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Season 4, Episode 14: A Fiduciary Naughty and Nice List
It’s the holiday season, and Santa isn’t the only one making
a list and checking it twice.
Let’s face it, SECURE 2.0 has a LOT of good, interesting—and
potentially complicated options. But there are some that AREN’T optional, like the requirement that new plans
adopted after the signing of the legislation into law have to automatically enroll eligible participants beginning in January 2025.
What happens if you forget? What happens if the business is
below the threshold—and then goes above it—and then slips below it? And there’s something “special” about the
selection of the default investment fund.
And then, there’s the so-called fiduciary rule (also known
as the Retirement Security rule). Even if (and it’s still an “if”) it’s allowed to languish, there are still standards of care with regard to rollovers.
There are also some “nice” things in SECURE 2.0 with regard
to the ability to fix things you don’t get right the first time.
In this engaging episode, Nevin (Adams) & Fred (Reish)
will help you make sure your list is complete —and that you don’t wind up on the “naughty” list.
P.S. Oh, and Fred Reish has gotten some AI assistance in composing a song about retirement (lyrics below)!
Episode Resources:
A Country and Western Retirement lyrics: https://fredreish.com/the-last-rodeo/
Things I Worry About:
SECURE 2.0 automatic enrollment requirements https://fredreish.com/things-i-worry-about-2-automatic-enrollment/
How automatic enrollment requirements will be applied: https://fredreish.com/things-i-worry-about-2-automatic-enrollment/
Automatic Enrollment corrections: https://fredreish.com/things-i-worry-about-3-automatic-enrollment-3/
The SEC Requirements for Rollover Recommendations https://fredreish.com/best-interest-standard-of-care-for-advisors-97/
Staff Bulletin: Standards of Conduct for Broker-Dealers and
Investment Advisers Account Recommendations for Retail Investors https://www.sec.gov/about/divisions-offices/division-trading-markets/broker-dealers/staff-bulletin-standards-conduct-broker-dealers-investment-advisers-account-recommendations-retail
IRS Issues Guidance on Expansion of EPCRS https://www.napa-net.org/news/2023/5/irs-issues-guidance-expansion-epcrs/
How to Correct Enrollment Errors for Long-Term, Part-Time
Employees https://www.napa-net.org/news/2023/12/how-correct-enrollment-errors-long-term-part-time-employees/
IRS Releases Q&A Guidance on Key SECURE 2.0 Provisions https://www.napa-net.org/news/2023/12/breaking-irs-releases-qa-guidance-key-secure-20-provisions/
View all episodes
By Nevin Adams
4.9
1717 ratings
It’s the holiday season, and Santa isn’t the only one making
a list and checking it twice.
Let’s face it, SECURE 2.0 has a LOT of good, interesting—and
potentially complicated options. But there are some that AREN’T optional, like the requirement that new plans
adopted after the signing of the legislation into law have to automatically enroll eligible participants beginning in January 2025.
What happens if you forget? What happens if the business is
below the threshold—and then goes above it—and then slips below it? And there’s something “special” about the
selection of the default investment fund.
And then, there’s the so-called fiduciary rule (also known
as the Retirement Security rule). Even if (and it’s still an “if”) it’s allowed to languish, there are still standards of care with regard to rollovers.
There are also some “nice” things in SECURE 2.0 with regard
to the ability to fix things you don’t get right the first time.
In this engaging episode, Nevin (Adams) & Fred (Reish)
will help you make sure your list is complete —and that you don’t wind up on the “naughty” list.
P.S. Oh, and Fred Reish has gotten some AI assistance in composing a song about retirement (lyrics below)!
Episode Resources:
A Country and Western Retirement lyrics: https://fredreish.com/the-last-rodeo/
Things I Worry About:
SECURE 2.0 automatic enrollment requirements https://fredreish.com/things-i-worry-about-2-automatic-enrollment/
How automatic enrollment requirements will be applied: https://fredreish.com/things-i-worry-about-2-automatic-enrollment/
Automatic Enrollment corrections: https://fredreish.com/things-i-worry-about-3-automatic-enrollment-3/
The SEC Requirements for Rollover Recommendations https://fredreish.com/best-interest-standard-of-care-for-advisors-97/
Staff Bulletin: Standards of Conduct for Broker-Dealers and
Investment Advisers Account Recommendations for Retail Investors https://www.sec.gov/about/divisions-offices/division-trading-markets/broker-dealers/staff-bulletin-standards-conduct-broker-dealers-investment-advisers-account-recommendations-retail
IRS Issues Guidance on Expansion of EPCRS https://www.napa-net.org/news/2023/5/irs-issues-guidance-expansion-epcrs/
How to Correct Enrollment Errors for Long-Term, Part-Time
Employees https://www.napa-net.org/news/2023/12/how-correct-enrollment-errors-long-term-part-time-employees/
IRS Releases Q&A Guidance on Key SECURE 2.0 Provisions https://www.napa-net.org/news/2023/12/breaking-irs-releases-qa-guidance-key-secure-20-provisions/
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