Deals & People April 22, 2021

Introducing WIPN — WE Inspire. Promote. Network.

A year or so ago, WiPN leadership was looking at how much it had evolved and realized ‘we needed the name to catch up to where we are,’ said President Jennifer Norr.

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Today, the Women in Pensions Network (WiPN) announced its rebranding, to now be known as WIPN — WE Inspire. Promote. Network. 

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WIPN also adopted a new mission statement along with the rebranding. The organization now says, “We:

  • Inspire each other to achieve our professional goals and personal aspirations through a national network of local chapters.
  • Promote diversity, equity and inclusion throughout the retirement industry.
  • Network to share our knowledge and experience, informed by research.”

A year or so ago, the organization leadership was looking at how much it had evolved, says WIPN President Jennifer Norr, and realized that although it had originally been about networking, the organization’s mission had become “networking plus,” which includes developing proprietary research and content, as well as creating mentoring relationships and career development support. “We needed the name to catch up to where we are,” she told PLANADVISER.

“We opted to retain the WIPN name because the brand has become synonymous with empowering women in the retirement industry, and we look forward to continuing to build on this foundation,” she said. However, she noted the elimination of the word pensions from the name comes as a way to show that the organization welcomes all business models in retirement, including defined contribution investment only (DCIO) firms, recordkeepers, third-party administrators (TPAs), advisers and more.

“Pensions wasn’t representative of the membership we have,” Norr said. “At a high level, it is a very diverse group of roles across the industry.” The group has more than 5,500 subscribers in the retirement industry with more than 1,450 members and 32 regional chapters.

The new brand, which was developed with Princeton Marketing, will be unveiled on LinkedIn Live today and then introduced to the chapters, Norr said.

Although the brand will continue to focus on women, removing women from the name also reflects the importance of male allies and the need to ask men to engage. “We know that many of our women members have great male mentors and sponsors,” Norr said. “We need to continue that; we can’t do it alone.”

Promotion of equity and diversity is also an important focus moving forward, Norr noted. “We have an additional responsibility to reach back and carry forward, to champion and support each other.”

“As we evolved the WIPN brand, it was important to ensure that we were being a champion for diversity, equity and inclusion within our industry by advocating for opportunities for women of color and the LGBTQ+ community,” said Jen Mulrooney, WIPN marketing chair.

Compliance April 21, 2021

Senators Expand Retirement Benefits for Military Spouses in New Bill

The proposed legislation comes months after a Department of Defense report found that a quarter of military spouses are unemployed. 

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Lawmakers have introduced a bill that would expand access for military spouses to employer-sponsored retirement plans.  

U.S. Senators Susan Collins, R-Maine; Maggie Hassan, D-New Hampshire; James Lankford, R-Oklahoma; and Michael Bennet, D-Colorado, have presented the Military Spouses Retirement Security Act, a bipartisan bill that would help spouses of active-duty service members save for retirement by increasing their access to employer-sponsored retirement plans.

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Under the act, small employers—with 100 employees or fewer—would be eligible for a tax credit of up to $500 per year per military spouse. It would be available for three years per military spouse, and the credit amount would be equal to $200 per military spouse, plus 100% of all employer contributions for that spouse, up to $300.

To receive the credit, small employers must allow a military spouse to be immediately eligible for retirement plan participation within two months of hire. Upon plan eligibility, a military spouse “must be eligible for any matching or non-elective contribution available to a similarly situated employee with at least two years of service and must be 100% immediately vested in all employer contributions,” according to the bill.  

“Like many Americans, spouses of active-duty service members often face challenges when it comes to saving for retirement. Military spouses also face one hurdle that many others do not: frequent moves and changes in employment,” Collins says. “By encouraging small employers to provide military spouses with accelerated access to retirement plans, employer contributions and vesting, our bipartisan bill would help to strengthen the financial security of these unsung heroes of our country’s national defense.”

The coronavirus pandemic has exacerbated threats to retirement security, especially for families of active-duty service members. According to the Department of Defense, about one-third of military service members experience a permanent change of station move every year. When service members move, their spouses often relocate with them, putting their own careers on hold.  

Another DOD report found that a quarter of military spouses are unemployed—a rate roughly four times the national average of 6.3% in January. Military spouses faced other disadvantages prior to the pandemic as well—and many continue to be underemployed and earn less than they are qualified for, or earn nothing at all.

“Every assignment and deployment impacts a family, and too often, that can mean sacrificing access to retirement benefits,” Lankford says. “This legislation encourages businesses to make it easier for military spouses to participate in retirement plans and ease some of the burdens of moving every few years. This is a simple way we can honor their sacrifices, make their life of service easier and help prepare them for their retirement.”

The full text of the bill can be found here.

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