The White House budget proposal for fiscal year 2024 includes some spending recommendations that could affect retirement plans and their sponsors.
The proposal includes a $1.5 billion increase for the Department of Labor, bringing the department’s total budget to $15.1 billion. The primary reason for the increase, according to the proposal, is to enforce workers’ rights. President Joe Biden’s budget specifically advocates for higher fines and more aggressive enforcement actions, especially as it relates to equal opportunity and employer retaliation.
“To ensure employers treat workers with dignity and respect, the budget invests $2.3 billion—an increase of $430 million over the 2023 enacted level—in the department’s worker protection agencies,” according to information released by the Department of Labor.
Curiously, the rule-making agenda related to the SECURE 2.0 Act of 2022 is not mentioned in the spending plan. EBSA Secretary Lisa Gomez laid out EBSA’s regulatory agenda in February, including multiple items related to SECURE 2.0, such as employee stock ownership plans, auto-portability, the qualified personal asset manager exemption and disclosure requirements.
The budget would provide the Social Security Administration an additional $1.4 billion for its administrative budget, up to a total of $15.5 billion. This money intended primarily to enable it to provide better customer service and faster processing of applications and Medicare-related paperwork.
The proposal also says it would extend the solvency of Medicare by directing revenue from a proposed Net Investment Income Tax, currently at 3.8%, to the Medicare Hospital Insurance trust fund. The proposal would also direct savings from drug pricing reforms into the same fund.
The Internal Revenue Service would receive an additional $1.8 billion to reach a total of $14.1 billion, which does not include the $79.4 billion the IRS received through 2031 via the Inflation Reduction Act to pursue tax evaders. The proposed $1.8 billion increase is primarily intended to improve customer service functions, the administration said.
The budget proposal does not reference the Securities and Exchange Commission, which is funded by its own collections, despite the agency’s busy agenda, especially as it relates to emissions disclosure requirements.
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T. Rowe Price announces Shen as Chief Data Officer; New York Life Appoints Tillotson as Chief Compliance Officer; O'Brien named head of portfolio management at Insight Investment; and more.
T. Rowe Price announced Kelly Shen as its new chief data officer.
Shen, who had been at the Canada Pension Plan Investment Board since 2018, sets and enacts T. Rowe Price’s strategy to leverage data as an asset. She ensures that the firm delivers reliable data to the workforce to drive business. Additionally, Shen will lead a centralized data team to serve the firm’s needs.
“We are excited to work with Kelly to enhance our data capabilities and unlock new business value,” said Kimberly Johnson, T. Rowe Price’s chief operating officer, in a statement. “She has a proven track record in optimizing the use of data, analytics, and technology to enable business growth and product innovation and will be an incredible resource for the T. Rowe Price team.”
New York Life Appoints Tillotson as Chief Compliance Officer
Sandi Tillotson
New York Life announced the appointment of Sandi Tillotson as chief compliance officer, reporting to Michael McDonnell, the company’s general counsel.
“Sandi’s skills have allowed her to gain an unrivaled breadth of experience through the many different roles she has held in her 20 years with New York Life,” McDonnell said in a statement. “We congratulate her on this well-earned appointment and know that her expertise will further the company’s ability to successfully navigate the ever-changing business and regulatory landscapes.”
Since 2020, when Tillotson was promoted to senior vice president, she has led several key compliance ,functions including sales practice compliance, sales standards and product compliance, group insurance compliance and more.
Insight Investment Hires O’Brien as Head of Insurance Portfolio Management North America
Kerry O’Brien
Insight Investment announced the appointment of Kerry O’Brien as head of insurance portfolio management for North America.
O’Brien is responsible for the overall strategy, daily portfolio management and ultimate leadership of the North America insurance team.
O’Brien has 26 years of insurance portfolio management. She has worked with insurance companies to construct portfolios and meet the needs of clients with liability, tax and total return-driven objectives.
“Kerry has extensive experience as an insurance portfolio manager and we are delighted to welcome her to Insight,” said David Leduc, Insight’s North American CEO, in a statement.
Wealthspire Advisors Names Olson Head of Integration, Project Management
Channing Olson
Wealthspire Advisors LLC has appointed Channing Olson as head of integration and project management.
Olson will oversee the integration of firms that join Wealthspire Advisors. Additionally, she will manage strategic initiatives and elevate communication throughout the entire firm.
Olson has direct experience with Wealthspire’s integration process, having joined from an acquired firm, Private Ocean, and by being actively involved in multiple integrations since joining.
“Investing in this area is a strategic advantage for us and a true differentiator in the M&A space,” said Olson. “It’s exciting to be in a role where I can leverage my expertise in change management and culture to emphasize our focus on our people and our clients.”
Ziegler, Quagliarello Join Franklin Templeton as Client Advisers
Barbara Ziegler
Tim Quagliarello
Franklin Templeton announced the appointments of Barbara Ziegler and Tim Quagliarello as senior vice presidents and client advisers in the company’s U.S. institutional practice.
In their new roles, they will be responsible for building, growing and managing partnerships with both existing and prospective institutional clients.
Ziegler served as an institutional relationship manager at DoubleLine Capital since 2016. Quagliarello served as a senior vice president for U.S. institutional client management at Pacific Investment Management Company.
“Barbara and Tim bring a wealth of expertise and experience in helping institutional investors, and we are excited to welcome them to our growing team,” said Mike Foley, Franklin Templeton’s head of the U.S. institutional group, in a statement.
Summit Financial Names Spada 2022’s Leading Financial Adviser
Joseph Spada
Summit Financial announced that Joseph Spada was named the firm’s 2022 leading financial adviser—an annual award.
Spada has played a key role in Summit Financial’s most productive wealth management practice for a record 25 consecutive years.
A financial adviser for more than 35 years, Spada specializes in providing clients with investment management, retirement planning, insurance, tax and estate planning.
“Joe is the pillar of our organization,” Summit CEO Stan Gregor said in a statement. “The passion and excitement he brings to Summit every day is contagious and inspires us all.”
Palmeri Named CIO of Ohio BWC
Robert Palmeri has been named CIO of the Ohio Bureau of Workers’ Compensation. Palmeri had been announced as CIO designee in January, allowing him time to work alongside retiring CIO Bruce Dunn as part of the transition.
Palmeri, who was confirmed through a February 24 vote of the BWC’s board of directors, will lead all investment strategy and functions.
Palmeri’s expertise lies in investments and investment plan management. Before joining the Ohio BWC, he was an executive director at UBS Realty Investors LLC. He also spent 20 years in the institutional consulting business at both RVK Inc. and KPMG, advising institutional plan sponsors, their fiduciary committees and their staff on the investment management process.
Lenox Advisors announced the promotions of Stefan Greenberg to managing partner, as well as Josh Lieberman and Rob Segall to partner.
Greenberg has experience in providing comprehensive wealth and risk management services to his clients.
“Since joining Lenox Advisors in 2005, Stefan has served as an invaluable member of the Lenox team through his impactful leadership in our Stamford, Connecticut, office; his mentorship of our advisors; and the superior service he provides his clients,” said Greg Large, president and chief operating officer of Lenox Advisors, in a statement.
Lieberman has expertise in comprehensive estate structuring, wealth management and insurance strategies for individuals and families.
Segall is experienced in providing clients with wealth and risk management, retirement and estate planning strategies.
“Josh and Rob have proven their dedication to serving clients with individual expertise and excellent leadership,” Large said.
