"While the SEC staff's guidance acknowledges that the specific measures to be taken or factors to be considered by a firm depend on its particular facts and circumstances ... the bulletin includes important reminders regarding the core obligations of firms that engage retail investors and offers insight on the SEC staff's broad view of potential sources of conflicts."  MORE >>

"A new Risk Alert by the [SEC's] Division of Examinations specifies the initial exam initiatives and areas of review that it will conduct as part of the new Marketing Rule.... [T]he staff will review whether investment advisers have a reasonable basis for believing they will be able to substantiate material statements of fact in advertisements.... With a Nov. 4, 2022, compliance date fast approaching, the SEC notes that, as of that date, investment advisers can no longer choose to comply with the previous advertising and cash solicitation rules."  MORE >>

"The court saw the fiduciary breach claim as turning primarily on Goldman's lack of an investment policy statement for the plan. Although the plaintiff's experts testified that having an IPS was a common and indeed 'best practice' ... because it was not strictly required under ERISA the court concluded that the lack of such a policy did not establish imprudence.... Nor did the court agree that the plan fiduciaries lacked a deliberative process, despite the sparse minute reports from the investment committee's quarterly and ad hoc meetings." [Falberg v. The Goldman Sachs Group, Inc., No. 19-9910 (S.D.N.Y. Sep. 14, 2022)]  MORE >>

"The Seventh Circuit's opinion is a good reminder of the breadth of the DOL's subpoena authority ... Recipients of DOL subpoenas should object in writing to each request they find objectionable and be able to clearly articulate the burden compliance would impose in terms of 'the number of documents implicated, the cost to produce those documents, the hours production would require, or how compliance would threaten the normal operation of' the recipient's business." [Walsh v. Alight Solutions LLC, No. 21-3290 (7th Cir. Aug. 12, 2022)]  MORE >>

"[This article explores] three key areas of consideration DC plan sponsors face: regulatory and fiduciary issues, cultural and employee demographics, and research and industry trends. [It then presents] a road map to help guide decision-makers in evaluating and structuring an effective investment lineup for their plans."  MORE >>

"There are shortcomings in the U.S. approach, such as a lack of 401(k) access, experts say. But improvements have been made in the past 15 or so years.... Where the U.S. largely lags behind [other] countries ... is that its retirement system isn't set up so that everyone has a chance at a financially secure retirement."  MORE >>

"The updated interpretative bulletin [IB 2022-01] lets plan administrators hire a qualified public accountant who held the plan sponsor's publicly traded securities during the plan year covered by the audit if the accountant divests those securities before starting the engagement. The updated guidance ... takes effect immediately."  MORE >>

"Benefits centered around life insurance, disability insurance, health and retirement aren't taking up the spotlight to the same extent they used to.... [Employees are] now just as focused on those benefits that have an immediate effect on the quality of their lives.... [W]ellness, mental health and the associated well-being applications are now the ideal ... [E]mployees and their families are looking to employers to make sure they're provided for and protected. So, a sound retirement plan that also reflects the values and culture of the company is high on the list of desirables."  MORE >>

"In its current form, the Enhancing American Retirement Now (EARN) Act would allow retirement savers to withdraw up to $2,500 in retirement plan assets each year to cover the cost of long-term care insurance premiums without paying the otherwise applicable early withdrawal penalties.... [ThinkAdvisor] asked two professors and authors of ALM's Tax Facts with opposing political viewpoints to share their opinions about the narrow provision allowing penalty-free withdrawals to cover long-term care insurance."  MORE >>