Arnerich Massena Announces Director of Wealth Management
Portland, Oregon-based independent investment consulting firm Arnerich Massena&Associates, Inc., brought on David Reichle as director of Arnerich Massena Wealth Management.
The firm said Reichle will direct the growth and strategic direction of the wealth management practice, in addition to his role as consultant to client portfolios. He will also be a member of the investment committee.
Prior to joining Arnerich Massena, David Reichle was President of Pacific Investment Advisors, a Portland-based wealth management firm he founded in 1997, according to a news release. He also previously served as a vice president in Bank of America’s commercial group in Portland.
Arnerich Massena & Associates is a West Coast-based independent investment management and education consulting firm that offers services to corporations, institutions, state and local governments, charitable organizations, trusts and estates, corporate pension and profit-sharing plans, and private clients. The firm said it advises more than $12 billion in assets.
Here are a few interesting points on the timeline of retirement plans in the U.S.:
1636 – Pensions begin in the military when the pilgrims of Plymouth Colony were at war with Native Americans. The Pilgrims pass a law that stated that disabled soldiers would be supported by the colony. The law still forms the basis of the veterans benefit program in Massachusetts.
1875 – Long before it introduced its first credit card, The American Express Company introduced the nation’s first private pension plan.
1929 – By this time, 397 private-sector plans were in operation in the United States and Canada (28 others had been started and discontinued), according to the Employee Benefit Research Institute (EBRI).
1935 – President Franklin D. Roosevelt signs the Social Security Act.
1940 – Fifteen percent of all private-sector workers are covered by a pension plan, according to EBRI. Also this year, among other things, The Investment Advisors Act of 1940 required that investment responsibilities for pensions be handled by an adviser registered under the act, a bank, or an insurance company.
1950 – The number of private-sector workers covered by a pension plan is up to 25%. Also this year, General Motors (GM) established a pension plan for its employees. The automaker opted to self-fund its plan in order to invest in stocks.
1958-1962 – The Welfare and Pension Plan Disclosure Act establishes disclosure requirements to limit fiduciary abuse, and is then amended to give the federal government responsibility for protection of plan assets.
1974 – The Employee Retirement Income Security Act (ERISA) is born.
1978 – Congress adds a section to the tax code that decades later will be synonymous with savings: 401(k).
1990 – Forty-three percent of all private-sector workers are covered by a pension plan, according to EBRI.
2006 – President George W. Bush signs the Pension Protection Act.
2009 – The U.S. Census data show that almost two-thirds of workers identified a defined contribution plan as the most important component of their retirement savings. Overall, less than half (44%) of all workers participate in a retirement plan (see “Census Data Show Strengthening DB to DC Trends“).
