ERISA Attorney Ian Lanoff Remembered as ‘Icon’ in Retirement Industry

Lanoff, who passed away on Sunday, played an important role in implementing ERISA and representing some of the nation’s largest public and private benefit programs as a principal with Groom Law Group.

ERISA Attorney Ian Lanoff Remembered as ‘Icon’ in Retirement Industry

Ian Lanoff, former principal at Groom Law Group, Chartered, and prolific leader in the retirement industry, passed away on September 29 at age 82.

Lanoff had a long career in both public service and private practice. While serving as the administrator for pension and welfare benefit programs the Department of Labor during the Carter Administration, Lanoff played an important role in the implementation of the Employee Retirement Income Security Act of 1974, and his work laid the foundation for decades of jurisprudence, according to Groom Law Group.

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As an attorney, Lanoff also represented some of the nation’s largest public and private benefit programs, helping to protect the benefits for millions of workers and retirees, according to those that worked with him.

Michael Kreps, principal at Groom Law, said Lanoff had a “truly remarkable life.”

“But Ian’s professional achievements pale in comparison to the impact he had on the lives of his friends and colleagues,” Kreps said via email. “Ian loved working with young lawyers and had a knack for seeing the potential in people. He always wanted to make sure the people coming up behind him had opportunities. Ian played a major role in my life and the lives of hundreds of other people. His memory will live on.”

Lanoff started his career as a labor attorney and represented the International Brotherhood of Teamsters. He then transitioned to benefits law when he became the general counsel of the United Mineworkers Health and Retirement Fund.

From there, Lanoff went on to serve as counsel for the Senate Labor Committee (now Committee on Health, Education, Labor and Pensions) and one of the first administrators of the Department of Labor’s Pension and Welfare Benefit Program, which is now the Employee Benefits Security Administration. He joined Groom Law in 1996 and retired a few years ago.

While at the DOL, Groom Law’s Kreps said Lanoff played a central role in the development of ERISA Title I principles that are still in effect today, such as the “everything being equal” test and the power-sharing agreement between the IRS and the DOL—also known as the Reorganization Plan No. 4 of 1978.

Louis Mazawey, also a principal at Groom Law, says Lanoff’s career was multi-dimensional, as he started on the labor side, working on Capitol Hill, and then later working in benefits law. Mazawey adds that Lanoff was the main architect of the basic prudence regulation that now requires fiduciaries to make prudent decisions, follow the right processes and seek the right advice—a regulation that is long-standing and continues to be foundational today.

“He had a great practice with Taft-Hartley plans, union plans, public plans… He was the chief adviser to the board of some larger governmental plans in the country, [and] he had participated in the boards of various public interest groups,” Mazawey says. “I think it’s unique… that he had influence in all those areas.”

Fran Parker, the retired executive director of the United Auto Workers Retiree Medical Benefits Trust, worked with Lanoff in 2010 to start the largest non-governmental purchaser of retiree health care in the U.S. Lanoff was the counsel chosen by the trustees and provided guidance when implementing and creating the trust.

“His guidance was incredible and valuable,” Parker says. “His sole purpose, I believe, was in helping to educate, inform and ensure that the trust, the trust employees and our board were aware of what their fiduciary responsibilities were. He also helped to guide us in terms of policies, procedures and things that were important under ERISA, but also in terms of the protection afforded [to] the retirees… He was truly an icon.”

Lanoff also served on the board of directors for the Pension Rights Center with executive director Karen Friedman.

“Ian was an incredible friend and colleague,” Friedman said in an email. “As a long-time Pension Rights Center board member, he brought his extensive expertise – gained from working as a top Department of Labor official and representing public and private plans – to every discussion we had, offering his insights and strategic advice. He also was warm, witty and generous. He will be sorely missed.”

Teresa Ghilarducci, professor of economics at the New School for Social Research, said she worked with Lanoff for 30 years.

“You don’t know many people with a DOL letter named after them, and Ian’s fame stemmed from Ian’s passion,” Ghilarducci said in an email, referencing the “Lanoff letter.” “Ian was passionate about ‘trust’ and what trust means. For 30 years I worked with him, he would cite case law and horrific stories of people violating trust when they were managing other people’s money. I wouldn’t be the good trustee and fiduciary I am now without Ian looking me straight in the eye and saying, ‘remember it’s their money!’”

Charles Schwab CEO to Retire At End of 2024

Current President Rick Wurster will become CEO in 2025 as “industry giant” Walt Bettinger will continue as executive co-chairman of the board of directors.

The Charles Schwab Corp. CEO Walt Bettinger will retire at the end of the year and be succeeded by the current president, Rick Wurster, the firm announced Tuesday.

Walt Bettinger

Bettinger will continue his position as executive co-chairman of the board of directors, along with founder Charles R. Schwab. Wurster has been president since 2021, a title he will retain alongside the new titles of CEO and member of the board of directors, starting on January 1, 2025. The firm called the move a “multi-year” transition.

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Bettinger has been CEO of the asset manager, financial advisory and recordkeeper since late 2008. During his tenure at the firm, client assets grew to $9.74 trillion from $1.14 trillion. Meanwhile, client brokerage, banking and workplace participant accounts grew to 43.2 million from 9.3 million, according to the firm. 

Part of the growth came from the 2020 acquisition of TD Ameritrade, valued at about $26 billion and noted, by Schwab, as the largest investment management brokerage deal in the history of the industry. 

The deal has faced its challenges, including an anti-trust lawsuit, criticism from clients over the integration, and loss of some of the TD Ameritrade registered investment advisers. 

Bettinger defended the transition directly at the firm’s 2023 Charles Schwab Impact conference, according to reports at the time. The client transition was completed in May 2024. 

Andrew Besheer, managing principal, Besheer & Associates LLC, believes the TD Ameritrade deal will “absolutely play a role in Walt’s legacy,” but that, while the ultimate assessment is yet to be given, “I think the initial returns are probably much better than some of the doom and gloom that commentators have put out previously.” 

Furthermore, he sees Bettinger’s legacy as “so much more than just TDA,” but the growth of the business and assets overall. That legacy is “not without some hiccups—the concerns around the bank last year and the issues around cash sweeps for clients are certainly overhang—but I think on balance you have to say that in terms of growing the business and setting it up for his successor, he’s done an outstanding job,” Besheer says. 

Charles Schwab currently ranks as the ninth-largest 401(k) recordkeeper by assets with $235 billion, according to the 2024 PLANSPONSOR Recordkeeping Survey. 

“As I approach my 65th birthday in 2025, the time is right for me to transition from day-to-day duties and focus on my role as Executive Co-Chairman of the Schwab Board of Directors,” Bettinger said in a statement. “My deep belief in servant leadership has guided me throughout my career, while the support of Schwab’s Board of Directors and the incredibly talented 33,000 Schwab employees helped us navigate through multiple economic cycles while serving our clients and rewarding our stockholders.” 

New CEO Wurster joined the firm in 2016 from leadership roles at Wellington Management and McKinsey & Co. Before becoming president, he was head of Schwab Asset Management Solutions, where he led money management and portfolio advice solutions.

Rick Wurster

“I am honored to succeed Walt as Schwab’s CEO,” Wurster said in a statement. “He has led Schwab to record results over the last 16 years and has done so with humility, exceptional character, and a servant mindset.” 

Financial services consultant Besheer says the new CEO will no doubt have “the challenge of following in the footsteps of an industry giant,” but that Wurster’s eight years at the business will help, along with Bettinger having mentored him and still holding a role at the company. Besheer also notes that Wurster is familiar with the business lines as president, and was involved with the TD Ameritrade deal, so doesn’t expect that “the boat is going to get rocked in any significant way.” 

The CEO news comes a few months after the firm announced an executive reshuffle that included a new head of adviser services, Jon Beatty. Bernie Clark, the former head who had overseen major growth for the division, took an advisory role. 

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