NOVEMBER 4, 2024 | PIONLINE.COM | $16 AN ISSUE / $350 A YEAR
Ciara Cusseaux
Washington
Economic, regulatory policy now in voters’ hands Effects of presidential election will reverberate throughout institutional investing industry
2024 HONOREES: From left, Adventist Healthcare’s Raymond Jimenez, International Motors’ Rose Murtaugh, NACCO Natural Resources’ Sarah Fry, Unum’s
Ben Roberge, U.S. Venture’s Brooke Puta (accepting for Stephanie Paulson), TVARS’ Mark Meigs and Indiana University Health’s Tonya Adams.
Excellence & Innovation honorees got creative to benefit participants
E
mployers looking to take their workplace retirement savings plans to the next level were honored at the 13th annual Excellence & Innovation Awards sponsored jointly by Pensions & Investments and the Defined Contribution Institutional Investment Association. In a ceremony during P&I’s Defined Contribution West conference in Pasadena, Calif., P&I and DCIIA recognized five individuals and two teams for initiatives that aimed to improve employees’ retirement readiness. Several used re-enrollment campaigns to “auto-boost” the deferral rates of employees
not maximizing the employer matching contribution, while others attacked the perennial issue of helping employees draw down their retirement savings by introducing target-date funds with built-in annuities to their plan investment menus. Other winning initiatives revolved around the launch of an in-plan emergency savings program and a deep data dive into racial and other disparities in workplace retirement readiness. n
Profiles of the honorees begin on Page 12
The winners Raymond Jimenez, Adventist Healthcare Retirement Plans Rose Murtaugh, International Motors Sarah Fry, NACCO Natural Resources Mark Meigs, Tennessee Valley Authority
Retirement System
Stephanie Paulson, U.S. Venture Indiana University Health Unum Group
Vice President Kamala Harris and former President Donald Trump are campaigning on vastly different plans in an election that’s widely expected to be decided by ultra-slim majorities in a few key states. Their differences range from foreign policy to immigration to reproductive rights, but Trump and Harris also diverge on tax policy and the economy, and regulatory issues concerning retirement plans and investors broadly, sources said. Here’s a look at some key policy areas ahead of the Nov. 5 election:
Wong Yu Liang/Getty
B y BRIAN CROCE
Taxes
Regardless of who’s in the White House come January, tax policy will be a major discussion point in Washington next year as many of the provisions in the Republican’s 2017 Tax Cut and Jobs Act expire in 2025. Trump, who signed the 2017 bill into law, called for extending the bill’s expiring provisions, which mostly affect individuals, such as increases in both the standard deduction and the child tax credit. Harris, like President Joe Biden, has vowed not to raise taxes on Americans who make under $400,000 annually (about 98% of taxpayers according to the nonpartisan Tax Foundation), but has called for raising taxes on corporations SEE ELECTION ON PAGE 21
Pension Funds
State treasurer elections to impact pension funds, auto IRA and ESG B y COURTNEY DEGEN Though most attention is on the presidential race this election season, several state treasurer races could determine the future of pension funds and other retirement programs for Americans all over the country. Many of those vying for the office
of state treasurer are focused on improving their states’ pension funds, while other candidates hold conflicting views over state auto IRA programs — programs that create a retirement plan for those whose employers don’t offer one. In a handful of states, ESG investing is a key issue in the treasurer’s race, given some Republicans’ strong views
against what they call a “woke” agenda. Here are the state treasurer races to watch and what they each entail:
North Carolina
In North Carolina, state Rep. Wesley Harris, a Democrat, is running for treasurer against Republican candidate Brad Briner, former co-CIO of
investment firm Willett Advisors, which manages the philanthropic assets of Michael R. Bloomberg, including those of Bloomberg Philanthropies. Briner left his position at Willett to run for office, according to his campaign website. The state treasurer serves as the sole trustee of the $123 billion North Carolina Retirement Systems, Ra-
SOUND BITE JANUS HENDERSON’S ALI DIBADJ: ‘In Europe, we’re
seeing the exact same trends that we saw in the U.S. on ETF growth, just eight years behind, so the trajectory is likely going to be the same.’ Page 2
leigh. The candidates are vying to succeed Treasurer Dale R. Folwell, who has held the title since 2017. Folwell decided not to run again, instead launching a campaign for the Republican gubernatorial nomination, which he lost in March. Harris, who holds a Ph.D. in economics and is a former economic SEE TREASURERS ON PAGE 24
A good year for index, ETF assets Total index assets hit $24.9 trillion, up 17.9%, while ETF assets jumped 24% to $9.4 trillion. Our special report starts on Page 17.