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.
Creating a requirement for recordkeepers to provide lifetime income projections is a popular idea, but the EBSA’s proposed framework is seen by some as simplistic and potentially even misleading.
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The final version of the regulation emphasizes the importance of using only ‘pecuniary’ factors in the assessment of investment options within tax-qualified retirement plans, rather than expressly limiting the use of environmental, social and governance themed investments.
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Jorge Bernal joins SageView as chief operating officer after serving as co-head of advisory services for Goldman Sachs Personal Financial Management, underscoring the retirement plan advisory industry’s increasing focus on ‘wealth and retirement.’