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July 7th, 2020 Information & Insights for the 403(b) Community DOL ESG Proposal Throws a Cloud Over Prior Guidance The proposed regulation seems to create stricter limits for ESG investing in retirement plans, but experts say it is not all doom and gloom for plan sponsors and participants who want these investments. Back to the Fiduciary Future? Analysts say the Department of Labor is officially reinstating the “five-part test” for determining fiduciary status. Ask the Experts Clarification of Loan Repayment Delay Provisions of CARES Act “We sponsor a 403(b) plan and have adopted the loan repayment delay provisions of the CARES Act. Our recordkeeper has informed us that the one-year extension on loan repayments due from March 27 to December 31 only applies to “qualified individuals” affected by COVID-19 as defined under the Act. However, I was looking at the recent IRS Q&A and there was no mention of such repayment delay being restricted to “qualified individuals.” Does this mean that the loan repayment delay can apply to ALL participants, not just those affected by COVID-19?” Will ‘Whiplash’ Volatility Continue in Q3? Most Likely. The global equity markets dropped by about 20% during the first quarter before snapping back in the second. Analysts are pondering what comes next. No Massive Pullback From Retirement Savings Seen Yet Research finds few retirement savers have lowered savings rates or withdrawn money; however, those with lower incomes and in certain industries may be disproportionately affected. What to Know About Potential Open MEP Conflicts Attorneys say employers considering whether, and what type, of multiple employer plan (MEP) to join will want to closely monitor the progress of guidance anticipated from the Department of Labor and the Internal Revenue Service. COVID-19 Compliance Corner: IRS Clarification of RMD Waivers and Extension of Rollover Deadline Each week, Carol Buckmann, with Cohen & Buckmann P.C., will explain legislative provisions or official guidance related to the COVID-19 pandemic that affect retirement and health plan sponsors. Did someone forward you this newsletter? Sign up here to get (b)lines directly in your mailbox! Unsubscribe | Manage Subscriptions | Contact Us Copyright ©2024 Asset International, Inc. All rights reserved. No reproduction without prior authorization. Modern Slavery Statement 2022 | Do Not Sell My Personal Information | Privacy (including cookies), Social Media & Legal 702 King Farm Boulevard, Suite 400, Rockville, MD 20850