Dear NAGDCA Members,

It was wonderful to see you all in Phoenix at the Annual Conference last week. The energy you brought to the room was incredible, and I loved looking around to see all the smiles and handshakes and hugs. The public DC industry is truly a community, and it was a treat to be among friends for the week.

For those of you who missed it (where were you?!), we did have a few important announcements to share that I want to reiterate here. First, the NAGDCA Executive Board has voted to create a certification program for plan administrators and trustees. We are in the very early stages of developing a structure for the program, but our intent is to provide a foundational program and resources for both new and experienced administrators and trustees. We have much to do to get the certification off the ground, but we will be working diligently over the next couple of years to provide a quality experience for you and your team. Stay tuned for more information to come.

Second, next year is going to be a pivotal year for retirement legislation. The provisions of the 2017 “Tax Cuts and Jobs Acts” are set to expire in 2025, and Congress will be looking to pay for the extension of tax cuts with adjustments to current tax breaks, including those currently allowed in retirement plans. Extreme proposals such as turning all contributions into Roth contributions, lowering the deferral limits for defined contribution plans, and consolidating all retirement plans into a single 401(k) managed by the federal government have been proposed. We will be aggressively defending your programs next year, but we will need your help. Congressional leaders are responsive to their constituents, and your story will be important for key committee members to hear. If we reach out, we hope we can count on your support.

Finally, expect to see more Connect Conversations and online content from us in the coming months. Complex topics such as alternative investments, cyber security, and retirement income are often too difficult for us to cover in a single conference session. We plan to provide deeper content throughout the year on these topics and others, so you can make informed decisions on some of the industry’s most difficult concepts. And be sure to let us know what else we should discuss.

Again, it was a pleasure to see you all in Phoenix. Thank you for your energy, your membership, and your continued support. It’s hard to believe it’s over, but we are already moving forward, and we look forward to providing value to your organization in the coming year.

All the Best,

Matt Petersen
Executive Director

By Groom Law Group

These days, it’s quiet in Washington for policy, but not politics. With this being an election year, lawmakers spent five weeks this summer on the campaign trail and have already departed for six more weeks. In fact, they’ll be in session for just five weeks for the rest of 2024!

With lawmakers gone, policy watchers are turning their eyes to the 119th Congress that convenes in January. The direction it takes depends entirely on which party is in control. If there’s uniform party control, priorities are easily identified and legislation sails through. With split party control, it can be slow – sometimes very slow – going. As of this writing, the race between Kamala Harris and Donald Trump is considered too close to call by many pundits, and control of Congress is a toss-up, with Republicans slightly favored to control both the House and the Senate.[1]

Many provisions of 2017’s Tax Cuts and Jobs Act expire in 2025 and Congress is gearing up again for major tax reform. Ways and Means Republicans have already formed “tax teams” tasked with “identify[ing] legislative solutions.” On the individual side, lawmakers will be examining provisions dealing with tax rates, the child tax credit, and myriad deductions including the standard, state and local tax deduction (known as SALT), and mortgage interest. For businesses, Congress will be reviewing the corporate rate, the pass-through deduction, and the research and development credit, among many others.

Where does retirement fit into all this? Unfortunately, retirement stands as a very valuable “pay-for” that could be changed to free up budget room for other priorities. The provisions above, not to mention proposals from the presidential candidates to not tax overtime or tipped wages, cost billions of dollars. Meanwhile, the federal government spends over $300 billion per year on the tax expenditures to promote retirement savings. Conventional fiscal wisdom, while not followed in recent years, dictates that a government balance its books; if Congress tries to pay for its new spending, old provisions stand to be cut. What are those at-risk provisions? We won’t know for certain until next year, but Rothification is certainly on deck again. Perhaps we’ll see the investing tactics of high net worth individuals that Senate Finance Committee Chairman Ron Wyden (D-OR) has been interested in or executive compensation. Whatever comes, NAGDCA will be at the forefront of any discussions to make sure your voices are heard.

[1] A composite of polling as of September 25 shows that Republicans are favored to control the Senate with 51 seats while Democrats take 48 with one toss-up seat. The House meanwhile is projected to have 207 Republicans and 206 Democrats, with 22 seats too close to predict.

LOS ANGELES UNIFIED SCHOOL DISTRICT NAMED 2024 ART CAPLE PRESIDENT’S AWARD WINNER

The Los Angeles Unified School District (LAUSD) was honored as the recipient of the prestigious 2024 NAGDCA Art Caple President’s Award at the 2024 NAGDCA Annual Conference in Phoenix. Since launching their 457(b) Deferred Compensation Plan in 2006, LAUSD has been a leader in transforming the financial well-being of their employees. The plan, designed to offer a high-quality, low-cost retirement savings option, has achieved remarkable success over the years.

Click here to learn more about the award-winning campaign.

MARYLAND SUPPLEMENTAL RETIREMENT PLANS NAMED 2024 MEMBERS’ CHOICE AWARD WINNER

NAGDCA members and conference attendees selected Maryland Supplemental Retirement Plans (MSRP) as the winner of the 2024 Members’ Choice Award for their innovative “Catch the Match” program.

Through targeted outreach, including webinars, email campaigns, and in-person workshops, MSRP significantly increased participation and contributions. Their efforts have helped thousands of employees boost their retirement savings, earning them well-deserved recognition from their peers.

Click here to learn more about the award-winning campaign!

THANK YOU FOR ATTENDING #NAGDCA24!

Thank you to everyone who joined us for this year’s NAGDCA Annual Conference! Your engagement and participation helped make the event a tremendous success. We hope you found the sessions insightful and left with valuable takeaways to enhance your retirement programs.

For a recap of the conference highlights, including session slide decks and access to our photo gallery, click here to visit the Conference Highlights Page.

We look forward to seeing you September 28-October 1, 2025 in San Diego!

RENEWALS COMING SOON – UPDATE YOUR MEMBERSHIP ROSTERS BEFORE NOVEMBER

As we prepare to generate membership dues invoices in November, we encourage all government key contacts to review and update their organization’s member rosters.

Please note that invoices will reflect the roster as it stands at the time of generation and cannot be updated afterward. Ensure your team’s information is accurate to avoid any discrepancies.

Click here to learn how to update your roster to ensure a smooth invoicing process!