Happy Friday, readers! We finally have a new Secretary of Labor, on the verge of President Trump’s 100th day in office. Andrew Acosta is known for a distinguished career in public service, and compared with the previous pick for the position, the response to the nomination and approval of Acosta has been far more positive, both on the left and the right of the political spectrum. Get the latest reporting on the Acosta confirmation and other pressing regulatory matters below, and have a great weekend!
At a recent PLANADVISER focus group event, it was evident that small- and mid-market plan sponsors had little interest in “white labeling” investments—and their rationale might surprise you.
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MassMutual says a married couple that lives into their 90s but decides to begin their Social Security benefits at age 62 as opposed to age 70 could be leaving as much as half a million dollars on the table, or forfeiting $2,000 to $4,000 a month for life.
With the passage of the SECURE Act by the House of Representatives, experts tell PLANADVISER they are optimistic that agreement will be reached with the Senate during this Congress, but the many supporters of retirement reform will have to wait and see how compromise might be reached.
One retirement industry executive says she believes the Senate could act quite quickly in taking up the SECURE Act, which just passed the House of Representatives with a practically unanimous yea vote.