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American Retirement Association (ARA)

ARA Backs President Biden’s Veto of Bill Undermining Fiduciary Choice


American Retirement Association (ARA) | March 20, 2023

 

ARLINGTON, VA, (March 13, 2023) – The American Retirement Association applauds President Biden’s veto of a measure that would undermine the ability of retirement plan fiduciaries to freely consider the best interests of retirement plan participants.

The President’s veto leaves in place the Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights regulation that reasserts the basic premise of the Employee Retirement Income Security Act of 1974 (ERISA) – that the financial interests of retirement plan participants and beneficiaries are paramount and may not be subordinated to other considerations.

President Biden’s veto – the first of his Administration – was needed to quash an attempt by slim majorities in Congress to set aside under the Congressional Review Act the new regulation – one on which thousands of comments from a wide range of perspectives were submitted and considered, and which just took effect January 30, 2023.  That regulation sought to resolve the “chilling effect” of a one passed in the waning days of the prior Administration that professed to support a similar objective, but was seen by many as dismissing the potential financial impact of environmental, social and governance factors on financial returns.  And, in contrast with the hyperbole surrounding opposition to the regulation, it does not require consideration of ESG factors – in fact, it clearly states that the only acceptable criteria is the financial best interests of participants and beneficiaries. Further, the regulation clearly states that ESG factors may only be considered if the fiduciary to the plan determines they are relevant to such financial interests.

 “ERISA has long held that the financial interests of retirement plan participants are to be the sole consideration of fiduciaries in selecting and monitoring plan investments,” notes Brian Graff, CEO of the American Retirement Association.  “We enthusiastically support the language and intent of this important regulation in codifying that interpretation, and in providing plan fiduciaries the freedom they need and deserve to fulfill their important duties”.

 

About the American Retirement Association

The American Retirement Association, based in the Washington, D.C. area, is a non-profit professional organization established to empower retirement plan professionals who are dedicated to building a better retirement for Americans. The American Retirement Association comprises five premier retirement industry associations; the American Society of Pension Professionals & Actuaries (ASPPA), the American Society of Enrolled Actuaries  (ASEA), the National Association of Plan Advisors (NAPA), the National Tax-deferred Savings Association (NTSA), and the Plan Sponsor Council of America (PSCA).  For more information, visit www.usaretirement.org. 

 

FOR IMMEDIATE RELEASE

Media Contact:
Nevin E. Adams, JD
703.516.9300 Ext 114
[email protected]

ARA Applauds Sweeping New Retirement Security Legislation
American Retirement Association (ARA) | December 20, 2022

ARLINGTON, VA, (December 20, 2022) – The American Retirement Association enthusiastically supports and commends efforts behind the introduction of new legislation that will dramatically improve retirement security for tens of millions of working Americans.

The new SECURE 2.0 Act of 2022, included in the omnibus legislation just submitted in the United States Congress, builds on the positive retirement plan provisions and momentum contained in the original SECURE Act from 2019.  Over the past two years each of the four Congressional Committees with primary jurisdiction over retirement policy – the House Education and Labor Committee, the House Ways and Means Committee, the Senate Finance Committee and the Senate Health Education Labor and Pensions (HELP) Committee – passed with unanimous or near-unanimous bipartisan support – significant retirement-related provisions - demonstrating the importance of workplace retirement savings, and its critical role in providing retirement security for the nation’s workers and their families.

This legislation contains a number of important provisions that could help close the retirement savings opportunity gap for moderate income Americans, particularly among minority groups.  Among those key provisions are:

A Starter 401(k) – that could provide over 19 million new American workers[i] with access to the workplace-based retirement system through a brand new super simple safe harbor 401(k) plan.

A 100% tax credit for new plans to incentivize the creation of new workplace retirement programs by small businesses. 

A Saver’s Match Program that would incentivize retirement savings by providing a 50% matching contribution on up to $2,000 in retirement savings annually for lower- and middle-income Americans. Over 108 million Americans would be eligible for the Saver’s Match that would be directly deposited into their retirement account – boosting the savings of moderate-income earners.[1]   

“We are grateful to the many members of Congress and staff who worked tirelessly to get SECURE 2.0 included in the omnibus legislation expected to be enacted this week.,” noted Brian Graff, CEO of the American Retirement Association.  “This important legislation will enhance the retirement security of tens of millions of American workers - and for many of them give them the opportunity for the first time to begin saving”.

 

About the American Retirement Association

The American Retirement Association, based in the Washington, D.C. area, is a non-profit professional organization established to empower retirement plan professionals who are dedicated to building a better retirement for Americans. The American Retirement Association comprises five premier retirement industry associations; the American Society of Pension Professionals & Actuaries (ASPPA), the American Society of Enrolled Actuaries  (ASEA), the National Association of Plan Advisors (NAPA), the National Tax-deferred Savings Association (NTSA), and the Plan Sponsor Council of America (PSCA).  For more information, visit www.usaretirement.org. 

 

Media Contact:
Nevin E. Adams, JD
Chief Content Officer
703.516.9300 Ext 114
[email protected]

 

[1]Estimates prepared by Judy Xanthopoulos, PhD of Quantria Strategies, based on 2019 IRS, SOI W-2 Data.  A white paper outlining the findings, alongside a state-by-state impact can be found at https://araadvocacy.org/secure-report/  

Retirement Legislation Will Expand Savings Opportunities for Over 100 Million Americans
American Retirement Association (ARA) | November 29, 2022

ARLINGTON, VA, (November 29, 2022) Congress is poised to pass another comprehensive retirement policy bill this year – what has been nicknamed the SECURE 2.0 bill as it builds on the positive retirement plan provisions and momentum contained in the original SECURE Act from 2019.  During the ensuing two years, each of the four Congressional Committees with primary jurisdiction over retirement policy – the House Education and Labor Committee, the House Ways and Means Committee, the Senate Finance Committee and the Senate Health Education Labor and Pensions (HELP) Committee – have completed their work on their respective SECURE 2.0 legislative products – each by unanimous or near-unanimous bipartisan support.

This legislation contains two key provisions that could help close the retirement savings opportunity gap for moderate income Americans. The first is a Saver’s Match Program that would incentivize retirement savings by providing a 50% matching contribution on up to $2,000 in retirement savings annually. Lower- and middle-income Americans would be eligible for this federal government matching contribution regardless of tax liability. Over 108 million Americans would be eligible for the Saver’s Match that would be directly deposited into their retirement account – boosting the savings of moderate-income earners.[1]   

“The expanded and enhanced Saver’s Match would both encourage saving and help moderate income earners build wealth by providing an immediate, meaningful return on personal retirement contributions,” commented American Retirement Association CEO Brian Graff.                    

The second would provide over 19 million new American workers with access to the workplace-based retirement system through the Starter K – a brand new super simple safe harbor 401(k) plan – alongside enhanced retirement plan startup tax credits for employers.[2]  Data shows that Americans are 12-15 times more likely to save for retirement if they have access to a retirement savings plan at work.  Unfortunately, far too many Americans still don’t have that access – and are missing out on the opportunity to save for retirement – an “opportunity gap” particularly pronounced in the Black and Hispanic communities.  Fortunately, data also shows that when moderate income workers are automatically enrolled in a workplace retirement plan there is no racial disparity in retirement savings participation with roughly 80 percent of Black, Hispanic, and White Americans all participating in these programs[3] - a key aspect of this new plan type.

“The Starter K plan makes it easier for small business owners to provide a meaningful benefit to their workers; and when coupled with automatic enrollment, it provides a significant step toward closing not only the nation’s retirement opportunity coverage gap, but racial wealth gaps as well,” noted Graff.  “The aggregate impact of expanding access to these programs alongside the powerful financial incentives of the enhanced Saver’s Match is profound”.   

A white paper outlining the findings, alongside a state-by-state impact can be found at https://araadvocacy.org/secure-report/   

 

About the American Retirement Association

The American Retirement Association, based in the Washington, D.C. area, is a non-profit professional organization established to empower retirement plan professionals who are dedicated to building a better retirement for Americans. The American Retirement Association comprises five premier retirement industry associations; the American Society of Pension Professionals & Actuaries (ASPPA), the American Society of Enrolled Actuaries  (ASEA), the National Association of Plan Advisors (NAPA), the National Tax-deferred Savings Association (NTSA), and the Plan Sponsor Council of America (PSCA).  For more information, visit www.usaretirement.org. 

 

Media Contact:
Nevin E. Adams, JD
Chief Content Officer
703.516.9300 Ext 114
[email protected]

 

[1]Estimates prepared by Judy Xanthopoulos, PhD of Quantria Strategies, based on 2019 IRS, SOI W-2 Data.

[2]Ibid.

[3]401(k) Plans in Living Color, A Study of 401(k) Savings Disparities Across Racial and Ethnic Groups, The Ariel/Aon Hewitt Study, 2012.

Retirement Industry Leader Nevin Adams to “Retire”
American Retirement Association (ARA) | October 26, 2022

ARLINGTON, VA, (October 25, 2022)—After a career in employee benefits spanning more than three decades, Nevin Adams, Chief Content Officer of the American Retirement Association, has announced his “retirement” from that position, effective March 1, 2023. 

During his eight-year tenure at ARA, Adams, one of the retirement industry’s most prolific writers, has transformed ARA’s publications, notably NAPA-Net, to “must read” status among retirement industry professionals for coverage of the latest trends in research, litigation, regulation and legislation.

Though he’s stepping back from day-to-day responsibilities, he will continue to contribute content to the ARA’s various publications, as well as content leadership for the nation’s largest and most successful retirement plan advisor conference, the NAPA 401(k) Summit. The popular “Nevin & Fred” podcast he launched with noted ERISA attorney Fred Reish will also continue under the ARA brand.

“Here at the American Retirement Association, we are pleased to acknowledge and celebrate the attainment of retirement,” noted Brian H. Graff, CEO of the American Retirement Association. “We’re thankful and appreciative for the leadership and contributions Nevin has made, not only to our organization, but the private retirement system generally over his 30-plus years of service, and look forward to his future contributions here as well.”

Taking over the reins of the ARA’s media business from Adams will be John Sullivan, currently Editor-in-Chief of 401(k) Specialist, where in the space of a few short years, he has led the development of an innovative media platform for advisors, including a podcast series, and Top Advisor by Participant Outcomes (TAPO) recognition.

“Having long been an admirer of John’s work, we are pleased to have him lead the ARA media team as we develop new resources for the next generation of retirement plan professionals,” Graff said. 

“Stepping into the large role left by Nevin will be a challenge, one I look forward to,” Sullivan added. “It’s impossible to replace his personality and professionalism, but I’m extremely excited to introduce innovations and ideas to capitalize on what he’s built for the benefit of the ARA, its members, and all working Americans.”

“It’s been an honor to be part of an organization that has made such a positive difference in retirement policy and Americans’ retirements,” Adams said. “I’ve enjoyed comparing notes and experiences with John over the years. We’ve been talking for a while now about finding an opportunity to actively collaborate, and now we have it. I’m really looking forward to this next phase of my career, as we continue to work together for Americans’ retirement security.”

 

About the American Retirement Association

The American Retirement Association, based in the Washington, D.C. area, is a non-profit professional organization established to empower retirement plan professionals who are dedicated to building a better retirement for Americans. The American Retirement Association comprises five premier retirement industry associations; the American Society of Pension Professionals & Actuaries (ASPPA), the American Society of Enrolled Actuaries  (ASEA), the National Association of Plan Advisors (NAPA), the National Tax-deferred Savings Association (NTSA), and the Plan Sponsor Council of America (PSCA).  For more information, visit www.usaretirement.org. 

 

Media Contact:
Nevin E. Adams, JD
Chief Content Officer
703.516.9300 Ext 114
[email protected]

 

Some Crypto Clarity for Retirement Plans
American Retirement Association (ARA) | June 22, 2022

ARLINGTON, VA, (June 22, 2022) —Cryptocurrency and its potential place on 401(k) investment menus has been very much in the news of late. American Retirement Association CEO Brian Graff recently sat down with Tim Hauser, Deputy Assistant Secretary for Program Operations of the Employee Benefits Security Administration (EBSA), for some insights and perspective on the DOL’s Compliance Assistance Release on cryptocurrency and the impact on retirement plans.

The video interview covered a wide range of questions and potential concerns with Compliance Assistance Release 2202-01, published by the Employee Benefits Security Administration in March, including:

  • What led to the release—and could the focus included in the release change over time?

  • Did it create a new obligation for plan fiduciaries?

  • Did the call for fiduciaries to exercise “extreme care” change the existing fiduciary standard?

  • How the recent Supreme Court decision in the Northwestern case ties in.

  • Has the DOL identified an investment class/category for this kind of scrutiny previously?

  • What the plans might be for EBSA enforcement in this area.

  • The difference in role/responsibility between the plan fiduciary and those offering options on a recordkeeping platform.

  • How this relates to “related products”?

  • How might this be applied to brokerage windows?

  • Does limiting the percentage invested in crypto matter from EBSA’s perspective?

  • What about cryptocurrency investment in managed accounts?

The video is available online at https://bit.ly/EBSACRYPTO
 

About the American Retirement Association

The American Retirement Association, based in the Washington, D.C. area, is a non-profit professional organization established to empower retirement plan professionals dedicated to building a better retirement for Americans. The American Retirement Association is comprised of five premier retirement industry associations; the American Society of Pension Professionals & Actuaries (ASPPA), the American Society of Enrolled Actuaries  (ASEA), the National Association of Plan Advisors (NAPA), the National Tax-deferred Savings Association (NTSA), and the Plan Sponsor Council of America (PSCA).

For more information, visit www.usaretirement.org.

 

Media Contact:

Nevin E. Adams, JD
Chief Content Officer
703.516.9300 Ext 114
[email protected]

ARA Expands Member Advocacy & Engagement Focus With New Position


American Retirement Association (ARA) | May 26, 2021

ARLINGTON, VA (May 25, 2021) — As part of its ongoing commitment to its 25,000+ members and the impact of their advocacy on behalf of the nation’s private retirement system, the American Retirement Association has named Erika Goodwin to the newly created position of Advocacy Engagement Manager.

As part of ARA’s Government Affairs team, Erika will be responsible for developing and executing strategies aimed at enhancing member engagement in ARA’s government affairs advocacy initiatives, managing programs aimed at addressing social and economic issues affecting retirement policy, and developing and sustaining relationships with targeted members to encourage and facilitate member involvement with federal and state representatives. 

“Erika has been a valued and effective member of the ARA conferences team for several years, and has been instrumental in engaging with our members in both developing and expanding a number of key initiatives, notably the Women in Retirement Conference, and more recently the ARA Council for Women,” noted Will Hansen, Chief Government Affairs Officer at the American Retirement Association.  “We’re thrilled to have someone of Erika’s talents available to lead these new and expanded initiatives.”

About the American Retirement Association

The American Retirement Association, based in the Washington, D.C. area, is a non-profit professional organization established to empower retirement plan professionals who are dedicated to building a better retirement for Americans. The American Retirement Association is comprised of five premier retirement industry associations; the American Society of Pension Professionals & Actuaries (ASPPA), the American Society of Enrolled Actuaries (ASEA), the National Association of Plan Advisors (NAPA), the National Tax-deferred Savings Association (NTSA), and the Plan Sponsor Council of America (PSCA).

 

For more information, visit www.usaretirement.org.  

 

Media Contact:

Nevin E. Adams, JD
Chief Content Officer
703.516.9300 Ext 114
[email protected]

ARA Commends Labor Department Confirmation of Advice Exemption
American Retirement Association (ARA) | February 12, 2021

ARLINGTON, VA, (February 12, 2021) — The American Retirement Association, the nation’s leading advocacy organization of retirement plan professionals and plan sponsors, commends the decision by the Department of Labor to confirm that its exemption for investment advice fiduciaries will go into effect, as scheduled..

Released on Dec. 16, the new, principles-based prohibited transaction class exemption was intended to allow investment advice fiduciaries to offer a wide array of investment advice services in compliance with the Impartial Conduct Standards. This includes permitting investment advice fiduciaries to receive compensation as a result of providing fiduciary investment advice, including fiduciary investment advice to roll over a participant’s account in a workplace retirement plan to an IRA and other similar types of recommendations.

The current rules regarding the provision of investment advice date back decades, and the Labor Department has undertaken several attempts to update those guidelines, alongside comparable efforts by the Securities and Exchange Commission.  The issue was of particular concern to advisors who support the retirement planning needs of workplace retirement plans, such as 401(k)s. 

“We are pleased that the Department of Labor has decided to proceed with the new exemption, which contains important protections for plan participants and certainty for plan advisors who want to work with those participants.” noted Brian Graff, CEO of the American Retirement Association.  “We look forward to the opportunity to work with the Labor Department as they develop guidance and continue to improve this exemption in the months ahead.”

 

About the American Retirement Association

The American Retirement Association, based in the Washington, D.C. area, is a non-profit professional organization established to empower retirement plan professionals who are dedicated to building a better retirement for Americans. The American Retirement Association is comprised of five premier retirement industry associations; the American Society of Pension Professionals & Actuaries (ASPPA), the American Society of Enrolled Actuaries  (ASEA), the National Association of Plan Advisors (NAPA), the National Tax-deferred Savings Association (NTSA), and the Plan Sponsor Council of America (PSCA).

For more information, visit www.usaretirement.org.  

ARA Launches Women in Retirement Council
American Retirement Association (ARA) | August 26, 2020

ARLINGTON, VA — On Women’s Equality Day, the American Retirement Association is proud to announce the creation of a Women in Retirement Council to provide stewardship and support of Women’s Issues within the organization.

Women’s Equality Day commemorates the passage of the 19th Amendment to the U.S. Constitution, granting the right to vote to women.  Long a proponent of, and advocate for, women’s voices in the retirement plan industry, the nation’s leading education, advocacy and information source for retirement plan professionals has officially formed a council drawn from across the organization’s five member associations to help bring focus to the current and future efforts to support and retain women in the retirement plan industry.

The Council will:

  • Support current efforts (like the Women in Retirement Conference (WiRC) and ARA Thrive Women’s Mentoring Program) and encourage the development of new endeavors within sister associations.

  • Provide a central point and location for the sharing of lessons learned, best practices, content, and resources across sister associations.

  • Develop strategic goals to guide ongoing tactical projects that support the recruitment and retention of women in the industry.

The inaugural leaders of the ARA’s Women in Retirement Council, representing each of the ARA’s five member associations – the American Society of Enrolled Actuaries (ASEA), the American Society of Pension Professionals and Actuaries (ASPPA), the National Association of Plan Advisors (NAPA), the National Tax-deferred Savings Association (NTSA) and the Plan Sponsor Council of America (PSCA) are:

Council Chair: NAPA: Nicole Corning, CFP®, AIF®, CRPC®

ASEA:  Lynn M. Young, MSEA

ASPPA:   Shannon M. Edwards, ERPA, QPA, QKA, APA, APR

NTSA:   Kristine Coffey, CPC, CPFA, CRES

PSCA:    Marjorie F. Mann, Esq.

“While the ARA has continuously supported and sponsored events and accolades that acknowledge the contributions of women in the retirement industry, we are pleased at the commitment of so many women among our membership to provide this perspective and support on an on-going basis throughout the year,” noted Brian H. Graff, CEO of the American Retirement Association.

About the American Retirement Association

The American Retirement Association, based in the Washington, D.C. area, is a non-profit professional organization established to empower retirement plan professionals who are dedicated to building a better retirement for Americans. The American Retirement Association is comprised of five premier retirement industry associations; the American Society of Pension Professionals & Actuaries (ASPPA), the American Society of Enrolled Actuaries (ASEA), the National Association of Plan Advisors (NAPA), the National Tax-deferred Savings Association (NTSA), and the Plan Sponsor Council of America (PSCA).

 

For more information, visit www.usaretirement.org.  

 

Media Contact:

Nevin E. Adams, JD
Chief Content Officer
703.516.9300 Ext 114
[email protected]

Message from ARA CEO Brian H. Graff
American Retirement Association (ARA) | June 2, 2020
American Retirement Association Statement on the Death of George Floyd

At the American Retirement Association we continue to strive to create an organization that not just supports diversity and inclusion, but that actually reflects it.  True diversity and inclusion respects and honors all points of view regardless of the topic or challenge this country is facing.

The horrific events of last Monday demonstrate that we have still failed to adequately address the systemic racism that plagues our country. The ARA supports all those who are trying to effect real change by thoughtfully expressing their views.

We hope now is finally the time for real change.  And we also hope that we never forget that a man, George Floyd, was senselessly murdered.  A man with a family who deserved to be treated with dignity and as a human. But also a man that should not be dishonored by being exploited, as expressed by his own family.

And for those of you who choose to become actively involved in this movement, we pray that you stay safe.

Brian H. Graff, CEO
American Retirement Association

​NTSA 2020 Elite Advisor Award Winners Announced
American Retirement Association (ARA) | January 29, 2020

DENVER, CO – The National Tax-Deferred Savings Association, part of the American Retirement Association (ARA), is proud to announce its 2020 Elite Advisor Award Winners:

Joe Avallone, US Retirement Planning Associates, Winter Springs, FL; Broker-Dealer: PlanMember

Sara McGrath, AIF®, Clifford & Rano Associates, Inc., Worcester, MA; Broker-Dealer: Lincoln Investment

David Wolfe, CRES, Educators Financial Services, Coon Rapids, MN; Broker-Dealer: Advanced Advisor Group

"NTSA Elite Advisors are truly the 'best of the best' in the industry, focusing on client needs and leading advocacy in their local and national venues," said NTSA Executive Director Brent P. Neese.

The winners were acknowledged at the 2020 NTSA Summit Awards Luncheon, Jan. 27, 2020, the Gaylord Rockies Resort and Convention Center in Denver, CO.

Established in 2014, the NTSA Elite Advisor Award is an annual recognition program that has been established to honor Financial Advisors whose presence and innovative works have helped shape the best practices in serving clients in the ERISA nonprofit, 403(b),  and ERISA nonprofit retirement industry, as well as to acknowledge their specific outstanding accomplishments and/or contributions.

"The NTSA Elite Advisor Award proclaims to the retirement industry, to federal, state and local legislatures, and to the public that NTSA and its affiliated-advisors are critical to this marketplace," said Michael Pollakowski, Chair of the NTSA 2020 Elite Advisor Award Committee. "NTSA Elite Advisors are educated, experienced, involved community professionals, key attributes required for the process of achieving individual retirement security for those Americans in the nonprofit public and private sector. Together with NTSA, these Elite Advisors are committed to open access, professional advice, standard of care, collaboration and ethical behavior."

More information about the Elite Advisor Award is available at https://www.ntsa-net.org/industry-intel/elite-advisor-award.

About the National Tax-Deferred Savings Association (NTSA)

Formed in 1989, the National Tax-Deferred Savings Association (NTSA), a division of the American Retirement Association, represents nearly 7000 financial advisors, consultants, administrators, and product creators and providers. For more than three decades, NTSA has been nationally recognized for its thought leadership and policy expertise with regard to public-sector retirement plans. NTSA represents its membership in Washington, D.C. and state capitals across the country to address issues and design retirement plans that improve employee outcomes. NTSA also provides high-quality education, professional development, and information resources for those involved in the 403(b), 457(b) and nonprofit marketplace.

Media Contact:  Nevin E. Adams, JD, Chief Content Officer, American Retirement Association
703.516.9300 Ext 114, [email protected]

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