retirement policy in the final years of the obama ... · years of the obama administration. david...

Retirement Policy in the Final Years of the Obama Administration

David N. LevinePrincipal, Groom Law Group, Chartered

Overview

• The Midterms• Short-Term Prospects• Themes for the Future• Other Items On The Radar

The Midterms

• Electoral Prospects• Impact on Legislative Branch Retirement Policy

– Four Committees– Potential for Leadership Changes at All Levels

The Midterms

• Impact on Executive Branch Retirement Policy– No Expected Leadership Changes– Regulatory-Based Final Two Years

Short-Term Prospects

• Lame Duck Post-Election Congressional Session– Plan Shutdown Legislation (the “4062(e)”

Legislation– Multiemployer Plan Funding Relief– PBGC Leadership Appointment?

Themes for the Future

• Starting With Political Reality– The Big Political Landscape . . . The Retirement

Policy Landscape– Budgetary Constraints– Retirement as Revenue Instead of Policy


• Collectivization• Convergence• State Activity• Policy Through Regulation and Enforcement


• The Evolution of Health Care Policy – Why It Matters to Retirement– Affordable Care Act– Health Care Model Change– Massachusetts Health Care Connector– Department of Labor Health and Welfare

Investigations


• Collectivization– USA Retirement Funds

• Looking to Other Models Around the World• Learning From Challenges of the Past


• Collectivization– Multiple Employer Plans

• Current Department of Labor Position• Proposed Legislation• Impact on Employers of All Sizes


• Collectivization– Collective Investment and Outsourcing

• Increased Use Across Different Plan Types• Use in Outsourcing Arrangements• Expansion of Investment Classes Using

Collective Investment Vehicles


• Collectivization– Individual Arrangements With Collective

Management• Outsourced Oversight and MyRAs• Use of Collective Investment Trust Options• Exchange-Type Retirement Programs?


• Convergence– Connecting Health Care and Retirement– Focus on Outcomes

• General “Wellness”• A Healthy Workforce• A Retirement-Ready Workforce


• Convergence– Budgetary Merging

• Corporate Budgeting• Governmental Budgeting

– Regulatory Guidance and Agency Process Staffing


• State Activity– Original Secure Choice Proposal – A Cash Balance

Design– As Often Proposed at the State Level – A Secure

Choice IRA-Style Design– Other Potential State Level “Mandates”– Impact on Large Employers and the Industry


• Policy Through Regulation and Enforcement– The Legislative Gap Filled Through Regulation and

Enforcement– Enforcement Before, During and After the

Regulatory Process


• Policy Through Regulation and Enforcement– Learning from ESOPs– The Conflict of Interest Rule– Fiduciary Service Provider Compensation Project– Worker Classification Initiatives– Nondiscrimination Rules – Guidance and

Enforcement

Other Items On The Radar

• Legislative Topics– Tax Reform– Auto-Everything– Other Defined Contribution Enhancements– Lifetime Income– Pension Plan Funding

Other Items On The Radar

• Regulatory Topics– Auto Everything– Lifetime Income

• Disclosures• Regulatory Flexibility to Facilitate Solutions

– Brokerage Windows

retirement policy in the final years of the obama ... · years of the obama administration. david...

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