Feeling like your livelihood is under attack? Consider these recent developments:
• In his FY 2014 budget, President Obama proposed capping amounts held in an individual’s retirement plans at $3 million.
• PBS devoted an episode of its “Frontline” program to bashing retirement advisors and mutual fund fees.
• The DOL’s effort to broaden the definition of a fiduciary to encompass plan advisors continues apace — the latest word is to expect the new rule to be released in July.
• As congressional taxwriters sharpen their tax reform ax, incentives for retirement saving vehicles, including workplace plans, may be on the chopping block.
And that’s just the news from last month.
It’s been just two short years since we first discussed the need for a group representing the interests of plan advisors. Back then we knew two things: that there was no group filling that role in Washington, and that there should be.
Fast forward to May 2013. We’re facing a degree of adversity that we’ve never seen before. Congress is looking for tax revenue at the expense of workplace retirement plans. That puts the viability of the U.S. retirement system — and your livelihood — at risk. The Obama administration believes that it’s appropriate for the government to tell Americans when they’ve saved enough for retirement. That hurts individual savers and employees of small businesses. And the pop media eagerly scapegoats advisors while providing the shallowest analysis imaginable.
These are times that test our resolve. And that’s why, now more than ever, there’s one organization that has your back: NAPA. By virtue of its close relationship with ASPPA, NAPA is able to leverage the knowledge and experience of ASPPA’s government relations staff, long regarded as one of the most respected and effective in Washington. These advocates truly have your back —
• helping shape regulatory initiatives at the DOL, IRS and SEC;
• educating members of Congress and their staffs about how America saves; and
• representing the interests of plan participants, plan sponsors and plan advisors as legislation is developed and refined on Capitol Hill — and in state capitals around the country.
No other group does that for plan advisors. And those who do represent other elements of the financial services industry look to ASPPA’s efforts as a model of effectiveness and authority. In other words: clout.
I’m thankful that with the help of ASPPA’s government relations staff, NAPA is the strong, clear voice of the retirement plan advisor in Washington. In these turbulent times, we truly have your back.
Just thought you should know.
