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Hosting an industry conference? Ask us about including it in this ticker? Trending Topics for ERISA Plan Sponsors: Week Ending 4/17/20 Trending Topics for ERISA Plan Sponsors: Week Ending 4/17/20
April 20
00:59 2020

Welcome to Trending Topics. Each Monday, we’ll give you a quick synopsis of the major news events and trends impacting ERISA plan sponsors, 401k fiduciaries and those in the business of supporting these fine folks. If you smile when you read these entertaining snippets, well, that’s the idea. If you think we’re missing something important, then please let us know. But, note this well, we avoid press releases masquerading as news stories (even though they might be reported by journalists) as well as mass media pabulum that merely mouths investment myths and mistakes. “When everybody’s a fiduciary…  no one is.”

FiduciaryNews Lead Story:
Plan Sponsors Need To Prepare This Way To Conduct A Safe 401k Zoom Meeting,” (, April 14, 2020) Much, if not all, of the Zoom hacking could have been prevented if the meeting hosts had just followed a few common sense rules. They start with before you even set up the meeting.

Other Top Stories:
When Will Your Retirement Nest Egg Rise Again To Recover Its Losses?” (, April 13, 2020)
Just because you can take a retirement plan loan doesn’t mean you should – Carosa,” (BenefitsPRO, April 15, 2020)

Compliance – More Relief:
Plop! Plop! Fizz! Fizz! Oh, what a relief it is!
IRS Extends 60-Day IRA Rollovers to July 15,” (ThinkAdvisor, April 10, 2020) This is to give folks who took our 2020 RMDs before the requirement was waived time to put the money back in.
Tax Impact of Stimulus’ RMD Waiver, Early Withdrawals: Bloink & Byrnes,” (ThinkAdvisor, April 13, 2020) More fallout from the Coronavirus relief package.
DB Plans Get Relief for Certain Premium Payments and Filings,” (PLANADVISER, April 14, 2020) It’s not just for the IRA folks.

Fiduciary – Teenage Wasteland:
It seems like a wasteland right now as all the air is being sucked out of the news feeds by coronavirus,
During This Crisis, No One is Looking for a Fiduciary,” (401K Specialist, April 9, 2020) Because they’re looking for toilet paper?

Fees – Still They Come:
Like the charge of the light brigade they never stop.
Second Excessive Fee Suit Targets Cerner Corp,” (PLANADVISER, April 15, 2020) C’mon, folks, it’s not rocket science. Always make sure you’ve got the lowest cost share class in the plan.

Investments – A New Normal?:
If retail investors aren’t panicking, who is?
U.S. Retirement Savers Stayed Calm While Stock Markets Plunged,” (Financial Advisor, April 16, 2020) Does this mean people are finally learning?
Grit, Humility, Resolve Drive Investing Success in Tough Times,” (PLANADVISER, April 15, 2020) Title says it all.

Major Plan Sponsor Moves and News:
What are other plan sponsors and fiduciaries doing with their plans? And how are participants responding? The latest in legal proceedings involving plan sponsors and fiduciaries.
Why Reenrollment Makes Sense for Plan Sponsors and Employees,” (401K Specialist, March 25, 2020)
How to Provide Retirement Plan Assurance in a Time of Pandemic,” (401K Specialist, March 25, 2020)
Recordkeeping Revolution: How Tech Can (And Will) Upend the 401k Space,” (401K Specialist, April 9, 2020)
Financial wellness programs show your employees you have their back,” (Employee Benefit News, April 13, 2020)
2 Ways Furloughs and Layoffs Could Impact 401k Plans,” (401K Specialist, April 13, 2020)
Kitces, Aikin, Reish Talk 401k Fiduciary, Reg BI,” (401K Specialist, April 13, 2020)
Alight Solutions, Abbott Lab Sued for Cyber Breach,” (PLANADVISER, April 13, 2020)
401k Fraud: A Chilling Account of How Easy It Is,” (401K Specialist, April 13, 2020)
Employers Are Cutting Matching Contributions To Employee Retirement Plans,” (Financial Advisor, April 14, 2020)
One-fifth of large retirement plan sponsors say they are suspending 401k matches,” (BenefitsPRO, April 14, 2020)
Settlement Announced in Princeton University Retirement Plans Lawsuit,” (PLANADVISER, April 15, 2020)

Trends and Truths for Retirement Savers:
If you’re a retirement plan fiduciary – whether a plan sponsor or a financial professional, don’t you think it’s a good idea to keep up on the topics retirement savers are most interested in? That’s what the media tries to do.
Advisors Should Treat Social Security As Vital To Retirement Income, Report Says,” (Financial Advisor, March 25, 2020)
Social Security Recipents To Receive Stimulus Checks, As IRS Reverses Course,” (Financial Advisor, April 2, 2020)
Finding Big Tax Savings in the ‘Bridge Years’ Between Retirement and RMDs,” (ThinkAdvisor, April 8, 2020)
Retirement Planning Anxiety Spikes One Month into Crisis,” (401K Specialist, April 9, 2020)
Americans’ Financial Literacy Improving, but Sizable Knowledge Gap Persists,” (401K Specialist, April 9, 2020)
CARES Act tax relief as IRS says some RMDs can be undone,” (Financial Planning, April 10, 2020)
Good Reasons Not to Raid that 401k,” (401K Specialist, April 10, 2020)
Retirement Clients’ Concern Escalates as COVID-19 Surges: Poll,” (ThinkAdvisor, April 13, 2020)
How to Use Your Tax Refund Toward Retirement,” (US News, April 13, 2020)
Making the Most of the Tax-Filing Extension,” (ThinkAdvisor, April 13, 2020)
Majority Of Americans Forced To Retire Early, Allianz Finds,” (Financial Advisor, April 14, 2020)
Want to Work in Retirement? Life May Have Other Plans,” (ThinkAdvisor, April 14, 2020)
More than half of workers over age 50 have no employee benefits,” (BenefitsPRO, April 14, 2020)
Wade Pfau: Coronavirus Tears Up 4% Retirement Rule,” (ThinkAdvisor, April 14, 2020)
How To Fill The Hole In Retirement Plans,” (Financial Advisor, April 16, 2020)

Wisdom from Some of Our Favorite Blogs:
The Rosenbaum Law Firm P.C. Blog: Providers and plan sponsors can get sued even if they are doing their jobs well |
The Rosenbaum Law Firm P.C. Blog: Allow Coronavirus Distributions in your Plan |
The Rosenbaum Law Firm P.C. Blog: Let them know |
The Rosenbaum Law Firm P.C. Blog: Those insurance funded defined benefit plans will blow up again |
The Chicago Financial Planner: Required Minimum Distributions in 2020 – What You Need to Know |
Fred Reish: The CARES Act: Helping Your 401k Participants During the Coronavirus Crisis |
The Business of Benefits: The Fiduciary Angle to the Participant COVID Certification Because of Spousal Employment Loss |
Squared Away Blog: More Cuts to 401k Matches are Coming |

Hot Tips from Popular Web Resources:
National Association of Plan Advisors: Plan Sponsor, RK Sued for Fiduciary Breach in 401k Account Hack |
National Association of Plan Advisors: What Will Be the Impact of Expanded Access? |
National Association of Plan Advisors: CARES Act—Optional or Required?: Part 2—Loans |
National Association of Plan Advisors: IRS Form 5500 Extension Comes Up Short |
Morningstar: A Checklist for Volatile Markets: Retiree Edition |
National Association of Plan Advisors: How Are Plan Sponsors Responding to the COVID-19 Pandemic? |
National Association of Plan Advisors: Could CARES Cripple Retirement Readiness? |
National Association of Plan Advisors: Lack of Preparation for Early Retirement Poses Risks, Study Finds |
National Association of Plan Advisors: COVID-19 Doesn’t Slow Schlichter Suit |
National Association of Plan Advisors: Case of the Week: Late SEP Plan Set-up |
National Association of Plan Advisors: CARES Act—Optional or Required?: Part 3—RMD Waivers |
National Association of Plan Advisors: Another University 403(b) Excessive Fee Suit Settles |
National Association of Plan Advisors: E-Delivery Final Rule at OMB |
National Association of Plan Advisors: ‘Astronomical’ RK Fees Again Cited in Suit |

Miss anything? Feel free to add a comment below.

About Author

Christopher Carosa, CTFA

Christopher Carosa, CTFA


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