PLANSPONSOR - December/January 2021 - 8
UPFRONT
Retirement Policy in the Near Future
WITH SO MUCH UNCERTAINTY
leading up to the start of the new presidential
term, retirement policy is one area
that should feel the least impact, experts
say. " The good thing is that retirement
policy is a bipartisan issue, and we've
been able to make progress even though
the political landscape is challenging, "
says Catherine Reilly, director of retirement
solutions at Smart, an international
retirement technology company, with
offices in the U.S.
Geoff Manville, a partner and government
relations leader in Mercer's Law and
Policy Group, says he thinks the Biden
administrative proposal to change the tax
treatment of retirement plan contributions
has gone " out the window. " He says he also
thinks Biden's proposal to increase Social
Security benefits, and the taxes on higherpaid
individuals to pay for those increases,
as well as a proposal for a financial transactions
tax have no chance to get through the
next Congress either.
The most workable way to equalize tax
credits for retirement plans between lowerand
higher-income workers would be to
expand the saver's credit, says Reilly. She
notes that there are proposals to make the
tax credit available to pay into a plan.
Manville also says he thinks the
Biden administration will probably put
a freeze on regulatory activity pending a
review. " Any proposed regulation could
be killed, but it would be harder to roll
back rules that are final, " he says, adding
that it can be done, but the process would
have to start over. " I think that's what the
Biden administration will do with respect
to ESG [environmental, social and governance]
investing, " he says. " It will probably
move to roll back the DOL [Department
8 PLANSPONSOR.COM December 2020 - January 2021 Art by Ellen Weinstein
of Labor]'s ESG and proxy voting rules in
pretty short order. "
Reilly agrees, saying she would expect
the rules to roll back to where they were
before-i.e., when the regulation said
ESG factors could be a tiebreaker if all else
was equal between investment options. " I
could see even further-reaching requirements,
where plan sponsors are required
to take into account longer-term ESG
considerations of investments and document
that, " she says. She notes that this
is the policy in the U.K., where Smart has
its headquarters.
Manville expects that regulations
regarding pooled employer plans (PEPs)
and electronic disclosures of retirement
plan notices will proceed intact. " The
Democrats are more suspicious of pooled
employer plans [PEPs], so the Biden administration
may be less inclined to introduce
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PLANSPONSOR - December/January 2021
Table of Contents for the Digital Edition of PLANSPONSOR - December/January 2021
The Truth About Plan Lawsuits
2020 PLANSPONSOR Best in Class DC Providers
Administrative Assistance
Striking the Right Balance
Electronic Upgrade
PLANSPONSOR - December/January 2021 - Cover1
PLANSPONSOR - December/January 2021 - Cover2
PLANSPONSOR - December/January 2021 - 1
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PLANSPONSOR - December/January 2021 - The Truth About Plan Lawsuits
PLANSPONSOR - December/January 2021 - 13
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PLANSPONSOR - December/January 2021 - 2020 PLANSPONSOR Best in Class DC Providers
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PLANSPONSOR - December/January 2021 - Administrative Assistance
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PLANSPONSOR - December/January 2021 - Striking the Right Balance
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PLANSPONSOR - December/January 2021 - Electronic Upgrade
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