Deals and People July 30, 2024

MissionSquare Retirement Appoints New CEO and President

Andre Robinson will succeed Deanna Santana, who served as acting CEO and president since 2023. 

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The Board of Directors of MissionSquare Retirement on Tuesday named Andre Robinson chief executive officer and president of the organization, effective September 3. 

Andre Robinson

Robinson, who will also join the board, will succeed Deanna Santana, who served as acting CEO and president since 2023.

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Growing up in a household and community of public service professionals in the Philadelphia area, Robinson says when he heard MissionSquare’s purpose to simplify the path to retirement security for public service employees, he felt immediately connected to its mission.  

Robinson joins MissionSquare from Voya Financial, where he was the head of advice and guidance for the retirement business and served as president of Voya Financial Advisors, the company’s retail arm. In these roles, he oversaw strategic initiatives, including the optimization of technology platforms to enhance participant experiences and outcomes. He also launched and scaled new product offerings that provide participants with insights to inform their savings and investment decisions. 

Prior to that role, Robinson worked at BNY Pershing, where he focused on driving institutional adoption of advisory-sponsored products and technology solutions. 

Robinson says his first objective in the first year at MissionSquare is to “listen and learn.” 

“The organization is very much in a strong position with a bright future,” he says. “My job is to listen and learn and determine where there’s going to be some innovative growth.” 

Robinson also wants to ensure MissionSquare is delivering the best possible service for plan sponsors, as well as plan participants. He says he will be focused on improving the financial literacy of public service employees, with the goal of improving retirement preparedness.  

Some of the main financial concerns of public service employees include affording college tuition and emergency expenses, and Robinson says it is important for MissionSquare to have the basic tenants and basic solution set to help those employees.  

“As long as we are providing the appropriate advice and guidance, it will help our participants either retire on time or retire ahead of time,” Robinson says.  

Bob Jones, chairman of the board, said in a press release that Robinson’s appointment followed an extensive, year-long search for a permanent CEO. 

“It is clear that [Robinson’s] deep passion for improving lives through financial wellness, and his exciting vision for innovation and driving growth through expanded offerings, make him the ideal leader for the next chapter of MissionSquare’s journey,” Jones stated. 

Robinson says he is excited to build upon MissionSquare’s 50-plus year legacy. 

“I think you’re going see the brand itself expand and increase in terms of overall profile, and you’re going to see us expand into new growth geographies to better help our participants in the overall communities that we serve,” he says.  

Ask the Experts July 30, 2024

Are Age 60-63 Catch-up Contributions ‘Freebies’?’

Experts from Groom Law Group and CAPTRUST answer questions concerning retirement plan administration and regulations.

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Q: I read in an old Ask the Experts column that the age-50 catch-up election is a “freebie,” meaning that such amounts are not included as contributions for Section 415 or Section 402(g) limit purposes, nor are they included in any other contribution or nondiscrimination testing limits. Is this the same for the new age 60-63 catch-up election under the SECURE 2.0 Act of 2022 as well?

Kimberly Boberg, Kelly Geloneck, Emily Gerard and David Levine, with Groom Law Group, and Michael A. Webb, senior financial adviser at CAPTRUST, answer:

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A: Yes, the same rules apply. Under the new provision raising the catch-up limit for active participants aged 60 through 63, such individuals, beginning in the 2025 tax year, can contribute the greater of $10,000 or 150% of the catch-up contribution limit (indexed).

This SECURE 2.0 Act provision is merely an amendment to Code Section 414(v), which permits the age-50 catch-up election and now the age 60-63 catch-up election by amendment. Thus, since contributions under the current age-50 catch-up election are “freebies,” as you state (e.g., not subject to Section 415 or Section 402(g) contribution limits or nondiscrimination testing limits), contributions under the age 60-63 catch-up election are “freebies” as well.

However, special rules apply if there is more than one plan in the control group, and it is important to note that catch-up contributions made are limited to the lesser of the catch-up contribution dollar limit or the excess of the participant’s compensation over the elective deferral contributions made by the participant that are not catch-up contributions.

NOTE: This feature is to provide general information only, does not constitute legal advice and cannot be used or substituted for legal or tax advice.

Do YOU have a question for the Experts? If so, we would love to hear from you! Simply forward your question to Amy.Resnick@issgovernance.com with Subject: Ask the Experts, and the Experts will do their best to answer your question in a future column.

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