Data & Research April 22, 2013

Tax Incentives Benefit Most Participants

An analysis from the American Society of Pension Professionals & Actuaries (ASPPA) shows retirement savings tax incentives benefit a majority of workers. 
Reported by

Using a distribution analysis for the tax incentive for employer-based defined contribution (DC) retirement savings, the ASPPA found 71% of the benefits from retirement savings tax incentives goes to workers earning less than $150,000.  

Analysis of the distribution of the individual income tax burden shows this group pays only 44% of income taxes. By contrast, families with average gross income of less than $150,000 received only 8% of the tax savings from the capital gains tax incentive in 2010 (89% of the capital gains tax break went to families earning more than $200,000).  

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“The employer-based retirement savings tax incentive is the efficient and effective way to help Main Street save for retirement. Proposals that would discourage employers from continuing to sponsor these plans are misdirected. We urge Congress to be very cautious when considering tinkering with a system that is helping so many American workers save for their financial future,” said Brian H. Graff, executive director and CEO of ASPPA.  

Since the release of the proposed fiscal year 2014 budget by President Barack Obama, there have been differing opinions about how retirement-related provisions will potentially affect retirement savings. (see “Budget Proposals for Retirement Savings—A Deterrent or Not?”) 

ASPPA’s research report is here.  

Deals & People April 22, 2013

New Head of Sales and Chief Marketing Officer at Transamerica

Transamerica Retirement Solutions has named Jason Crane, senior vice president, head of sales and Patricia Advaney, senior vice president, chief marketing officer.
Reported by

The promotions happened in the wake of the retirement of Joseph Masterson, who was head of institutional sales and chief marketing officer.

“I’m excited about Jason and Pat taking on these new roles,” Stig Nybo, president of pension sales and distribution for Transamerica Retirement Solutions, told PLANADVISER. These changes are part of Transamerica “methodically creating what we want from a leadership team,” noted Nybo.

Crane, who has been with Transamerica for 12 years, will lead Transamerica’s sales efforts as head of sales across all retirement plan markets. “Jason is a student of the industry,” Nybo said, who “has brought tremendous success in the less than $20 million market.”

Advaney will serve as chief marketing officer for Transamerica’s retirement plans in all markets. She recently led the participant solutions effort and has been with the company for about 12 years.

Masterson retires from Transamerica after nearly 30 years with the organization. “Joe is a leader who set a really high standard,” Nybo said. “We thank him for his great work and contributions.”

Masterson spent many of his years working under the Diversified brand. Last year, it was announced that Transamerica Retirement Services and Diversified—both owned by parent Aegon—were going to move to one brand: Transamerica Retirement Solutions (see “Transamerica and Diversified to Combine Under One Name”).
 

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