Amid the chaos and concerns caused by the Washington Navy Yard shootings, business was almost as usual in Washington this week. But for the first time, a large group of plan advisors were part of the legislative process.
Nearly every association, industry and profession regularly brings its members to Washington to lobby regulators and legislators -- except for plan advisors, that is. On Sept. 18, however, that streak comes to an end, as nearly 100 NAPA plan advisors -- with $1 trillion AUM, and representing 2.7 million participants and 8,300 plans -- meet with congressional leaders to highlight the value of the current retirement system, the importance of protecting the federal tax deferral for retirement savings, and the value that plan advisors bring to their clients to help them prepare for retirement.
On Sept. 17, Brian Graff and ASPPA and NAPA staff briefed the group about how to approach Capitol Hill, which is currently abuzz with talk about a possible shutdown of the federal government and raising the debt ceiling, which may be reached in mid-October. After addressing those issues, Congress may well tackle tax reform, including modification or elimination of the favored tax treatment of workplace retirement plans.
While some senators and congressmen are very familiar with retirement issues -- including Sen. Ben Cardin (D-MD), who also spoke to the group Sept. 17 -- most are not. That’s why the advisors gathered on Capitol Hill: to provide Washington with insights about the value of plan advisors, and thus fulfill one of NAPA’s most important missions.
Also addressing the NAPA group Sept. 17 on the pending DOL and SEC definition of fiduciary rules and other key concerns were Rep. John Kline (R-Minn), Chairman of the House Education and Workforce Committee; Rep. Ann Wagner (R-MO), author of legislation to force the DOL and SEC to coordinate their efforts; and Treasury’s Mark Iwry, who updated the group on the administration’s auto-IRA proposal.
