Political changes resulting from the November 6 elections are unlikely to have a major effect on how critical retirement plan policy decisions are made. Most significantly, decisions about fundamental changes to the tax code are likely to be made in the context of budget issues, not retirement policy issues. Read more from the October Three consulting firm here.
Other areas affected by the election could include:
• Tax reform
• Overhaul of the retirement system
• PBGC premiums
• The definition of fiduciary
• Retirement income
Regardless of which party wins the White House or controls the Senate or the House of Representatives, retirement will be front-and-center, as the first generation without significant DB coverage begins to retire and younger people devastated by the Great Recession worry about their retirement.
The problem for plan advisors is that very few people in Washington know what an advisor does, and even fewer believe they add value. Another perfect storm?
