December 2023

Brad Campbell Discusses 2024 Retirement Plan Developments With PLANADVISER

In “What’s Next? Pivot Points for the Adviser Industry in 2024,” benefits and executive compensation partner Brad Campbell spoke to PLANADVISER about retirement plan developments, including SECURE 2.0, in 2024 and the near future.

Campbell said, “The biggest near-term project for plan advisers in 2024 will be implementing SECURE 2.0 — assuming we get some timely guidance. Plan fiduciaries need help in understanding and evaluating the impact of the new options, and advisers will need to touch base regularly with nearly every plan client to stay in front of the changing situation.”

Campbell continued, “2024 will also be a great year for advisers serving startup plans. Between the tax credits for small plan sponsors and states such as California pushing their state payroll deduction individual retirement account (IRA) programs — or, as I like to call them, DMV [Department of Motor Vehicles] IRAs — the issue isn’t explaining why employers need a plan but explaining how Uncle Sam will pay them to adopt a “real” plan that better serves their needs. And with the auto-enrollment/auto-escalation provisions, small plans will go faster than ever.

“A lot depends on whether the Department of Labor succeeds in finishing its ill-advised Fiduciary 3.0 regulation,” Campbell added. “It’s a shame the resources devoted to tilting at this regulatory windmill are not instead going to implement the SECURE 2.0 provisions, which would actually help participants better save for retirement.”

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