This article was originally published here
Following the publication of the 15th-anniversary issue in print, the editorial staff at PLANADVISER Magazine took some time to stop and consider the enormous changes that have transpired in the retirement plan services sector over the previous few decades. Following this time of introspection, many lessons were learned, including newfound respect for the efforts of prominent individual leaders and change-makers. They have played a significant role, if not the most influential, in defining the retirement plan industry of 2022.
The Vision Awards are planned to recognize and honor people in the industry who have pushed for good change and made significant contributions to improving retirement outcomes for United States workers. WIPN is an acronym for We Inspire, Promote, and Network.
WIPN was founded in 2009 as the Women in Pensions Network and has since grown into a well-established 501(c)6 non-profit organization comprising a network of more than 5,500 retirement industry professionals organized in local chapters throughout the United States. WIPN’s members are united in their goal of increasing the presence of women, people of color, and other underrepresented groups in the financial industry in the United States, and their efforts are bearing fruit.
The members of WIPN have included women at all career levels, from entry-level positions to senior management, who represent the many segments of the retirement industry since its inception. These include recordkeepers, third-party administrators, delegated control investment officers, broker/dealers, RIAs, ERISA attorneys, asset managers, and financial advisers. In 2021, the group changed its name to WIPN – WE Inspire, Promote and Network, to better reflect its mission. This shift saw WIPN expand its membership to include men working in the retirement industry and reaffirm its commitment to the promotion of networking opportunities, the development of mentoring programs, and the pursuit of equal employment opportunities and promotion practices in the industry.
Those in charge of WIPN say the decision was based on a vision and understanding that true representation and equality in the retirement plan services industry will only be achieved through a collective effort that includes everyone working in the industry today, regardless of their ethnicity or sexual orientation, and that this change was necessary. WIPN is the first to admit that their work is far from over, but their past, present, and future work proves the enormous influence that visionary professionals can have on the retirement plan market.
Former Assistant Secretary of Labor for Employee Benefits and current Director of the Employee Benefits Security Administration, Bradford Campbell, has been a partner at Faegre Drinker since 2007.
There is little doubt that the Pension Protection Act (PPA) of 2006 has significantly influenced defined contribution plans, elevating them from their previous status as an accessory retirement benefit to their current position as one of the primary pillars of the United States retirement system. As it is popularly known among industry professionals, the PPA was instrumental in ushering in the present age of automatic enrolment and asset-allocation funds.
Brad Campbell was a prominent figure in developing the PPA and other critical ERISA retirement and health reforms during his years in government. His regulatory and policy choices have substantially influenced the ERISA plans’ structure and administration.
The qualified default investment alternative and enrollment safe harbor framework, which was developed and issued during Campbell’s tenure as Assistant Secretary of Labor for Employee Benefits, continues to make automatic enrollment and the use of pre-diversified investments in defined contribution plans possible. He also played a crucial role in orchestrating the implementation of the Pension Protection Act’s (PPA) significant reforms to pension legislation, which resulted in the publication of approximately 30 regulations and important guidance papers. The retirement plan clients and other ERISA fiduciaries who rely on Campbell’s policy vision to administer compliant and successful retirement plans continue to benefit from his policy vision today.
M. Dutton and Associates is a full-service financial firm. We have been in business for over 30 years serving our community. Through comprehensive objective driven planning, we provide you with the research, analysis, and available options needed to guide you in implementiong a sound plan for your retirement. We are commited to helping you achieve your goals. Visit us at M. Dutton and Assoiciates.COM. Tel. 212-951-7376: email: [email protected]