This past week Derren Burrell represented TAG Resources as a delegate to the National Association of Plan Advisors’ (NAPA) Annual DC Fly-In Forum, an exclusive gathering of the nation’s leading retirement plan advisors.
Delegates to the NAPA DC Fly-In Forum converged in the nation’s capital to listen to and brief top congressional leaders about the impact and importance of the nation’s workplace retirement plans, and, as advocates for the employers and participants they work with, shared how proposed laws and regulations might impact American workers’ retirement security. TAG was one of approximately 200 delegates selected to participate in the sixth annual NAPA DC Fly-In Forum July 24-25.
Attendance at the Forum afforded Burrell the opportunity to hear from Congressman Richie Neal (D-Massachusetts), and Senator Todd Young (R-Indiana), who have recently introduced legislation that would impact retirement plans, as well as Assistant Secretary of Labor Preston Rutledge and Securities and Exchange Commissioner Hester Peirce, key figures in recent developments regarding a fiduciary standard between the DOL and SEC. Panel discussions with key Hill staffers shed light on prospects for legislative reforms, and attendees also gained insights on litigation trends and new retirement policy proposals, followed by a dinner keynote address featuring a perspective on the mid-term elections from CNN Chief National Correspondent John King.
On the second day of the forum, delegates met one-on-one with each attendee’s respective congressional representatives on Capitol Hill to share insights from the experiences professionals in the retirement industry have on a daily basis with business owners and plan participants – and to provide perspectives on proposed and current legislation. Burrell met with representatives from Senator Lamar Alexander (R-Tennessee) and Congressman Phil Roe’s (R-Tennessee) office. Both are key supporters of retirement initiatives that incorporate language and ideas conceived by TAG and advanced in white papers published over the years, including bringing back The Open MEP©.
After meeting with legislative representatives on Capitol Hill, Burrell, and other attendees, had an opportunity to engage in detailed discussions with senior leaders within the Department of Labor on issues involving plan administration. Meetings like this, and the continual exchange of information between TAG and industry regulators and policy makers, ensures that retirement professionals not simply following the letter of the law but adhering to the intent behind laws and regulations, as well. The professionals on the DOL staff, much like the staff at TAG Resources, are committed to protecting clients and getting more people into plans.
In summary, TAG is much more than a third-party administrator; TAG takes the extraordinary steps to ensure that each client (whether plan sponsor and advisor) has a voice at the highest levels within the country’s government. The feedback retirement industry professionals provide to Washington through meetings, white papers, and process documentation is often used a a guide when drafting key communications, proposals and policies.