweekend offers a 2020 compliance update. From action at the Supreme Court to new debates on Capitol Hill, a lot has happened so far this year—not to mention the regulatory and legislative impacts of the coronavirus pandemic. We hope you find our coverage helpful and consider sharing some of what you read with a client or colleague. Stay well!

Editor's choice
IRS Permits Digital Letter Ruling Requests
The revised policy, instituted in response to the coronavirus pandemic, will remain in effect until the revenue procedure is modified or superseded. Read more >
IRS Answers Questions About CARES Act Provisions
The agency says future guidance will be like that under the Katrina Emergency Tax Relief Act of 2005 (KETRA) to the extent the provisions of Section 2202 of the CARES Act are substantially similar to the provisions of KETRA that are addressed in that notice. Read more >
Bill Calls for Temporary Increase in DC Plan Contribution Limits
A bill introduced in the House of Representatives would increase 415 annual addition and 402(g) elective deferral limits for the 2020 calendar year. Read more >
Trade Groups Call on Iowa to Align with Reg BI
At a digital hearing conducted by the Iowa Insurance Division, industry representatives asked the state regulator to grant a safe harbor for broker/dealers that comply with Reg BI. Read more >
Thole v. U.S. Bank Among Cases Still on Supreme Court Docket
Like many of us lucky enough to still be working during the pandemic, the Supreme Court is operating on a remote basis as the justices contemplate a case that could affect the application of the Employee Retirement Income Security Act. Read more >
Clients Must Treat Layoffs and Furloughs Carefully
The IRS may determine that a ‘partial termination’ of a plan has occurred if a company undergoes sizable layoffs—but not furloughs—potentially impacting vesting schedules and other aspects of plan operations.   Read more >
What to Expect in an SEC Regulation Best Interest Inspection
Two new risk alerts published by the SEC provide broker/dealers and advisers with advance information about the expected scope and content of the initial examinations for compliance with Regulation Best Interest and Form CRS. Read more >
A Brave New Fiduciary World
The response of advisers to the coronavirus pandemic can provide a concrete illustration of how fiduciaries now function. 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.
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.

Social Security Benefits, Taxable Wages Will Increase in 2021

Social Security recipients will see a 1.3% cost-of-living adjustment, and the maximum amount of earnings subject to the Social Security tax will increase by $5,100.

A New World and New Opportunities for Alpha
Pandemic-driven volatility has once again highlighted the relative virtues of active and passive management.
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.

rss icon twitter icon linkedin-in icon facebook icon
ISS MEDIA logo
Unsubscribe | Manage Subscriptions | Contact Us | Privacy Policy | Advertise
©2020 Asset International, Inc. All rights reserved.
702 King Farm Boulevard, Suite 400, Rockville, MD 20850