10 Retirement Plan Holiday Wishes

One of my favorite memories growing up was paging through Christmas catalogues – my favorite was the “Wish Book,” it was called – and going through it looking for the things that I hoped Santa, and then later, my parents, would bring. 

After struggling for possession of the catalogue, my brother and I would turn down the corner of the pages on which those items could be found. That also made it easier as Christmas approached, to revisit, and occasionally reconsider, those “wishes.”

Of course, these days those “wish lists” are online – a lifesaver for every grandparent, parent and distant relation who wants to give something more “thoughtful” than a mere gift card, but has no sense of what you want, much less have.

Here are some “gifts” that we might all wish to find waiting for us in 2020.

To: Retirement Plan Advisors
From: the Labor Department
Clarity on the impact of acting as a fiduciary regarding rollovers from a plan that you also support.

To: Recordkeepers
From: Everyone
An acknowledgement that the work you do is essential to the successful operation and administration of the plan, and anything but a “commodity.”

To: Plan Sponsors
From: Your CEO 
Fiduciary liability coverage to cover the personal financial liability imposed by ERISA on plan fiduciaries. 

To: Retirement Plan Advisors 
From: Your Plan Committee 
A promise to arrive prepared and on time for all 2020 meetings. 

To: Plan Participants and Beneficiaries
From: Plan Sponsors
A commitment that everything we do will be SOLELY in your best interests. 

To: Retirement Plan Advisors
From: Your Plan Sponsor Clients 
An acknowledgement/awareness of our fiduciary responsibilities. 

To: Retirement Plan Participants
From: “The Industry”
“Disclosures” that somebody besides a lawyer can read and understand.

To: Retirement Plan Participants
From: Retirement Plan Participants
At least one attempt to determine my level of retirement readiness during the year. 

To: All Workers
From: Your Employer
Access to a workplace retirement plan. 

To: Plan Sponsors, Retirement Plan Advisors and Providers 
From: Your Plan Participants
Appreciation for all you do to make retirement savings possible.  

To: NTSA Nation
From: All of us here at the American Retirement Association
A very happy and prosperous New Year!