As we transition from 2023 to 2024, it is easy to look ahead and plan and prepare for the future, especially with things like an amazing NTSA Summit in sunny San Diego in February, as well as navigating the implementation of SECURE 2.0, more retirement legislation on the horizon, the ins and outs of the DOL Fiduciary Rule, and a political landscape that is up in the air during a presidential election year.
But before we look forward, I believe it is vital to look back. To see where we were a year ago and where we are now. To see the growth and progress that our industry has made, and to learn from the pitfalls of the past. We are all learning and growing and as we do so together, we can rise the tide to provide a strengthened level of service to those we serve.
Let’s take a moment to look back on some of the highlights of 2023:
NTSA Summit 2023: We gathered together in Tampa in February to learn and share insights about how to better educate those who we serve. The time together helped us learn and grow together as well as create bonds and friendships that support us throughout the years. I have been attending the NTSA Summit for quite a while now, and every time I attend, I have a renewed vigor to learn more and be better prepared to help those we serve to be prepared for all aspects of their retirement. (side note, registration is currently open for the NTSA Summit in San Diego in February. Act now to get the early bird discount!)
Illinois: In Illinois, we worked with the state legislators to pass a bill regarding the addition of options in school district 457(b) plans. This allows educators to have access to a trusted advisor of their choice. There is still more we want to do here, but it was exciting to see things in motion to get us to the position we are today.
SECURE 2.0: Implementation of the largest piece of retirement legislation in decades. This bill provides so many opportunities for individuals to work towards a healthy retirement. It is exciting to see all the changes and to see what we can do to implement them over the coming months and years. This causes a lot of work, but with the political landscape the way it is, it was nice to see retirement legislation as one of the bills that could cross the finish line.
Federal Legislation: Many bills have been brought forward regarding retirement in 2023. Some have legs and others not so much. We have continued to track and monitor these bills. They range from positive changes to opportunities that will hurt retirement planning across the country. Although we understand that each bill is presented in the best interest of the participant, we find it vital to help provide education to the legislators to help them understand what impact these bills would have on the public and the companies that are involved.
State Legislation: In 2023 we reviewed over 3,700 bills and placed priority on over 500 of those bills with high priority on 177 of the bills across the country. Each of these bills impact retirement plans in one way or another. Each day, we determine what effect the bills would have on the participant and the plan, and we take action on what needs to be done. This was a massive amount of bills in 2023 and it does not seem like things will be slowing down in the coming years. Monitoring bills continues to be the main focus of the NTSA as we constantly look for ways to improve retirement planning and education for the industry.
As we look forward to the future, we look forward to improving education and training across the country. We focus on the best interest of the participant and the plan sponsor and look for ways to continue to improve our services and the industry as a whole. I am proud to be a part of this amazing industry and am grateful everyday for all those who do so much to serve educators and others in our industry.
Thank you for all you do! I look forward to seeing all of you in San Diego Feb. 25-27. When you are there, don’t be a stranger. Come say hello and share with me your insights and ideas as we continue to grow and improve.
Keep up the great work, and Happy New Year!
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