If you look at headlines in the retirement industry trade press, rarely does a week go by when you don’t see an article lamenting the low retirement savings numbers. How do we change this?
Basic Members
Ironically, while some see lowering the savings limit as politically palatable because it impacts only a small segment of the population, that same fact reduces the effect of such a policy shift.
As long as the fiduciary ball remains in the Executive Branch’s court, it’s easy to predict what will happen. That doesn’t mean, however, that we won’t see some surprises coming from the Legislative Branch.
Think of the third party as the food truck in the parking lot. Employees will see it and decide for themselves whether to engage with it.
The fact Social Security was already collecting this information, albeit not in a database, raises the question of whether this new lost and found database will add any real value.
I do not underestimate the ability of the plaintiff’s bar to come up with novel and clever arguments, but for the reasons set forth in the white paper I do not believe that they can construct a viable theory.
In a strange twist of fate, it appears the newsweekly publication business model was closer to retirement in 2009 than the 401k.
Making matters worse is the changing regulatory environment once the new SECURE Act 2.0 rules become effective. The good news is the dust settles after that.
A lot may depend on who Trump selects to head up the DOL in his second term. If we start seeing familiar faces, that might indicate the department’s direction.
Summary of 2024: Navigating the Evolved Fiduciary Landscape for Retirement Plan Fiduciaries
2024 was a year of adaptation for retirement plan fiduciaries who navigated through regulatory changes, legal landscapes, and participant needs with a renewed focus on governance, liability management, and the holistic management of retirement plans.