PLANADVISER Weekend Newsdash
Week ending October 16th, 2020

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.

Editor's choice
An Eye-Opening Millennial Q&A
Kevin Boyles at Millennium Trust says companies have been responding to the pandemic with exceptional agility—driven in no small part by the expectations of their Millennial workers. Read more >
Helping Clients With Part-Time Employee Inclusion in Retirement Plans
Counting hours, implementing cashouts and finding missing participants are some of the processes plan sponsors need to review for the SECURE Act’s new requirement. Read more >
Prepare to Meet the Needs of the Workforce of the Future
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. Read more >
Women’s Retirement Confidence Has Ebbed Since Start of Pandemic
A mere 17% of women say they are very confident they will be able to retire comfortably, according to the Transamerica Center for Retirement Studies. Read more >
Majority of People Prioritize Retirement Saving Over Being Debt-Free
A Voya survey also found that 54% of employed Americans plan to work in retirement as a result of COVID-19. Read more >
MOST POPULAR STORIES
Supreme Court Rules Against Northwestern University in Fee Case

The high court’s ruling states that the 7th U.S. Circuit Court of Appeals erred in relying on the fact that plaintiff-participants had the ‘ultimate choice’ over their investments to excuse allegedly imprudent decisions by the plan sponsor.

What the Supreme Court’s Northwestern Ruling Means in Practice
Expert ERISA attorneys say the new opinion in Hughes v. Northwestern University, while important, is far from earth-shattering when it comes to its likely impact on the pace or character of retirement plan fee litigation.
Class Certified in 401(k) Plan Trustees’ Lawsuit Against John Hancock

The suit alleges that John Hancock Life Insurance Co. violated ERISA by retaining foreign tax credits generated by plans’ investments under a group variable annuity contract.

Advisers Can Address Participant Savings Gaps With New Retirement Readiness Calculator

The tool was launched to bolster retirement planning resources and offer personalized support, customized solutions and best practices. 

 

Hub Expects Good Retirement Outcomes for American Workers

A solid retirement plan is essential for workers’ financial well-being and may be just as important as health benefits, the firm argues.

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