Defined Contribution

DCIIA Public Policy Forum Highlights

DCIIA Public Policy Forum Highlights
clock

Lori Lucas, CFA, and James Veneruso, CFA, CAIA, recently attended the annual Defined Contribution Institutional Investment Association (DCIIA) Public Policy Forum in Washington, DC. Here are some notes and observations from the event. (Lori is the DCIIA Chair.)

The DCIIA Public Policy Forum “brings together industry leaders with policy makers and other thought leaders to discuss ways to improve the retirement security of American workers through the retirement savings system.” Given that the theme of the Forum is “public policy,” it’s not surprising that there were several speakers and topics from the public sector. Key themes included:

  • Improving access and increasing savings: This panel featured Senator Kent Conrad, Former Senator from North Dakota and John Scott of the Pew Charitable Trusts. It explored demographics driving lack of worker coverage in retirement plans as well as initiatives to improve coverage described in the June 2016 “Securing Our Financial Future” report by the Bipartisan Policy Center’s Commission on Retirement Security and Personal Savings, of which Conrad is co-chair.
Six Major Recommendations for Retirement Security and Personal Savings
  • Litigation: Certainly top-of-mind for many plan sponsors, this discussion focused on the recent spate of university lawsuits and proprietary fund lawsuits—pitting a plaintiff’s litigator against one that serves on the side of defendants. Both agreed, however, that it has become easier to reach the pleading stage and not dismiss cases before discovery.
  • Fiduciary Rule: This session examined the history of the Fiduciary Rule and subsequent attempts to modify it. There was general agreement that the industry cannot walk back from “acting in people’s best interest.”
  • Lessons from abroad: Attendees learned more about the Australian and U.K. retirement systems from Jenny Wilkinson of the Australia Treasury and Charlotte Clark, UK Department of Work & Pensions. Both the Australian and UK system are mandatory and feature auto-enrollment with default contribution rates of no less than 8%. The systems are well received by workers.

Upcoming DCIIA events include the 2017 Academic Forum, October 18-19 in New York, and the 2018 Investment Forum & Member Board Meeting, January 22-23 in Fort Lauderdale.

Australia's Retirement Income System

Posted by

Share
Share on facebook
Share on twitter
Share on linkedin
Related Posts
Operations

DC Trends Survey Highlights Plans’ Focus for 2020

Jamie McAllister
ESG

ESG Mythbusters: The DC Plan Summer Blockbuster?

Callan Institute
Macro Trends

Greg Allen on the Big Themes

Greg Allen
Operations

Compensation Applied Incorrectly Costs Big Bucks

Jana Steele
Operations

DC Plan Sponsors and Participants Get Disaster Relief

Jana Steele
Operations

Conference Highlights: NASRA

Stephen Trousdale
JJ Milder and Brady OConnell recently attended the National Association of State Retirement Administrators (NASRA) conference in Baltimore. NASRA seek...
Operations

DC Index, 1st Quarter 2017

Callan Institute
Operations

DC Index, 4th Quarter 2016

Callan Institute
Public Markets

Fixed Income Observations

John Pirone

Callan Family Office

You are now leaving Callan LLC’s website and going to Callan Family Office’s website. Callan Family Office is not affiliated with Callan LLC.  Callan LLC has licensed the Callan® trademark to Callan Family Office for use in providing investment advisory services to ultra-high net worth clients, family foundations, and endowments. Callan Family Office and Callan LLC are independent, unaffiliated investment advisory firms separately registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940.

Callan LLC is not responsible for the services and content on Callan Family Office’s website. Inclusion of this link does not constitute or imply an endorsement, sponsorship, or recommendation by Callan LLC of their website, or its contents, and Callan LLC is not responsible or liable for your use of it. When visiting their website, you are subject to Callan Family Office’s terms of use and privacy policies.