If you think that the retirement industry suddenly fell off the radar with the end of the first round of fiscal cliff fixes, think again – substantial reform, courtesy of the second-term Obama administration, is likely on the way.
That’s the belief of Marcia Wagner, a prominent ERISA attorney serving as keynote at this year’s sixth annual Profit-Driven Strategies in the DCIO Market, organized by Financial Research Associates – held this week in Wagner’s base of operations, Boston.
Wagner contends that the allure of taxes deferred by America’s retirement plans continues to be too strong to politicians – some $70 billion a year, and as much as $361 million over a four-year period – meaning that tangible reform efforts are certainly a possibility.
And with today’s news of the retirement of Sen. Tom Harkin, chairman of the Senate pensions and education committee, Wagner says she suspects a harder push on his part to gain support for his own proposal creating a nationalized retirement system, an Americanized rendition of plans found in Western European nations.
Read the full article at BenefitsPro.