John Sullivan
By John Sullivan 5/4/2023
The third rail of American politics isn’t what it should be, according to Sen. Bill Cassidy (R-LA).
“We have to redefine what that third rail is,” Cassidy said when asked about prospects for a Social Security fix. “The third rail, according to our leading presidential candidates, is that you...
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By John Sullivan 5/3/2023
The National Council on Aging (NCOA) and UMass Boston find that 80% of older Americans, or 47 million people, can’t sustain a financial shock such as needing to pay for long-term care services and supports (LTSS) or the loss of income due to divorce or widowhood.
“It is unacceptable that nearly...
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By John Sullivan 5/3/2023
A SECURE 2.0 “fix” that would allow 403(b)s to invest in collective investment trusts (CIT) was officially introduced in the House on May 2.
The bill, The Retirement Fairness for Charities and Educational Institutions Act of 2023, introduced by House Financial Services Committee Member Rep....
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By John Sullivan 4/24/2023
A bill that would allow 403(b)s to invest in collective investment trusts (CIT) could be headed for Congressional markup in the next few weeks.
A draft of the bill, titled “The Retirement Fairness for Charities and Educational Institutions Act of 2023," is backed by House Financial Services...
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By John Sullivan 3/6/2023
For Lisa Stubbs, it's all about membership engagement.
The 2023 NTSA president addressed attendees of the organization's Summit in Tampa in February, informing them of her vision and plans for her tenure.
"We're a fabulous organization, and those of us that are engaged reap tremendous benefits...
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By John Sullivan 3/1/2023
Jeff Acheson, the high-profile advisor, teacher, coach, mentor, thought leader, industry pundit, etc., with Advanced Strategies Group in a Feb. 28 session of the NTSA 2023 Summit delivered an inspirational and, at times, intense presentation on the Japanese concept of Ikigai, or one’s “reason for...
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By John Sullivan 2/28/2023
“You have to have a succession plan. Dying with your boots on as an advisor leaves your clients in the lurch,” Lincoln Investments' Tom Lakatos said at the beginning of “'Out”'Placements: M&A Succession Planning at its Core," a session at the 2023 National Tax-Deferred Savings Association (...
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By John Sullivan 2/27/2023
“When you hear the words SECURE 2.0, what comes to mind?” Sue Diehl, President of PenServ Plan Services, asked panelists at the outset of “Starting “Points: Implementation Implications for SECURE 2.0 and Other Recent Changes," a session dedicated to explaining the 403(b) implementation challenges...
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By John Sullivan 2/27/2023
“We spend so much time chasing the next ‘yes,’ but we’re communicators at our core,” Phil Kim told the TPA and advisor attendees at the 2023 National Tax-Deferred Savings Association (NTSA) Summit in Tampa on in a Feb. 27 session. “Wouldn’t it be great if we focused on communicating better?”
...
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By John Sullivan 2/27/2023
The passage of SECURE 2.0 means big changes for retirement plans and planning, 403(b)s included. It’s a great time to get more involved — or involved at all — in the space, leading to more revenue for advisors and, importantly, better outcomes for plan participants.
So what’s happening with ...
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By John Sullivan 2/27/2023
Advisors are from Venus, and TPAs from Mars. Okay, not quite, but how does the former better leverage the latter?
A Feb. 27 afternoon session at the 2023 NTSA Summit in Tampa titled “Resource ‘Full’: Working with Your TPA” sought to answer just that.
Moderated by Jim Kelleher with Carruth...
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By John Sullivan 2/26/2023
The National Tax-Deferred Savings Association (NTSA) kicked off its summit on Feb. 26 in Tampa with a presentation by Immediate Past President Christopher Zingaro, hitting hard on the conference’s “Step Up” theme and imploring members to volunteer and get involved. “The vision must be followed by...
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By John Sullivan 2/21/2023
Labor Secretary Marty Walsh confirmed expectations that he will leave the Biden Administration for the private sector. Walsh will join the NHL Players Association (NHLPA) as its executive director. In a sign of the times, he took to Twitter on Thursday to elaborate on his decision.
“Earlier this...
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By John Sullivan 2/21/2023
Last week, Nathan Glassey, National Tax-Deferred Savings Association’s (NTSA) Executive Director, testified before the Maryland House of Delegates Appropriations Committee.
As with similar testimony before the Maryland Senate’s Budget and Taxation Sub-Committee on Jan. 19, Glassey joined NTSA...
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By John Sullivan 2/2/2023
Despite a rebound in out-of-pocket health care spending in 2021, health savings account (HSA) balances increased on average over the course of the year, the Employee Benefit Research Institute (EBRI) recently found.
Its analysis of HSA balances, contributions, and distributions, also found, “...
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By John Sullivan 1/24/2023
The American Retirement Association (ARA) recently identified what it calls a “significant technical error” in the SECURE 2.0 Act of 2022 regarding catch-up contributions.
Specifically, according to wording in the current legislation, beginning in 2024, no participants will be able to make catch-...
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By John Sullivan 1/24/2023
Efforts by proponents to carve out an exemption to a Nevada state fiduciary law for ERISA-covered retirement plan advisors continued this week, with the American Retirement Association (ARA) submitting a letter supporting the exemption.
Nevada State Senate Bill 383 (SB 383), effective July 1,...
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By John Sullivan 1/23/2023
National Tax-Deferred Savings Association’s (NTSA) Executive Director Nathan Glassey testified before the Maryland Senate’s Budget and Taxation Sub-Committee on Jan. 19. Glassey joined a state union representative in opposing a bill mandating auto-enrollment for teachers and state employees in...
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By John Sullivan 1/23/2023
Increasing and securing retirement income is “an area where Congress is willing to act,” high-profile retirement income expert Wade Pfau says, pointing to the SECURE 2.0 as proof.
The popular bipartisan legislation allows individuals to buy QLACs to satisfy all their RMD requirements up to $200,...
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By John Sullivan 1/18/2023
A high-stakes game of political chicken is set to come to a head this week, as the country will reach its $31.381 trillion debt limit on Thursday.
The debt limit is the total amount of money the United States government is authorized to borrow to meet its existing legal obligations, including...
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