April sure did fly by. With so much going on, the days seemed to disappear quickly. Many of our state legislatures are starting to wrap up for the year, but of course there are still plenty that are pushing along. During the month, we spent time at Capitol Hill in D.C. as well as the state capitols in Michigan and Illinois. We were also able to represent the NTSA at NAPA in Nashville.
Federal Concerns
Federally, it was more of the same. The focus is still on educating legislators about the positives of retirement plans and what they do for the American worker. We are still working hard to close the retirement plan coverage nationally and provide benefits for charity organizations as well as implementing CITs in 403(b)s in a way that is beneficial for all.
In the States
April was very similar to March. We kept our heads down plugging along federally while keeping a focus in Illinois, where we are still trying to negotiate the bill in the Labor Committee in Springfield. The main difference was that we swapped Michigan for Washington (state).
With the auto-IRA bill signed into law in Washington, our focus shifted to Michigan where a similar bill has been presented. We were able to testify with Representative McFall in support of the bill and look forward to many discussions to follow. Fingers crossed that we can see another state join the previous 16 in helping close the retirement plan coverage gap.
Illinois, on the other hand, was the main focus in April and will be in May as well. We spent time in Springfield working with legislators to come to an understanding of what is trying to be accomplished with SB 2568. We have also been very clear about the unintended consequences that will be present with some of the changes and restrictions that this bill may create. We are confident that those conversations are going well and will help place the bill in a position that we can support and move forward in the best interest of educators across the state. The session runs through May 24, and we will continue to keep you updated on the proceedings through that time and beyond.
Represent!
Lastly, representing the NTSA at NAPA was a great opportunity. We had a course on 403(b) plans for 401(k) practitioners and were able to see several of you there in support. Thank you for being there and for supporting all that we do in this great industry.
Keep up the great work, and we will provide you with updates throughout the month.
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