Compliance May 1, 2023

Senator Cardin Announces 2024 Retirement

The Maryland senator was a leader in drafting and passing SECURE 2.0 legislation.

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Hearings to examine the oral health crisis, focusing on identifying and addressing health disparities. (Official U.S. Senate photo by Dan Rios)

Senator Ben Cardin, D-Maryland, announced Monday that he will not be seeking re-election in 2024. Cardin was a key figure in passing the SECURE 2.0 Act of 2022 and is a strong proponent of retirement reform. Cardin often worked closely with former Senator Rob Portman, R-Ohio, who retired at the end of 2022.

Among some of Cardin’s proudest accomplishments are his contributions to retirement security. He specifically cites his efforts encouraging small businesses to start retirement plans and increasing retirement plan access for lower-income Americans.

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Cardin said in a statement:

“I have run my last election and will not be on the ballot in 2024, but there is still much work to be done. During the next two years, I will continue to travel around the state, listening to Marylanders and responding to their needs. My top priorities include continuing our progress for the Chesapeake Bay, helping the people of Baltimore City deal with the challenges they face, and permanently expanding opportunities for telehealth, mental and behavioral health. As Small Business Chair, I will continue to work on behalf of small businesses in Maryland and across the country who still face a tough economic climate. We need to keep building up the tools available to help our small businesses, especially women-owned, veteran-owned, minority owned and underserved entrepreneurs. I plan to make the most of every moment left.”

Cardin first entered politics by running for the Maryland House of Delegates in 1968. He represented Maryland’s 3rd Congressional district in the U.S. House of Representatives for 20 years, until he was elected to the U.S. Senate in 2006.

Products May 1, 2023

Wilmington Trust’s Spun-Off CIT Division Is Now Great Gray Trust

The CIT division purchased by private equity firm Madison Dearborn Partners is now its own entity selling the popular 401(k) investment vehicle.

 

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The Collective Investment Trust division of Wilmington Trust NA purchased by private equity firm Madison Dearborn Partners LLC has a new name and appointed leadership structure as of Saturday, according to a letter sent to customers.

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The Great Gray Trust Co. will continue to offer the same CIT product and service offerings to advisers and plan sponsors after Wilmington Trust parent M&T Bank Corp. announced the sale of the division in December 2022. 

“I am excited to announce that in the coming days the team you know now as Wilmington Trust will officially provide CIT solutions to you as Great Gray Trust Company,” Rob Barnett, the company’s CEO and president, wrote in the letter. “As this newly formed company, we are committed to continuing to expand and evolve the retirement space and deliver innovative solutions to meet your evolving needs.”

CITs have been growing in popularity in recent years due to offering a lower-fee investment option than most mutual funds for defined contribution retirement plans. The pooled investment vehicles, which are held by a bank or trust, have overtaken mutual funds as the most prevalent investment vehicle in defined contribution savings plans, according to consultancy Callan’s most recent DC Index.

Barnett wrote to customers that the Great Gray team will remain in place in the transition. Part of that team’s work has included trying to educate advisers, plan sponsors and even policymakers about the benefits of CITs. Currently, 403(b) retirement plan providers are not able to access CITs, though there is a proposed bill in Congress seeking to make that possible.

In 2019, the division announced a partnership with the Nasdaq Fund Network to show searchable tickers for CITs—giving them six letters instead of the five usually used for mutual funds. In September of 2022 the firm launched a digital CIT onboarding platform called boardingpass designed to ease the process of including CITs in DC plans.

“We are very proud of what we have been able to accomplish in the CIT market thus far and believe that as Great Gray, we will continue to move the business forward through industry-leading thought leadership, CIT education, and client-centric retirement solutions,” Barnett wrote in the letter.

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