MutualFundWire.com: Truscott Rallies Fundsters to Strengthen the Retirement System

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Wednesday, May 3, 2017

Truscott Rallies Fundsters to Strengthen the Retirement System

The Investment Company Institute's current chair is calling on the mutual fund industry to help protect and strengthen retirement savings in this country.

Ted Truscott
Columbia Threadneedle
CEO

Ted Truscott, CEO of Columbia Threadneedle and chair of the ICI, raises the issue with fundsters this afternoon in his opening remarks at the 2017 ICI GMM at the Marriott Wardman Park hotel in Washington, D.C. He wants the industry to make "America's retirement system even stronger."

Fundsters, Truscott says, need to "promote the strengths of the current system and resolve to build upon them," stand behind the central role of IRA and 401(k) tax deferrals, offer savers more flexibility, and "clear the way for more employers to offer retirement plans" and make IRAs more accessible.

"Our system can do better," Truscott says. "Our industry needs to lead the way."

He also trumpets online disclosures for mutual fund investors and other savers. He argues for a uniform fiduciary standard of care, pushing back against the DoL's controversial "go-it-alone" fiduciary reg recently postponed by order of the White House. And he shares concerns about state-backed DC plans for private sector employers while offering praise for so-called open MEPs (multiple employer plans) that would allow "small employers to band together" for their defined contribution plans.

Printed from: MFWire.com/story.asp?s=56203

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