Greetings loyal PLANADVISER readers! Coming on the third Friday of the month, this weekend’s mailing is dedicated to the timely and evolving topic of financial wellness. While the topic has been an important focal point for several years now in the retirement plan advisory space, the coronavirus pandemic has cast an entirely new light on the concept of financial wellness. Simply put, the virus has exposed financial fractures and weak points impacting individuals across the income spectrum, putting the onus on advisers to help people create a sense of stability and confidence about their short-term finances.
The way in which companies structure their remotely distributed workforces will depend on the financial consequences of the pandemic, the impact on corporate culture and other factors, such as the prevalence of gig work.
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The Direct Fiduciary program aims to allow companies to significantly reduce the amount of time spent managing an individual 401(k) plan by outsourcing administrative and investment fiduciary responsibilities.
One former SEC enforcement leader says actions against several advisory firms that allegedly had cybersecurity failures make a clear case for the use of multifactor authentication—but that’s just the beginning of cybersecurity.
In addition to asking for input on the SECURE Act’s requirements and the current Form 5500, the DOL has published a notice of proposed changes to its implementation of regulations under Title I of ERISA.