PLANADVISER - January/February 2018 - 19
cover story
Has the time arrived
for a new wave
of retirement plan
reforms?
O
n August 17, 2006, at approximately 1:30
p.m. EST, President George W. Bush signed
into law what he called " the most sweeping
reform of America's pension laws in over 30 years. "
During the signing ceremony for the Pension
BigIdeas
Protection Act of 2006, aka the PPA, much of the
president's speech focused on aspects of the law that
had to do with ensuring employers better addressed
their underfunded defined benefit (DB) pensions.
He praised, for example, the new requirement that
companies with underfunded pension plans would
have to pay additional government insurance
premiums. The president also highlighted the extension
of the requirement that companies terminating
their pensions must provide extra funding for the
federally backed Pension Benefit Guaranty Corporation
(PBGC), among other developments aimed at
improving the stability of the employer-sponsored
pension system.
More than 10 years out, for many retirement plan
advisers, the PPA's expansion of automatic enrollment
for 401(k) plans and other defined contribution
(DC) plans-along with its creation of the qualified
default investment alternative (QDIA) safe harbor
and the approval of automatic salary deferral escalations-has
completely redefined the old approach to
plan design. The adviser's primary role is no longer
about encouraging eligible employees to enroll in
the plan or educating participants about investment
choices to craft appropriate portfolios. The PPA lets
plan fiduciaries do these things automatically, and,
thus, advisers and their clients have been freed to
focus on plan design and participant outcomes in a
whole host of new and exciting ways.
As David Musto, president of Ascensus in Dresher,
Pennsylvania, says, the paradigm-shifting PPA was
the hard-fought result of a sustained surge of interest
and discussion bridging the public-private divide.
Art by Jon Han planadviser.com january-february 2018 | 19
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PLANADVISER - January/February 2018
Table of Contents for the Digital Edition of PLANADVISER - January/February 2018
Big Ideas
2018 PLANADVISER Top 100 Retirement Plan Advisers
2018 PLANADVISER Micro Plan Survey
Value Added
The Magic of Local Events
Warming to ESG
HSAs in Retirement Planning
PLANADVISER - January/February 2018 - Cover1
PLANADVISER - January/February 2018 - Cover2
PLANADVISER - January/February 2018 - 1
PLANADVISER - January/February 2018 - 2
PLANADVISER - January/February 2018 - 3
PLANADVISER - January/February 2018 - 4
PLANADVISER - January/February 2018 - 5
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PLANADVISER - January/February 2018 - 16
PLANADVISER - January/February 2018 - 17
PLANADVISER - January/February 2018 - Big Ideas
PLANADVISER - January/February 2018 - 19
PLANADVISER - January/February 2018 - 20
PLANADVISER - January/February 2018 - 21
PLANADVISER - January/February 2018 - 2018 PLANADVISER Top 100 Retirement Plan Advisers
PLANADVISER - January/February 2018 - 23
PLANADVISER - January/February 2018 - 24
PLANADVISER - January/February 2018 - 25
PLANADVISER - January/February 2018 - 26
PLANADVISER - January/February 2018 - 27
PLANADVISER - January/February 2018 - 28
PLANADVISER - January/February 2018 - 29
PLANADVISER - January/February 2018 - 2018 PLANADVISER Micro Plan Survey
PLANADVISER - January/February 2018 - 31
PLANADVISER - January/February 2018 - 32
PLANADVISER - January/February 2018 - 33
PLANADVISER - January/February 2018 - 34
PLANADVISER - January/February 2018 - 35
PLANADVISER - January/February 2018 - 36
PLANADVISER - January/February 2018 - 37
PLANADVISER - January/February 2018 - Value Added
PLANADVISER - January/February 2018 - 39
PLANADVISER - January/February 2018 - The Magic of Local Events
PLANADVISER - January/February 2018 - 41
PLANADVISER - January/February 2018 - Warming to ESG
PLANADVISER - January/February 2018 - 43
PLANADVISER - January/February 2018 - HSAs in Retirement Planning
PLANADVISER - January/February 2018 - 45
PLANADVISER - January/February 2018 - 46
PLANADVISER - January/February 2018 - 47
PLANADVISER - January/February 2018 - 48
PLANADVISER - January/February 2018 - Cover3
PLANADVISER - January/February 2018 - Cover4
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