Broader access for small biz

“Given there was a first Trump administration, it does offer leading indicators to what the second term might bring regarding retirement savings and retirement income. In the first administration, there were explicit statements of support for the 401(k) system and its pre-tax savings benefits. Also, the passage of the first SECURE Act and its significant favorable policies to expand retirement savings access, promote in-plan retirement income options, and recognize longevity trends highlights the administration’s support of workplace retirement savings programs. Executive Orders also promoted broader access to retirement plans for small businesses. I would expect that general support to continue in a second administration.

“The first administration supported more restrictive regulations for using ESG investments in retirement plans and fiduciary standards for retirement advice. I would expect those general positions to continue in a second administration.

“It will be interesting to see if the Trump administration takes on the issue of Social Security solvency, given the impending 10-year window to bring solvency to the system, or if not addressed, benefits will be reduced. Will the Administration include significant reforms for Social Security in future tax reform? Given the need in 2025 to address the expiring tax cuts from the first administration.”

—Kevin Crain, Executive Director, Institutional Retirement Income Council

Instant Insights /

How will a Trump win impact 401(k) plans? Retirement experts weigh in

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