Happy New Year, PLANSPONSOR readers! We find the new year can be a time of reflection, and we question how the industry trends in 2016 will inform 2017. Will holistic wellness solutions evolve this year? And, contributor Michael Barry provides a list of items he thinks the new Department of Labor (DOL) should undo and do. There is no sign of Employee Retirement Income Security Act (ERISA) litigation easing up, but at least one employer and plan provider has already obtained victory in a suit filed last year. In an important letter, the DOL expressed its opinion that prudent default investments in defined contribution (DC) plans can include elements of lifetime income. All this and more in this week’s PLANSPONSORWeekend! Enjoy!
In response to a question about TIAA’s Income for Life Custom Portfolios, the Department of Labor noted that in the preamble to its QDIA regulations it said other investments could be prudent defaults for DC plans.Read more >
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Between retirement reforms first created by the SECURE Act and then updated by the CARES Act, there is a lot of confusion about required minimum distribution deadlines and the tax treatment of coronavirus-related hardship withdrawals.