Ep #13: Politics, Policy, PEPs and Participants with David Levine from Groom Law Group

David Levine is a Principal at Groom Law Group and a well-known voice in the industry on fiduciary and retirement issues.

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2/22/2021 - 69 minutes


Episode Summary

My guest today is David Levine who is a Principal at Groom Law Group and a well-known voice in the industry on fiduciary and retirement issues. Co-chair of the firm’s employer focus practice, David advises plan sponsors, advisors, and other service providers on a wide range of employee benefits matters.


Today he joins the show to discuss how the election results and control of Congress by the Democrats may impact the retirement industry and some of the key elements of the Secure Act 2.0 that was introduced in October with strong bipartisan support. Also listen in to hear what’s happening in the space of MEPs and PEPs. And David will shed light on the litigation environment that has been coming to the forefront lately and the future showdown brewing between advisors and recordkeepers for the future of financial wellness.


What You'll Learn

  • How the new administration and Democratic control of Congress could affect retirement policy.
  • Key elements of the Neal-Brady Bill (also known as Secure Act 2.0) and the probability of success.
  • The continued evolution of ERISA litigation.
  • Acceleration and innovation in the PEP space.
  • The future battle for who controls the financial wellness experience for participants.


Links to Resources


Ideas Worth Sharing

  1. “Many people view Democrats and Republicans at extreme opposite ends of each other. Clearly, a Democratic administration will do something different than a Republican administration, but the differences are sometimes overstated.” – David Levine
  2. “I think it’s being carefully drafted not to make it like a pure mandate like in the Affordable Care Act, but trying to encourage and trying to get the coverage. People are watching the M-word [Mandate] very carefully in this one.” – David Levine
  3. “It’s easy to say, ‘Oh that’s just a commoditized product.’ But let’s face it—almost everybody gets commoditized sometimes, and none of us like it, but there is value in that.” – David Levine