PLANADVISER Weekend Newsdash
Week ending October 9th, 2020

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.

Editor's choice
No Decision to Come in Lawsuit Over Mismanagement of TDFs
The lawsuit against Principal Global Investors and related entities was abandoned. Read more >
District Court Left to Reconsider Decision in Principal GIC Contract Lawsuit
The Supreme Court has denied review of the lawsuit accusing Principal Life Insurance Co. of violating ERISA by setting the crediting rate for a guaranteed investment contract such that it can “retain unreasonably large and/or excessive profits.” Read more >
Salesforce Defeats ERISA Excessive Fee Litigation
A district court in California has proven to be skeptical of claims suggesting that active management funds are categorically imprudent retirement plan investments; the ruling also defends the use of revenue sharing.  Read more >
Northwestern University Case Plaintiffs Petition Supreme Court
The high court has been asked to weigh in on whether allegations that investment fees charged were excessive compared to other investments is sufficient to state a claim of imprudence. Read more >
Abbott Escapes Retirement Plan Cybersecurity Suit
A federal judge found Abbott defendants were not fiduciaries with regard to the alleged acts, but claims against Abbott’s retirement plan recordkeeper were allowed to stand. Read more >
Latest ERISA Class Action Suit Echoes Many Others
The proposed class action lawsuit against TriNet HR follows the same template as numerous others filed by the law firm Capozzi Adler. 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.
Retirement Industry Cheers New ‘Securing a Strong Retirement Act’

The bipartisan piece of legislation includes provisions that have long been popular among retirement industry stakeholders, including the elimination of barriers to allow greater use of lifetime income products.

Gen X Facing the Stark Reality of Retirement

More than any other generation, its members are receptive to in-plan guarantees.

IRS Announces Contribution and Benefit Limits for 2021

The limit on contributions by employees who participate in 401(k)s, 403(b)s and most 457 plans remains unchanged at $19,500.

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