Products July 19, 2019

GoalPath Offers Defined Outcome System

The company calls it a defined outcome system because it is a suite of tools that emphasizes retirement income over account balances.

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GoalPath, a registered investment adviser (RIA) that acts as a fiduciary, has rolled out a suite of financial planning, financial wellness and asset allocation tools for retirement plan advisers and sponsors.

“Employers today want to help their employees retire on time by adding low-cost, custom ‘do-it-for-me’ investment options, easing stress through financial wellness programs and gathering data to make smarter plan decisions,” says Marko Ungashick, chief executive officer of GoalPath. “The challenge is that they’ve been forced to address all these issues in silos, negotiating fees and services with multiple providers. We believe GoalPath will enable retirement plan sponsors to help their employees achieve their savings and spending goals in one easy-to-use, low-cost solution tailored to each individual’s unique situation.”

The program offers target-date funds that consider not just a participant’s age but other data, and it emphasizes retirement income over account balances. Vern Cushenbery, chief investment officer at GoalPath says the porfolios do this by systematically investing and accumulating “slices of retirement income” to generate a stream of inflation-adjusted annual income throughout retirement for each individual.

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“By seeking to manage the relevant risks,” Cushenbery says, “We aim to increase clarity for investors as they plan for retirement, and to enable the delivery of meaningful information to help participants and plan sponsors better assess retirement readiness.”

To learn more, visit https://goalpathsolutions.com.

Compliance July 19, 2019

Trump to Nominate Son of Late Antonin Scalia as Labor Secretary

The son of late Assistant Supreme Court Justice Antonin Scalia failed to get confirmation from the Senate for the position of Department of Labor Solicitor when President George W. Bush was in office.

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President Donald Trump tweeted that he plans to nominate Eugene Scalia, son of late Assistant Supreme Court Justice Antonin Scalia, for the position of Secretary of the Department of Labor (DOL).

 

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According to news reports, in a meeting yesterday, Trump offered Scalia the job and he accepted. Labor Secretary Alexander Acosta resigned last week following controversy over his role in financier Jeffrey Epstein’s plea deal for crimes committed when Acosta was a U.S. attorney in Florida.

 

Scalia is currently a partner in the Washington, D.C., office of the law firm Gibson, Dunn & Crutcher. However, he was previously solicitor of the DOL, a job he filled by a recess appointment used by then President George W. Bush because he was not confirmed by the Senate, which at the time was controlled by Democrats.

 

He may likely face confirmation issues again. According to news reports, Senate Minority Leader Chuck Schumer, D-New York, said, “President Trump has again chosen someone who has proven to put corporate interests over those of worker rights. Workers and union members who believed candidate Trump when he campaigned as pro-worker should feel betrayed.”

 

If confirmed as DOL Secretary, the fate of the department’s fiduciary rule is in question. The DOL has said a new rule could be issued by the end of the year. However, Scalia was part of the team that defended the Chamber of Commerce in its lawsuit against the previous DOL fiduciary rule. That rule was vacated by the 5th U.S. Circuit Court of Appeals.

 

American Securities Association (ASA) CEO Chris Iacovella released the following statement: “Eugene Scalia is a highly accomplished attorney with a great deal of experience navigating the intersection of Washington, American businesses, and the impact of regulation on consumers and Main Street investors. He is a fantastic pick to serve as the next Labor Secretary. ASA looks forward to working with him to ensure the DOL harmonizes its rule with the SEC’s Regulation Best Interest Rule. We urge the Senate to move his confirmation process forward as swiftly as possible.”

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