Industry leaders weigh in on what trends plan consultants should monitor in the year ahead.
What developments might impact retirement plans in 2021? We asked several industry leaders for their thoughts about the trends plan consultants should monitor during the year ahead.
Beth Ashmore
Willis Towers Watson
Heading into 2021, we think that sponsors will look to leverage their retirement plans to support employees’ financial security and seek innovative ways to deliver those benefits and manage risk. The Department of Labor will be working on finalizing requirements for Pooled Employer Plans, the development of which may accelerate the pace of innovation. There are currently bipartisan bills in the House and the Senate that are intended to continue the themes of the SECURE Act—increasing access to retirement plans funds and easing plan administration, and President-elect Biden had a few retirement proposals as part of his platform that may be taken up in the new year. And finally, the change in presidential administration may lead to changes in guidance for employers relative to fiduciary standards, ESG investments and the role of private equity in defined contribution plans. It’s shaping up to be another year of change!