Last week, I asked NewsDash readers, “Which benefit-related item do you think will be MOST affected by Trump’s presidency?”
More than six in ten (62.9%) of responding readers work in a plan sponsor role, 19.1% are advisers/consultants, 13.5% are TPAs/recordkeepers/investment managers and 4.5% are CPAs.
The vast majority (83.5%) of respondents said health benefits will be MOST affected by Trump’s presidency. Meanwhile, 4.4% selected “The Department of Labor fiduciary rule, 3.3% chose “Tax treatment of retirement plan contributions and benefits,” and 2.2% selected “Social Security and Medicare.” Non one selected “Retirement plan investing due to market and interest rate expectations.”
Among “other” responses were:
- FSA/HSA max
- The benefit of living in a diverse, multi-cultural nation that respects gender equality and civil discourse between citizens, leaders and other countries while putting country before self.
- It could be anything or nothing. He is not able to do anything for a couple months so let's not fret now. We do not want stress to impact health care before he is even in office.
- Firms may now need to reconsider their sexual harrassment policies
In verbatim comments, quite a few responding readers expressed fear, with comments like, “Good luck to us all,” “Terrifying,” “Oy vey!,” “It cannot be good,” “A disaster,” and “God help us all.” However, many readers expressed hope in what he will do, especially with respect to health care, but also by rolling back some other regulations, including the DOL fiduciary rule. Editor’s Choice goes to the reader who said: “At our firm, the most impacted benefit after Trump's election is the Employee Assistance Program (EAP). A huge demand for grief counseling!”
Thanks to everyone who participated in our survey!