Well, as they always say, better late than never. I hope you have been able to sleep at night during the last week without the March version of Nate’s Notes being released, but if you have not, never fear, they are here now.
The end of February and all of March were an extremely rewarding time!
The Summit
The joys of getting together at an extremely successful Summit in San Diego were the highlight. We enjoyed the sun, great company, learned a ton, and were able to
become reacquainted with old friends along the way. I am already looking forward to next year when we get together in…well, we are still finalizing the venue, so more to come…soon.
Hopefully you have enjoyed many of the articles that have been written about the Summit and the great content that we were able to take in. If you were not able to join us in 2024, plan to be with us in 2025. And, for those of you who did join us, remember what our great Elite Advisors said from the stage: Next year, bring one more. Come join us again and bring someone with you. There is so much to gain from the Summit and the opportunity to do so with our friends is extremely rewarding. Share that love and bring others along with you.
Hard at Work
The rest of March was spent with our heads down working on Illinois, Washington (state) and some federal issues.
The main focus has been on Illinois, where there is a current bill that would limit the number of vendors for all 403(b) plans to a single vendor, regardless of what the individual school district would prefer. We will continue to work with the legislators in Illinois to help them understand the unintended consequences making a decision like this would have. The bill currently sits in the Labor Committee of the Illinois Senate and is waiting for more discussion and another amendment before being taken to the Senate floor for a vote by the full chamber. We will keep you updated as things progress.
In Washington, we were able to see a state auto-IRA bill passed and enacted. Washington is the 16th state to adopt such a measure that will work to eliminate the retirement plan coverage gap in the state. We are excited to see this progress and look forward to many more states joining to eliminate the coverage gap across the country.
Federally, we are still focused on the attacks against the retirement plan industry. We are working to educate everyone involved on the positives of the industry and the amazing good that it has done for so many individuals across the country.
We are also still working on bills that would provide start-up credits for charity organizations, as well as allow collective investment trusts (CITs) in 403(b) plans. These bills would be greatly beneficial in eliminating the retirement plan coverage gap, as well as in providing parity regarding ERISA-based 403(b) and 401(k) plans.
Thank You!
Thank you again for everyone that joined us in San Diego at our Summit. We look forward to announcing where we will be in 2025 and will be excited to see all of you again, as well as many more new and old friends who will be there to join us.
Thank you for all you do for our great industry, especially on behalf of the individual teachers who rely on you for their retirement planning needs, including your support for their supplemental retirement plans.
Keep up the great work!
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