Top of Mind


My Letter to Santa, 2017 Edition

Dear Santa:

Last year, in anticipation of my official designation as a member of your Nice List, I made a number of requests, or “wishes,” as you refer to them, on behalf of the retirement plan community.  I was surprised and extremely grateful for your thoughtful response, especially given the fact that you delivered it during your busy season!  I also must say that I thoroughly enjoyed our follow-up discussions during your off-season regarding the questions raised in your response letter, as well as the issues that are critical to you, such as retirement plan coverage for elves as seasonal employees.

Having said this, it is that time of year again, and I wanted to make a few brief statements in support of my retention on your Nice List this year.  First of all, I don’t know if you have access to social media up at the North Pole, but if you do, I encourage you to follow my newly-established Twitter feed, which has attracted nearly 400 followers (including many fellow Nice List members), and provides the latest and greatest updates on all things retirement.  Additionally, I launched A Closer Look this year, which takes a deeper dive into some of our most popular Top of Mind blog entries on critical retirement plan issues.  Finally, I like to think that I played at least a tiny role in our firm’s impressive client growth this year, as we now work with plan sponsors whose plans collectively amount to more than $90 billion* in assets!

Thus, given these accomplishments, and assuming my sustained spot on your Nice List, I humbly make the following requests:

  • I wish that the final tax bill, when passed in Congress, contains few, if any, provisions that negatively affect retirement plans.  As previously discussed, inclusion of some select Congresspeople on your Nice List should do the trick, as it did during the negotiations for the current House and Senate bills.
  • I wish that the Fiduciary Rule somehow gets back on track after being delayed last year.  And yes, I realize that this is a repeat wish from last year.  
  • I wish that the IRS is understanding of 403(b) plan sponsors as they commence their initial plan document restatement process.  As evidenced by Bob Toth’s recent Business of Benefits blog entry, many common retirement plan rules can be difficult to apply to 403(b) plans. Perhaps you can use some Nice List leverage in order to ensure IRS cooperation in this regard.

I thank you for your consideration of these requests.  As agreed, I have made a special request to our compliance department for permission to add extra chocolate chips to the customary serving of cookies and milk this year.  

Sincerely,

Michael A. Webb 

Member of the 2016 (and hopefully 2017) Nice List


*Cammack Retirement Group provides consulting services to plans with combined assets of $90B, including $70B on which we provide investment advisory services (as of 6/30/2017).

Note: This feature is to provide general information only, does not constitute legal advice, and cannot be used or substituted for legal or tax advice.

Investment products available through Cammack LaRhette Brokerage, Inc.
Investment advisory services available through Cammack LaRhette Advisors, LLC.
Both located at 100 William Street, Suite 215, Wellesley, MA 02481 | p 781-237-2291