401(k) Specialist Issue 1 - 2021 - 20

401(k) REGULATION
" When I was at the DOL, we
would roll out a proposed rule
and sometimes get a blizzard of
criticism and public comments.
I always took it as a positive. "
and the extent to which it will go is yet to
be determined.
" If they issue a new rule, they will certainly
rewrite the preamble, which is the narrative
that precedes the actual regulatory text " ,
Rutledge explained. " They certainly could
rewrite the preamble with a more pro-ESG
tone. I think one of the things that drove a
lot of folks to oppose the [Trump administration's]
rule was the fairly negative preamble
about ESG. The department had a lot of
skepticism about it. However, I very much
doubt you'll see any more ESG enforcement
letters, at least for a while until the Biden
administration settles in on its position. "
Pooled Employer Plans
Top of mind for implementing the SECURE
Act will be whether the DOL publishes
prohibited transaction exemptions to
provide clarity around fees and proprietary
products for pooled plan providers.
The department predicts significant
interest in the use of pooled employer plans,
or PEPs. Even without much guidance,
around 60 companies have already signed
up, with the establishment of many more
expected.
" People are waiting to see how the other
regulations roll out before they jump in, and
2022 might be the big year, " Rutledge said.
" I consider it an opportunity as well as a
challenge; a challenge in terms of when we
see proposals from the DOL, will they be
overly prescriptive, or will they leave gaps?
Do they leave participants and employers
vulnerable in ways that they should not? "
The opportunity is obvious; to be part of
the 401(k) system of the future, one with
much larger plans, better scale, lower fees,
and higher returns.
We pushed back, noting the controversy
surrounding the plans. Critics contending
coverage options for smaller companies
already exist, and there's a potential for
abuse by unscrupulous retirement plan
professionals.
" The system has to evolve and adapt, " he
calmly answered. " The criticism is useful in
that we see warning signs of things to not
do from the get-go. It means PEPs will
eventually be established and operated, and
18
ISSUE 1 2021 | 401kSpecialist.com

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401(k) Specialist Issue 1 - 2021

Table of Contents for the Digital Edition of 401(k) Specialist Issue 1 - 2021

Table of Contents
401(k) Specialist Issue 1 - 2021 - Cover1
401(k) Specialist Issue 1 - 2021 - Table of Contents
401(k) Specialist Issue 1 - 2021 - 1
401(k) Specialist Issue 1 - 2021 - 2
401(k) Specialist Issue 1 - 2021 - 3
401(k) Specialist Issue 1 - 2021 - 4
401(k) Specialist Issue 1 - 2021 - 5
401(k) Specialist Issue 1 - 2021 - 6
401(k) Specialist Issue 1 - 2021 - 7
401(k) Specialist Issue 1 - 2021 - 8
401(k) Specialist Issue 1 - 2021 - 9
401(k) Specialist Issue 1 - 2021 - 10
401(k) Specialist Issue 1 - 2021 - 11
401(k) Specialist Issue 1 - 2021 - 12
401(k) Specialist Issue 1 - 2021 - 13
401(k) Specialist Issue 1 - 2021 - 14
401(k) Specialist Issue 1 - 2021 - 15
401(k) Specialist Issue 1 - 2021 - 16
401(k) Specialist Issue 1 - 2021 - 17
401(k) Specialist Issue 1 - 2021 - 18
401(k) Specialist Issue 1 - 2021 - 19
401(k) Specialist Issue 1 - 2021 - 20
401(k) Specialist Issue 1 - 2021 - 21
401(k) Specialist Issue 1 - 2021 - 22
401(k) Specialist Issue 1 - 2021 - 23
401(k) Specialist Issue 1 - 2021 - 24
401(k) Specialist Issue 1 - 2021 - 25
401(k) Specialist Issue 1 - 2021 - 26
401(k) Specialist Issue 1 - 2021 - 27
401(k) Specialist Issue 1 - 2021 - 28
401(k) Specialist Issue 1 - 2021 - 29
401(k) Specialist Issue 1 - 2021 - 30
401(k) Specialist Issue 1 - 2021 - 31
401(k) Specialist Issue 1 - 2021 - 32
401(k) Specialist Issue 1 - 2021 - 33
401(k) Specialist Issue 1 - 2021 - 34
401(k) Specialist Issue 1 - 2021 - 35
401(k) Specialist Issue 1 - 2021 - 36
401(k) Specialist Issue 1 - 2021 - 37
401(k) Specialist Issue 1 - 2021 - 38
401(k) Specialist Issue 1 - 2021 - 39
401(k) Specialist Issue 1 - 2021 - 40
401(k) Specialist Issue 1 - 2021 - 41
401(k) Specialist Issue 1 - 2021 - 42
401(k) Specialist Issue 1 - 2021 - 43
401(k) Specialist Issue 1 - 2021 - 44
401(k) Specialist Issue 1 - 2021 - 45
401(k) Specialist Issue 1 - 2021 - 46
401(k) Specialist Issue 1 - 2021 - Cover3
401(k) Specialist Issue 1 - 2021 - Cover4
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