NEPC’s Bill Ryan was quoted in a recent Pensions & Investments article expressing his disappointment that CITs failed to cross the finish line for 403(b) plans. View the article on Pensions & Investments’ site here.
The retirement industry’s effort to have 403(b) plans offer collective investment trusts looks like the political version of the famous Peanuts cartoon featuring Lucy, Charlie Brown and a football.
Lucy holds the football. Charlie Brown tries to kick it. She pulls the ball away at the last minute.
After several years of lobbying Congress, retirement industry trade groups thought they had a breakthrough with the retirement security package SECURE 2.0, which, among other things, made enhancements in the use of auto enrollment, annuitization and linking corporate retirement plan matches to student loan payments.
. . .
“SECURE 2.0 was allegedly a slam dunk,” said William Ryan, the Chicago-based partner and head of defined contribution plan solutions at NEPC LLC, expressing disappointment that CITs failed to cross the finish line for 403(b) plans and wondering when Congress might try again.
“It took four years to go from SECURE 1.0 to SECURE 2.0,” said Mr. Ryan, noting that those laws were achieved through bipartisan support. With divided government, “it could be a decade” before the law is changed, he said.
Click here to continue reading the full Pensions & Investments article.