Trump’s Executive Order on Retirement Plans: Far Reaching Implications Explored
Intended to assist businesses in offering retirement plans to their employees, U.S. President Trump issued an Executive Order (EO) directing the Departments of Labor and the Treasury to issue regulations that would modify the general process of retirement plans. The signed EO allows small businesses to offer retirement plans through pooled plans, also known as Association Retirement Plans (ARPs), or Multiple Employer Plans (MEPs). It also initiates to review Minimum Distribution (RMD) rules and the retirement plans’ paperwork and administrative requirements.
With the ever-evolving regulatory framework, the future and impact of these new developments to the retirement plan landscape remains unclear. Thus, it is necessary for employers and employees to keep themselves abreast of the trends and updates that may potentially arise.
Join a panel of thought leaders and professionals brought together by The Knowledge Group as they provide and present to the audience an in-depth discussion of Trump’s Executive Order on Retirement Plans. Speakers will identify important issues and updates surrounding this significant topic. Speakers will also offer best practices in developing and implementing an effective retirement plan strategy.
Key topics include:
- Current Playing Field for Small Business Retirement Plans
- Procedural and Politcal Background to the EO
- Review of Proposed Expansion of the Definition of Employer
- Impact of the DOL's Proposal on multiple employer plans
- Status of Potential Notice Guidance and Guidance from Treasury
Paul L. Porretta, Partner
Pepper Hamilton LLP
Aliya Robinson, Senior Vice President, Retirement and Compensation Policy
The ERISA Industry Committee (ERIC)
- Executive Order on Strengthening Retirement Security in America – broadening access to retirement plans for small employers, simplifying retirement plan disclosure requirements and taking a fresh look at life expectancies and distribution periods for required minimum distributions.
- Policy objective is to enable greater retirement savings among employees of small employers by allowing for employer participation in “association retirement plans,” similar in concept to “association health plans.”
- Proposed Department of Labor Regulations would accomplish this by expanding the scope of a “group of employers” for participation in defined contribution plans.
- Small employers should have lower operational and administrative expenses through an association retirement plan, and employees should have greater savings opportunities than currently available under retirement savings vehicles geared to small employers.
- Small employers shouldn’t get too excited yet – regulations are not final and comments are forthcoming from the Treasury Department.
- If updated life expectancies are longer than those currently used for required minimum distributions, retirees may be able to stretch distributions over a longer period.
Who Should Attend:
- Retirement Plan Sponsors
- In-house Counsel
- Labor and Employment Lawyers
- Small Businesses
Paul L. Porretta is a partner in Pepper Hamilton LLP’s Employee Benefits and Executive Compensation practice group, resident in its New York office.
Mr. Porretta’s practice focuses on a wide range of services related to 401(k) plans, pension plans, multiemployer plans, employee stock ownership plan (ESOPs) and ERISA issues. In addition, he has extensive experience with equity-based compensation, nonqualified deferred compensation, employment arrangements, health and welfare plans and HIPAA compliance.
Prior to joining Pepper Hamilton, Mr. Porretta was a partner with Morrison Cohen LLP and an assistant general counsel at MetLife. He started his legal career at Thelen Reid Brown Raysman & Steiner LLP.
Mr. Porretta received a B.A. from Marquette University, a M.B.A. from Fordham University, a J.D. from New York Law School and a LL.M. in Taxation from the New York University School of Law.
Paul L. Porretta is a partner in Pepper Hamilton LLP’s Employee Benefits and Executive Compensation practice group, resident in its …
Aliya Robinson is Senior Vice President of Retirement and Compensation Policy. She leads ERIC’s efforts to develop and advocate for retirement and compensation public policies priorities for ERIC member companies at the federal, state, and local levels. Aliya has more than 20 years of experience. She previously served as the Executive Director of Retirement Policy at the U.S. Chamber of Commerce where she was responsible for developing, promoting, and publicizing the Chamber’s policy on employer-provided retirement plans, nonqualified deferred compensation, and Social Security. She led the Chamber’s efforts on several pieces of retirement legislation, most notably the Pension Protection Act of 2006 and the Multiemployer Reform Act of 2014.
Prior to joining the Chamber, Aliya practiced employee benefits law advising clients on issues relating to ERISA and the Internal Revenue Code for retirement plans, health and welfare plans, and fringe benefit plans. Additionally, she worked on multiemployer pension plan compliance under ERISA, the Internal Revenue Code, and various areas of corporate tax, including corporate restructuring, implementation of cafeteria plans, and compliance with tax reporting obligations. Aliya is a fellow in the American College of Employee Benefits Counsel and is a member of the Tax Coalition and the ERISA Roundtable. She is the Qualified Plans Subcommittee Co-chair of the Employee Benefits Committee of the ABA Labor and Employment Section of the American Bar Association and a contributing editor to the American Bar Association Treatise on Employee Benefits Law.
Aliya is a graduate of New York University School of Law, where she also received a Master of Laws in Taxation. She received a Bachelor of Arts in Economics and African studies from Yale University.
Aliya Robinson is Senior Vice President of Retirement and Compensation Policy. She leads ERIC’s efforts to develop and advocate for …
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Method of Presentation:
General knowledge of employee benefits
NY Category of CLE Credit:
Areas of Professional Practice
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About Pepper Hamilton LLP
Pepper Hamilton LLP is a multi-practice law firm with more than 425 lawyers in 14 offices across the United States. The firm provides corporate, litigation and regulatory legal services to leading businesses, governmental entities, nonprofit organizations and individuals throughout the nation and the world. The firm was founded in 1890.
About The ERISA Industry Committee (ERIC)
The ERISA Industry Committee (“ERIC”) is a national nonprofit organization representing the Nation’s largest employers that sponsor employee benefit plans for their workers, retirees, and families. ERIC is the only national association that advocates exclusively for large employer plan sponsors on health, retirement, and compensation public policies at the federal, state, and local levels. ERIC members are leaders in every sector of the economy. ERIC lobbies to create a public policy environment that allows large employer plan sponsors to have the flexibility to deliver the best benefits programs possible without undue mandates, taxes, or compliance burdens.