Preston Rutledge: SECURE 2.0 & DOL Policy | Retireholics

[0:00] Mark: Sa. It. [1:02] Chad: Hey, I wish you would have told me you were doing that. I would have picked a different song to perform today. Welcome, everybody, to another episode of Retireholics. The show described by Fred Reich as. And I quote, the Retireholics are dope. Af. Those guys are on fleek. That's what. No, Fred didn't say that about us. He really. And don't tell him that I said that. I'll probably get in trouble or something. Let's. So let's keep that between us. Well, when you got a big shot guest like we have today, you gotta. You gotta create a song. You gotta perform one. You know, I'm probably just. [1:42] JD: No, you don't. [1:43] Chad: A bunch of old guests that I never performed a song for. But if Preston's coming, I'm performing a song, so here we go. Let me get my lyrics out. This is just for you, Preston. I love you, man. I love you. Brandon, go ahead and start that music. And everyone cross your fingers. I can't hear you, Brandon. [2:06] Preston Rutledge: I said, are you sure? [2:07] Chad: Yeah, I'm sure. [2:11] Preston Rutledge: Screw it. [2:11] Chad: All right, you have a swig of beer first. Lube up the old vocal cords, you know what I'm saying? Shout, shout. Preston's got clout. So many regs you can't even count. [2:46] Mark: Come on, I'm talking to you. Come on. When in D.C. oh, wait. [2:58] Chad: Chow chow. Press has got cloud. [3:01] Mark: He knows Fred re. [3:03] Chad: Without a doubt. [3:05] Mark: Come on. [3:06] Chad: That one, huh? I'm talking to you. [3:10] Mark: Come on. [3:13] Chad: I'll take it home. [3:20] Mark: To sell your story with esg. They really, really shouldn't move forward. Most of you stop. You have some just control Kiss them goodbye because we know they're just a boy. We know that show. My superior happen. Why don't you out. Come on, I'm talking to you. Come on. Let it be known. [4:26] Preston Rutledge: Here we go. [4:40] Mark: Come on, Mark, tell them. You know, press on. Okay? [4:48] Chad: I would slam my headphones on the ground right now. I practice that thing at least twice. [4:55] Preston Rutledge: You guys remember or were you still, like, babes? The cash balance plan regulations. [5:01] Speaker E: Sure. [5:02] Preston Rutledge: Yeah. Well, when they were put into proposal stage, Congress reacted so negatively, they actually passed an appropriation for treasury that forbade treasury from spending any money to finalize those rates. Now, a friend of mine who was at treasury at the time was. Was drafting those regs. Bill Sweetman. And he was in bad shape. So at that year's Christmas party, we wrote. We wrote a parody song. Regulation to the tune of Satisfaction. I can't get my regulation I tried and I tried I can't get my Regulation. It was. It was a big hit and it was such a big hit that when he actually did get the regulation done, something happened to it and I can't remember what. It went away. So the next year we did another parody song and that was I've Lost my regulation to the tune of you've lost that loving feeling. Oh, goodness, I've lost my regulation Balance regulation. [6:09] Chad: Preston, Can I remind you, Preston, this is not the Preston Rutledge show. This is Retireholics. We haven't even introduced you to the show. You've already taken over. [6:19] Preston Rutledge: Maybe that's on point though. [6:22] Chad: It's from Top Gun. [6:24] Preston Rutledge: Wanted to make you feel better. And on stage with a singing backup was Brian Graff. So just so. [6:29] Speaker E: Oh gosh. [6:32] JD: Is there any video evidence of this or were you guys still using those little like weird camcorder things? [6:37] Preston Rutledge: I think you're right about that. But there were two Butterbeater in the Wall Street Journal by who did a column every week he's retired. Like in 2009, he did a column on it and he actually that's the first time my name ever appeared in the Wall Street Journal was when he talked about that with my wife, Julie Gackenbach, because he knew we had written the song and I didn't sing. I played drums. I can't sing. I'm like J.D. i can't sing. [7:03] JD: It's like you just sounded pretty good when you tried to sing that one spot. [7:07] Chad: All right, Preston, thanks for the pre show band or the starting show band. That's usually my job. Dustin, can you. This is big. Justin, I want you to feel very nervous right now. [7:18] Justin: So much pressure on you, man. [7:19] Chad: Our biggest guest yet. You've been crushing it in the intros audience. You know what to do out there. You're going to Judge Justin on 0 to 10 on his intro of Preston. All right, Justin, let her rip. [7:31] Justin: I think no matter how bad I do, jd I can always top your song right there. So I feel pretty comfortable. But anyways, this Idaho born fellow, bearded baldy, has quite the resume. He's a heavily sought after speaker and major benefits topics ranging from retirement and health plans, taxation to investing. And although he likes to refer to himself as the swamp creature to his peers, he's known as the Yoda of employee benefits universe. He's mentored many and they always follow his sage advice. One some buddy of his once quoted, he's a man that's bullish on esg, an ambassador of electronic delivery. He's pro pep and thinks Lifetime income is a long time coming. You really jd? Nothing on that one. I'm surprised. [8:18] Chad: I'm not going to talk about PEPS today. [8:20] Justin: I tried to get you there. So he served as a senior counsel to Senator Orrin Hatch, was an officer in the US Navy, and has played a pertinent role in some little known regs you all might have heard of, like the Retirement Enhancement and Savings act, the Small Business Jobs act, and the freaking Pension Protection Act. Fields degrees from the University of Idaho, George Washington University Law School and Georgetown University Law Center. He's a former assistant secretary of the DoL's Employee Benefits Security Administration. But on May 31, 2020, he said peace out, bitches, and started Rutledge Policy Group a month later. [8:57] Chad: Was that a quote? The direct quote? [9:00] Speaker E: Direct quote. [9:01] Justin: Peace out bitches is what they said. Ladies and gentlemen, Preston Rutledge. [9:05] Chad: Wow, Justin, I have to say, I. We'll see what the audience thinks, but you really are bringing it, buddy. Like, it's solid. Some. [9:13] JD: Who are you paying to write these? [9:15] Justin: Seriously, dude, I spent like 10 hours. [9:19] Preston Rutledge: I'm gonna have to fit and. But for my mother, for my mother's sake, I'm gonna have to fix my bio. I was actually born in Knoxville, Tennessee. I moved to Idaho in kindergarten. [9:28] Justin: So I thought about that branded throughout Idaho, and I was just like, go with it. [9:34] Preston Rutledge: I don't really remember anything. [9:35] Chad: So a little bit of housekeeping. We are going to be playing Chat Bar Champion today. So Preston, try to keep your eye on that chat bar. Your first responsibility is to be a phenomenal guest. But if you see people in that chat bar that make you laugh or say great, cool things, interesting things, they deserve your vote. You will send them to the semifinals. And you guys all know out there what to do. You're going to pick the winner when we get to that at the end of the show. So Chat Bar Champion is on. We're playing Acro Sin Preston. That means if you use an initialism or an acronym, then you must drink from your penalty drink. You can say my name. My name is free and clear. Why don't you show the audience what you're drinking and tell us a little something about it. But try to keep it under like 15 fucking seconds. Okay? [10:22] Preston Rutledge: This is bourbon from Kentucky called larceny. It's called Larceny because the person that founded the distillery was actually a Treasury agent. He used to inspect the distilleries back in the day. And whenever he would leave, he would take a barrel of bourbon with him. So ultimately, he Started his own. He was a, he was a thief. But it was a good thing. Right? So it's a, it's a. And I would say it's like Maker's Mark. It's a wheat bourbon, not a rye. [10:51] Chad: Wheat for those. Wheat, not rye. [10:55] Preston Rutledge: And I think I just spent my 15 seconds. If not. [10:58] Chad: No, solid. That was solid. That was great. A little extra housekeeping here before we get started. Acrosen starts now. By the way, I'm gonna throw a little link here in the chat bar. I talked to you guys, y' all last week about little Genya's leukemia and lymphoma fundraising. Please check out a. I threw a post out on LinkedIn today. The Retireholics are going to try to help her kind of make this last week, push into bringing out some funds. I mean, she's shooting at like 130, 150k and we're. This little show is just trying to make. Help her maybe get an extra 10k by next week. So check that out. If anyone can donate or help out, I'd appreciate it. And I'll keep bothering people through different posts and videos throughout the week. A couple things before we get started. Oh, and next week, sorry, next week we will, we will do the raffle for the winners that donated and, and show them the prizes they're getting and kind of celebrate that in a quick little, you know, five to seven minute segment. And Janya will be here to, to help out. Although we've got a different guest. Cynthia Dash from Broadridge is going to be our guest next week. Let's get started. And I want to ask you guys just a couple of questions that have been on my mind and I'd like to get your guys feedback and the audience's feedback if, if you could. I'm feeling guilty when I write emails these days. I have completely fallen off the cliff of spelling checks and grammar checks. I feel like I've got a million emails to answer. And the old jd five years ago, seven years ago, before I'd hit send, I would do that classic moment of like, okay, let me read it through, make sure my sentences make sense, make sure I didn't, you know, put the wrong word in the wrong place because we all know that the spell check can still get it wrong, right? If you're putting in the wrong place. And yes, I've got the little grammar tools, but. And then I'd hit send because I felt good about it. I'm just tired of that now. Everybody, I don't have time. I got Too much to do. There's only so many hours in the day, so I pretty much just write that sucker up. I don't look at it, I don't review it, and I just hit send, damn it. And I don't care if it's a client, if it's an advisor, if it's an internal person, I do it. I'm guessing I want to go to Preston first. I'm guessing in Good old Washington, D.C. the senators, the congressmen, the President of the United States can't be as lazy as me. Oh, I did something there. District of Columbia. There's no way you take that much of a laissez faire attitude, do you? Nevin asked Dr. Fauci, Preston, how do you feel about that? Am I a total loser? [13:36] Preston Rutledge: No, no, no. You're actually. They're lazier than you. [13:40] Chad: Really? [13:41] Preston Rutledge: Yeah. I mean, they. They don't do any emails at all. They have communication staffers that do it for them. [13:48] JD: So do I. So do I. Yeah. [13:50] Chad: Mark. Mark. [13:51] JD: Yeah? [13:52] Chad: Am I. Am I lame, or do you do some of the same? Are you way more professional than me? [13:58] JD: Well, first off, I'm way more professional than you are, but no, I. I'll say this. If you asked me the same question four years ago, I'd be like, I check every line, everything. Right. Not anymore. I. I've definitely. It's. You just want to get it done. You can't reread everything now. With the exception of if it's like a really complex email or situation, I'll spend a little extra time going over it. But, yeah, I'd say 75% of the time not. [14:32] Chad: Chad. Can't. Can't the person on the receiving end just understand that if there's a grammatical error or spelling or like, that I'm busy is not okay. [14:41] Speaker E: Yes. And I saw someone recently sent me an email that had some grammatical errors, and in the bottom it said, likely written while holding on to one of my five kids and chasing around dinner like, we're all doing multiple things, especially while working from home right now. A little bit more compassionate, I will say. Someone in the chat bar said it ends up being not safe for work. Sometimes I send those verbal text messages and those verbal emails that I don't bother to read, and that ends up not safe for work. Yeah. [15:11] Chad: Oh, that's interesting. Not safe for work. Justin, I would ask you, but you did so well at the intro. I don't want to take away from that glory right now and have you read your cover? [15:22] Preston Rutledge: I'm Going to second what Mark said because there was a time I've evolved too. First I didn't use it at all. And then about 10 years, maybe 15 years ago, my boss called me in and he asked me, are you aware that there's a spell check function? And of course I did. I was not very nice. So I went back and I got oh wow. So then I was really, you know, good about it. But frankly, after all these years, I think spell checks overrated. So there was an old similar to what you were saying, Chad. I used to get, I used to get emails before there, you know, when that was, when that was fancy and new dating myself. And it would say at the bottom. There was this very senior lawyer. It would say at the bottom, dictated but not read. So you just excusing himself for before there was even a spell check. [16:12] Chad: So we need the more modern version of that. I say to everyone out there, like Tony said, let me help you lower the bar. People stop checking it. Stop looking over. Just let sure that the person that's receiving it knows. Man, you're busy, you got a lot of stuff to do and we're trying [16:26] Speaker E: anyone else dialogue, right? It's communication. If I'm talking with you, I'm not spell checking myself. Like there I'm gonna make mistakes. Sometimes I feel like having a discussion. [16:36] Justin: Autocorrect is actually at times gone way too far past what it actually is. [16:40] Preston Rutledge: Oh, you've got, you've got to be real careful with auto check. We got to be real careful with auto check. And I'm not even going to go there with the, with the acro sense. They really punish you for acro sense and auto fill if you're not medium. [16:52] Chad: Hi Schmedium, welcome to the show. Okay, I got another one for you guys. Why is it that when you need some work done on your cable, the cable guy can tell you, I'll be there on Thursday between the hours of 12 and 4 or today I had one, I had a fireplace fix it guy who will be there to fix my fireplace between the hours of 10 to 3. Why do they get that luxury? Why can't the 401k. Why can't Chad say to his advisor, hey, I'll see you on Wednesday. I'll be there from the hours of 12 to 4. Like wouldn't that be fun, Mark, if we could do that? No. [17:32] JD: Well, it wouldn't be fun. No. Because I'm a pretty scheduled person myself. I don't, I don't want to give that. [17:38] Chad: So why does it? Why does a cable guy get to do that? [17:41] JD: I don't know, J.D. it's just how it's always been. [17:44] Chad: Okay, let's go to topic number one, Secure Act 2.0. Because when you got someone from D.C. who's been this close to it. Oh, yes. What? Oh, God. I got a couple coming my way. [17:54] JD: All right. [17:55] Chad: And, Preston, I let you know that if you do acro sin fail, you can finish your thought. You don't have to go straight to the whiskey. Save it up. Yeah, I got two coming. [18:04] Preston Rutledge: I'm gonna stock up in advance just to be ready. [18:07] JD: Let's. Smart man season pro right there. [18:10] Chad: I said let's talk. So you're so close to it. I'll just go straight to you. We've talked about Secure 2.0. We know all the different provisions. We've seen all the articles. Oh, hearing it, I didn't even know that was one I was screwing up on. That's why I got it. Okay, I got four coming. This is going to be Tahoe. [18:27] Preston Rutledge: J.D. [18:27] Chad: all right, let's do it. How about the timeline? Preston, Megan, update us on that and when we think this thing might come to fruition and. Or do we anticipate, like, all the provisions going through, or do we know of any of them that are potentially on a chopping block or might have some kind of significant enhancement or adjustment, like give us a little Update on secure 2.0. Ah, Jesus Christ. [18:53] JD: Sorry, I hit Justin's face. [18:54] Chad: Go ahead, Preston. The floor is yours. [18:56] Speaker E: I'll help him out. [18:58] Preston Rutledge: So in terms of timing, there's a. There's a kind of a rhythm to legislation. Although we're in a very weird year normally, and I'll call it regular order, the kind of legislation where the House passes something, then the Senate takes it up, passes something, it's a little bit different. And then I became maybe a conference. [19:17] Speaker E: Remain a bill until it's. [19:19] Preston Rutledge: It's. Yes, I'm. I'm just a bill on Capitol Hill. It. It's kind of. It's. It's the dance of legislation. There's actually a book by that title. It just. It's very. Circ takes forever, and. But. But that's how it works when you're doing regular order. So how do we pass this massive bill in March, you know, less than, you know, 60 days after President Biden took office? They used a special procedure that allowed them to do it without any votes from the other party. And I'm not going to bore you with that, but they're Going to do that again. This probably before the end of the year. But generally pensions is. Retirement policy has been so bipartisan, they haven't needed to do that. So despite it being popular, despite it being bipartisan, they still don't pass bills. Kind of freestanding. They have to be attached to some other big bill that's going through some train going through the station. We used to talk about it in December as what's going to be the Christmas tree. Because everybody wants to get their ornament on the Christmas tree. And that's how secure got through. As big, as important as it is, it was really just a very relatively small piece of a massive bill that passed in December. There you go. It was a. That's how it works. So what will happen this year? When will the forcing event. When will the big train Christmas come into view? We know when it is probably September. We'll see the train, we'll see the big bill. It'll be something that has to deal with the expiration of. There's probably three things that are probably going to trigger it. The expiration of the debt ceiling could be. [20:54] Chad: Could be another pandemic. [20:55] Preston Rutledge: Maybe it could be another pandemic. Let's not, let's not plan on that. But you're right. I mean, think of all the big legislation that happened because of that. We got electronic disclosure because of that, even for health and benefit plans. [21:07] Chad: Yeah, that's a great, great trade off. Great trade off. [21:10] Preston Rutledge: I'm sorry, I'm not doing the trade off. I'm just saying that's what happens when you do these things. Because all the, all the, all the, all the printer vendors were shut down. So, yeah, what could you do so that. So this is. [21:21] Chad: Well, sort of on that thought. Sorry to derail you. I thought that was funny when I heard that there was lobbyists against the electronic disclosure regs. I'm like, who's pissed off about this? This should be a great thing. And then someone told me it's the paper vendors. Sorry, continue on. [21:36] Preston Rutledge: It's really this group and I'm not. And they're public about it, so I'm not going to reveal any secrets. It's the Forest Products Association. It's just that simple. And there's also some concern at the aarp. They feel like older people can't work email. There's a provision though, in the secure 2.02. [21:58] Chad: That's three. You got three. [21:59] Speaker E: You can. [22:00] Preston Rutledge: There's a provision in the bill we're talking about to roll that back a little bit. That so we'll see how that goes. And but anyway, so there's another bit. The Highway Trust fund expires in September and they got they've got to do something about that. And finally the annual budget comes to an end. You know, September 30th is the end of the fiscal year, one of those three years or all three of those in a big old messy bill probably. So the thing to watch for between now and then is when does the House pass the bill that came out of Ways and Means. And it was a, it was a bipartisan unanimous yes vote. People don't realize how in this, in this environment there are still unanimous votes by the in the Ways Means committees. Large we know that there's a bill in the Senate that looks sort of like the one we're talking about, but there's some big differences. Somehow they'll have to get merged. But also the Senate Finance Committee and the HELP Committee haven't weighed in yet. That's where pension legislation usually resides in the Senate. So there's a ways to go the [23:02] Chad: next but is it going to happen in, in a year that ends in 21? [23:08] Preston Rutledge: I think there's a good chance it will. But but it also could be early, early first half of 21. [23:15] Chad: Don't, don't quote me, but I it's been a while since it looks at it. Aren't some of the I guess they're all just proposed stuff at this point. So they tweak the dates. Aren't some of the effective dates like one 122 and stuff maybe I'm wrong. [23:29] Speaker E: Correct. [23:29] Preston Rutledge: And the longer it takes well, if you pass something, you know, put yourself in the shoes of committee on May 5, which was the markup. It was the only Cinco de Mayo markup I'm aware of. May five was the markup. They on that day they're just sort of oh, look, we're going to pass this and they don't want to act like it's not going to pass. So a 1122 effective dates, not, not necessarily a bad thing. Plus a lot of times that you still have that year is just a kind of a rolling thunder kind of year. It takes a while to get things going. But you're right. The longer it takes the tweaking the effective dates is something that happens late in the process in typical bills. It happened with the secure bill as well. But I don't want to be too what do we have four too optimistic. Either we marked up secure in the Finance Committee or what became Secure in September of 2016. So it took until 2019 to pass it. And I have filibuster. You got a Senate guest. I'm a filibuster. Okay. That's what I do. [24:32] Speaker E: Oh, goodness. [24:34] Chad: You're gonna have to finish that whole bottle. I'm kidding. Yo five please don't. You know five you'll five yo five. I guess what you're also telling me is it's super bipartisan and there's. There's no provision on there that either side is. Is bitching about and would change. So we can kind of assume that it'll be pretty much like what we saw in terms of the rough draft. [24:56] Preston Rutledge: Yeah, I wouldn't quite go that far, but there may be some in the senate that aren't 100% happy with what's in the House bill, and then there may end up being some in the house and aren't 100% happy with what's in the Senate bill. But it's generally. You're right. It's far more. Far more Kumbaya in this area than anything else. And it still takes a long time. [25:18] Chad: Daniela wants to know if the Dems are going to lose the Senate in the midterms. She wants to know your opinion. I'm not going to ask you that. I'm compressing. I'm going to ask you, Chad, I think you're going to find this really interesting. And Michael Webb, too, if he's out there or did Webby couldn't come. His kids got something. Any nerds that are out there I think are going to like this. Chad, it's actually not secure 2.0 as in 2.0 that. Oh, God damn it. The new version of something. It's actually the name. I can't say 2.0 as in the alpha. Am I right? Preston, explain to people this nerdy little story. [25:59] Preston Rutledge: All right. It's a nerdy story. And it. And you're getting close. 2.0 is 2.0. That's true. And it's a nickname. The actual name of the bill is a long, boring name like most of them, but it's a nickname because it's a follow on from the Secure Act. But the Secure act itself, like I said, remember I said it wasn't passed as a freestanding bill. It was a part of a much larger end of the year monstrosity, a bill to basically fund the government at the end of 2019. And so when you see those bills, there's like hundreds and hundreds and hundreds of pages long and there's these divisions, Division A, Division B, Division C. That's where the secure is. Division ok, as in Element op. It's Division O in A. In a much larger bill that gives you an idea of how many. How many different divisions was in that massive omnibus type of a bill. So that's what happens. As much as we all love retirement policy and helping people save for retirement, most politicians, if they're honest about it, they'll tell you it's very boring and they don't want to. They don't want to do it and they're not going to vote on it straight up. They're going to put it into something else. [27:07] Chad: Wait to see what that is. We'll wait to see what the Christmas tree is. Even if it's not Christmas time, whatever the train is. Okay, Preston, I. I think you owe us two from your last swig. Does that seem fair, everybody audience, I [27:21] Preston Rutledge: owe you one more swing. [27:22] Chad: It's either one or two. One or two. [27:24] JD: I guess we'll go with one. [27:26] Chad: We'll go with one. Shannon says three. Hackler says at least Explanation point. Let's have a little fun. Preston, we like to play a game around here. We call it the Old and Unimproved, Yet Full of Integrity. Wheel of Ice. [27:45] JD: This is the longest title possible. [27:47] Chad: And you don't have to play along. You've had quite a lot to start the game, so you don't have to play along. It's just. You don't have to be worried. It's just for us. Brandon, spin the wheel. Let's see who's gonna lose and. [28:02] JD: Or is it winning? [28:03] Chad: JD. Hit him. Double him. [28:14] Speaker E: Come on. Come on. Safe. [28:16] JD: You know, Katie, how dare you. How dare you. Katie, get him. [28:21] Chad: Yes. [28:23] Justin: Boom. [28:24] Speaker E: Not yet. Finally. [28:26] Chad: What do you mean he has to do what you're seeing on screen? [28:29] JD: Yeah, you said last time. I've never had to do that. [28:32] Chad: Drop a shot of Makers in it or whatever. [28:35] Justin: It's always been a group one, right? That would be figured out. [28:37] Speaker E: It's been everywhere. [28:38] JD: Love it. Yeah. [28:38] Justin: Now, it's not that as. [28:40] Chad: As Daniela says properly describes it. Ew. [28:44] JD: Ew. [28:45] Justin: No, no, it's ew. [28:47] Chad: Oh, that's. [28:47] Justin: Remember that gif I sent you this morning? [28:49] Chad: No, I've always saw this. Ew. I like that better. [29:00] Preston Rutledge: Oh, you have a Mason jar glass. I like that. [29:02] Chad: See, I think Danielle's in my camp. She's saying ew, but I like yours. [29:08] JD: Either one. But It's L topic 2. [29:12] Chad: This generation, it's ill. Preston, let's Talk, let's talk lobbyists, let's talk legislation. So let's talk comment periods and getting legislation through and the air. Check, swing, check, swing. American Retirement Association's role in that. You know, how the whole thing works. How often does government get outside professional support when crafting new rules or new legislation? And what does that look like in the real world? Like, who's giving them that advice? What's the process? How does it happen? Can you give some of us just raise regular people some insights on how these, how Washington works? [30:00] Preston Rutledge: I don't know. So keep like a division between the agencies. You used to, like, like the agency where I was at the Department of Labor, ebsa. Oops, sorry. [30:16] Chad: Fine time. [30:18] Preston Rutledge: Because you mentioned comment periods. So those, those agencies treasure mdol in our area mainly. That's another one. I already over time that one. [30:31] Chad: Keep going. Sorry, Preston. [30:32] Preston Rutledge: Already over time. I'm sorry, I've taken too long. I've got to get it out. So in a way it's kind of similar. They'll do proposed rules like, like, like Congress will introduce a bill, but they not only do they need input from the public and from experts, they actually are required to ask for it. And that's what a public comment period is about. So you put out a proposal and usually it's about 60 days. You let the public comment. In my experience there, we never did a single final rule in my time where we didn't actually take something out of the public comment and actually change the final rule based on that comment. Because we know the whole world out there. You know, there's a lot of expertise out there. You mentioned the ara. Oops. You mentioned the American Retirement association checks, [31:22] JD: the whole thing. [31:25] Preston Rutledge: I'm not going to argue with the rest. [31:27] Chad: He's worried about him. Drinking too much is not a check. [31:30] Preston Rutledge: So, but, so there are associations that bring a lot of expertise and they bring data and they're very helpful. There's also, there's other kinds of interscripts, but just every ordinary, everyday, ordinary people can, can write in on the, can write in and submit comments. And that happens too. You get, you get really good comments and they get read. They really do get read. I think probably the least helpful kind of comment you get are the, what we call the, you know, the letters where they're like, it's one letter and it's got 5,000 people that sign it. And it basically says one or two things. This reg is horrible. Don't do it. Or this reg is wonderful. Please do it quickly. And then you have 5,000 signatures. That's not particularly helpful. But otherwise that's. On the legislation side, it's less formal. But in terms of public input, except the way they treat it is they'll introduce a bill, someone introduced a bill, and then at some point a committee will hold a hearing. And that's how you get the public input. So the hearings really matter and they can be kind of boring and dry. But the other thing you'll notice about a hearing, when you go on the webpage, you'll see there's usually submitted written testimony. Some of those are very helpful. They've got a lot of, a lot of. They're almost like legal briefs sometimes, or they're just treatises on the topic. We had the center for Retirement Research up in Boston would come by on some of our. There's a number of entities and the American Retirement association is another one. This is not an advertisement for them, by the way, but they're good. But there's a lot of others too. So they get people, they want the input. There is a more informal way of getting input, and it's true of the agencies as well as the Congress where people will call up and ask for a meeting and they'll come in and have a meeting and they'll deliver information. They'll try to point out how a bill might be inadvertently hurting something or maybe could be improved to help what they're trying to do a little more effectively. [33:31] Chad: I feel like there's probably two big camps out there. I think there's the ones that are complaining about something or want something changed because it's not in their best interest, you know, just good old fashioned greed and, you know, or it doesn't have to be greed but, you know, just want something to work better for them. And then I think there's this other camp of kind of like the Chad Johansson's out in the world that are like, read through some of the proposals and are like, oh, this, this has some holes or some gaps or some things that maybe you all didn't realize aren't going to work properly. And I think those are the valuable ones. You know, the people that are really looking at what you're doing, the experts that are out there. And the takeaway from what I'm hearing from you is I rely on like the American Retirement association. You know, I kick back in my little, you know, laissez faire life, having a good time and feel like Nevin and Brian and all those people are fighting the good fight and keeping an eye on it. And shame on me. I feel like the individual. And Chad, this should get someone like you excited. Like, we should read those big, long things and dig into them with a highlighter and spend some time with our peers figuring out, like, how we might be able to help and not just put it all on Nevin and Brian, but maybe support them. [34:42] Speaker E: I can't say I disagree, J.D. but if you remember, the first time we met Nevin, I stepped into that conversation thinking he's got no clue what this industry actually does. [34:53] Chad: You talked about Nevin. [34:54] Speaker E: I did. And it was, it was for a reason, is because Nevin, in my mind, was a public figure. And so he didn't really understand the ins and the outs of our business. I was obviously wrong, and I've been wrong with everybody. And I want. I'd like to have another drink, but at the ARA in that fashion, too. And reason being. And I say this, yeah, I can. I can read it and other smart people, and we can find holes. They can find holes. But I truly put my faith in some of those advocates that we have that I believe have a real impact in Washington. And I think that they're doing right by all of us. So when I see that come out, Shannon said it's super boring. When I see that come out, hell no, I don't read through that. [35:36] Preston Rutledge: There's. [35:37] Speaker E: I wait. I wait for Nevin's summary, I wait for someone's summary of it, and then I dive a little bit deeper into the specific areas. [35:44] Chad: I get kind of excited when it comes out, and it's 269 pages. And I actually do feel like I'm going to be cool this time. I'm going to fricking sit down and read this thing over the weekend and be super smart, smart guy. And then the surf gets good. And, you know, I want to, like, drink beer and not do that. So I do rely on Nevin. So I don't know. I just, I call bullshit on that, JD But I do think I'd like to see more of the. We have so many smart people in this industry, and. And I guess I'm having this weird kind of public service announcement of like, you can make a difference. That's what I heard from Preston. [36:19] Speaker E: Prepping. But, JD My comment back would be, I think we have a better impact. And Preston, you tell me if I'm wrong in terms of what gets pushed through in Washington. I think the impact of making changes, those voices being heard are more likely heard from the ARA than they are. Chad Johansen, writing in so if I take what I read and I want to make an impact and I take it through the folks, Nevin and Brian and so forth, it's going to be more impactful than it is if I just make public comments. [36:50] Chad: Preston, to answer that question, would Chad be better off writing like a staffer an email and doing a nice polite thing? Giving his points or just sending his points along to the American Retirement Association? [37:03] Preston Rutledge: It's not an either or. You can do both. And in fact, Nevin said the same [37:07] Chad: thing at the same time. [37:10] Preston Rutledge: Send your comments to hi Nevin. Send your comments to Nevin because it'll help him, but also it would be wise to, I think I always enjoy getting information from real people, but it was important that they had some information as opposed to coming in and just begging us to do something or not do something. And it was kind of just emotions or something. That's great, except you can't really make policy. It used the word advocate a moment ago. And that's what this is all about, advocating for good policy that will help improve retirement savings. And, and even if you guys are in the industry, you've got an interest, you've got good businesses, you've got a business, but that doesn't mean you're not advocating for good retirement savings policy. You are. So another thing to do you might do is go on the DOL website. My old agency, the Employee Benefit Security Administration Rules, that wasn't an acronym. I said the employee. [38:11] Chad: You said Department of Labor. You said Department of Labor. Before that. [38:13] Preston Rutledge: Oh, I said dollar. [38:15] JD: Yeah, don't repeat yourself, man. [38:20] Chad: Preston, let me, let me ask you this one thing, though. [38:23] Preston Rutledge: Check those public comment pages. You can scroll down and you'll see individuals. Sometimes they're professors, sometimes they're business people, sometimes they're just advocates. And you'll see all of the associations as well. And you'll see corporations and you'll see businesses. So I'm just saying it's a much broader swath of people than you might realize that actually do comment. And the comments, at least in the agency I was at, the comments definitely get read and they get summarized and the executives get briefed before they make final decisions. [38:54] Chad: Janice Stout is texting me. My phone's right here on the screen that people are bringing in donations already. Thanks. Way to just name drop that are doing that. [39:05] Speaker E: J.D. i just threw it in the chat bar. But don't you wish that we had voiced our opinion on the structure of Cal Savers? [39:12] JD: No, I do. [39:14] Speaker E: That's a nightmare in the way. [39:16] Chad: It's like that, though. I'm being selfish. [39:19] JD: Chad. Chad. [39:21] Speaker E: Selfish, yes. Selfishly, yes. I do like the way it's structured, but right. The business, the businesses are going to fail. Auto enroll Roth only not telling people who do or do not qualify for Roth. It's going to fail dramatically. [39:37] JD: It's up to them to decide if they qualify. [39:40] Speaker E: I know that's not good. We're trying to, we're trying to force this. It's not. [39:45] Chad: I don't know how many people listening are in Cali. Probably not a lot, but New York, [39:49] Speaker E: now, Texas, Greg, many others. [39:52] Chad: Yeah, for sure. I want to ask Preston, but I don't know how much time we have, so maybe really quickly. I know part of kind of your, your new role in going private here or away from government is, is to counsel different companies, give them your insights. And I know big, large, Fortune 500 Wall street firms always want to know what's happening in Washington, right? Because they want to be able to set up new products. They want to kind of bob and weave to what's going to happen. They want to play that strategic game of business chess and be ahead of the curve a little bit. So we all know that's true. And they put a lot of money and effort and energy into that. Do you think that like the small independent advisor or you called me a business owner, the small third party administrator or, you know, the small Advisor shop with 10 people should, should take like a similar approach? Because I don't know if they do [40:48] Preston Rutledge: well, it, it might not be economically feasible because, well, I'm not saying we [40:53] Chad: have to hire fancy pants like you. I just mean keep our finger on the polls and see what's happening. [40:58] Preston Rutledge: Oh, absolutely I do and I would. [41:01] Speaker E: And [41:04] Preston Rutledge: because government needs to know from the people that they're about to affect with their legislation or their regulation how it's going to affect them. And sometimes they just don't. And it's, you know, a lot of people in government have spent their whole careers in government and don't really have an appreciation for what you guys have to do. Starting a business, hiring people, meeting people. [41:28] Chad: I don't know, Preston. I probably didn't position it properly. I don't even necessarily mean feedback. I mean, should I, as a small advisor shop, you know, in any town, usa, with six employees, should I be paying close attention to the new things that are going to or might happen so I can pivot the same way a large company like Voya might pivot or empower might pivot in my Own little way. You know, like I'll use PEPS as an I'll drink. I'll use pooled employer plans as an example. Like I think there's a lot of small advisors that are going, oh, this is a new thing. Let me, let me change my business model so I can profit from this in some way. I'm being the negative side now. [42:08] Preston Rutledge: I think yes, the answer is yes. Also it would help, sir. I would think it would be good for your clients for you to see something coming where you see something, you know what it really means and you're going to want to tell your clients, I assume if it's a good thing or a bad thing, maybe it's something that. Let's say that one of these provisions in the legislation goes through that allows people to increase their catch UP contributions by $10,000 a year on top what they can already do when they are age 62, 63, 64. You would want to pay attention to that and have people ready for that because if you don't, a couple of years could go by and they could have employees that were 62 when it was passed. By the time they figured it out, they're already 64 and they missed, you know, that sort of thing. [42:52] Chad: Or I would argue some of that, some of the college savings clarity with the employer matching the college saving stuff could be something where an advisor could to change their strategy going forward to make that part of their solution. [43:06] Preston Rutledge: Yes. So absolutely, the changes that. These are changes that are opportunities that really are intended to help employers help their workers save more. The college savings thing you just mentioned is a perfect example. Allowing the, the payment on the student loan to be treated like a deferral to the deferral to the plan. Is 401K considered an acronym? [43:36] Chad: No. [43:36] Preston Rutledge: No, I hope not. So, and then treat that like a deferral and they can put the match in as if that was put into the plan. You won't get as much in the plan, but you'll get employer money, which is very popular. [43:49] Chad: They needed something and they won't just [43:53] Preston Rutledge: completely get out of the plan and stop saving. [43:55] Mark: Yeah. [43:55] Chad: Then you need that college debt down. Chad, did you have a thought or. [43:57] Speaker E: No, I was just curious because as I read and started to kind of wrap my brain around matching someone who is paying down college debt inside the plan, I started to wonder, will our record keeper partners make a play into that space? Like we've seen them go into the health savings account space. We've seen them get into the flexible savings account Space. [44:21] Chad: Yeah. [44:22] Speaker E: Well, they go in and say, well, if we're going to get the matching dollars on the 401k side, can we start to buy these loans out from some of these organizations or offer student loans? That way we're not only are we getting the interest, but we're also getting the kick in assets from the match. [44:41] Preston Rutledge: Are you saying that the value for that would be that they would know, they'd have the identity of the person making the payment and then they would alert the employer so that the employer would make the matches. Is that part of it? Or you just, he's just making up [44:57] Chad: stuff saying maybe they'd get in that game and see it. That's interesting, John. That's fine. [45:01] Speaker E: Because there's money to be had, right? And everybody talks about monopolizing the participant in any way you can. If you're looking at a participant and a company and an industry for that matter, that is starting to match people who are paying down student loans, wouldn't these financial institutions love to be holding onto those loans? [45:19] Chad: I don't know. [45:20] Speaker E: To gather the interest from those payments? [45:22] Chad: I don't know, but I think so. I love it when you make up shit like that. That's cool, that's fun. [45:27] Speaker E: It could be. [45:28] Chad: There's a bunch of people in that. [45:29] Speaker E: It's a conspiracy. I should have my. [45:30] Chad: I like it, I like it. [45:31] Speaker E: It's interesting. [45:32] Chad: Case in point. I just, I just, you're, you're making my point, which is I don't care if you're a large company or a small company, part of running a business should be looking at proposed regs before they happen and asking yourself paying attention to that stuff, paying attention to Preston's world and going, okay, if this goes through, how will it impact my business? Is there anything I can do to be offensive with this, you know, and improve my business? Is there something I need to do to be defensive to, you know, go against it and just pay attention to that stuff. And I think a lot of times we live in this space of like, oh, I'll just wait till it, I'll wait till it comes out. You know, always what comes out and I'll figure it out. Then that is my point was that is not what, what voy is doing. That's not what principals doing. That's not what Fidelity is doing. They're getting smart people like pressing into their conference rooms going like help be our crystal ball. Let us know what, what may or may not happen so we can prep for, for it. And I just think all of you out there should kind of take that [46:36] Speaker E: same approach that JD is why they tune into the retireholics so they get access to folks like Preston and hear his thoughts. Now they are preparing. Thank you. [46:48] Chad: Great stuff, [46:51] Mark: Mark. [46:51] Preston Rutledge: I'll bring to that. [46:53] Chad: Yes. Guess what, everyone? Guess what, everyone. Your favorite game is back. It's been a little while, but it's time to play the lamer game. Game. Devin says. [47:08] Mark: Oh, my God. [47:10] JD: That's all what he said, jd what did he actually say? [47:13] Chad: Yeah, right. [47:15] JD: First off, I thought we weren't going [47:17] Chad: to have time for this because I [47:18] JD: thought you had another game that we were supposed to play. [47:20] Chad: So I go after show. Might go after show. [47:22] JD: Okay. All right. Well, Preston, I'm. I'm imagining you've never caught yourself on a Thursday night venturing into the world of the retireholics. So I'll explain the game to you. Very simple. I'm going to ask you a series of questions and either the answer is it's lame or your game. [47:40] Preston Rutledge: Is that a picture of Nevin? [47:42] JD: It is that is that is. Is that lame or game? [47:46] Preston Rutledge: I think that's game. I like that. [47:48] JD: Good. [47:48] Chad: Good practice. [47:49] JD: And that's why you're wrong. So, okay. [47:53] Preston Rutledge: Oh, and by the way, I have watched the show before. I was. [47:56] JD: No, you haven't. [47:58] Justin: A couple weeks ago. [47:59] Preston Rutledge: I was introduced to it some time ago by my wife Julie. So he said, you got to see this. So I've probably watched you at least three times now. Maybe I'm going to have to be a regular, regular guest. Not a regular guest, but a regular. [48:12] JD: Honestly, can I. We're. We're in the. We're in the truth circle right here. When I see names like yours pop up in the chat bar, I just assume that somebody's saying that they've changed their name. [48:25] Speaker E: Yeah. [48:26] Preston Rutledge: Somebody important. [48:27] JD: Yeah. No. [48:27] Speaker E: So to know that isn't really Nevin. Nevin's the. Nevin's the 19 year old sitting in our corporate office turning into act like [48:36] JD: Nevin, pretending to be Chad called. [48:39] Chad: Chad calls. [48:41] JD: Yeah, Chad calls his whole family and says, hey, log into the show. When you do use one of these 12 names, that actually means something. [48:47] Chad: I'm just gonna say it. [48:48] Preston Rutledge: That's the first funny thing ch. Sad in like five years. That was amazing. [48:54] Chad: Oh, solid. But we should do that. We should do that. We should get a Frederician, someone to tune in. People be like, look at all these cool people that tune in. Sorry, Mark, go ahead. Yeah. [49:02] JD: All right, so we're getting on to the game now. So in Preston, I'll always start with you. My first question is watching a scary movie. Okay, but during the day or when it's still light out, is that lame or are you game? [49:20] Preston Rutledge: Oh, that's lame. [49:24] JD: Jd. [49:24] Chad: Jd, if it's really scary and you like kind of pull the blinds down, you know, do your best to. [49:32] JD: No, no, no, you're. You're going straight. Light the house up. [49:36] Chad: Yeah, no, it's lame. That's lame. That's not the proper atmosphere. [49:43] JD: This is good to know. I think somebody here needs to hear this. [49:48] Speaker E: I am game. I'm not watching the movie. Be scared. I'm watching it for entertainment purposes. Put the lights on. I'm just fine. [49:56] JD: And before I go to him, I'll just say that Justin comes off as this guy who really likes horror movies. And the other day he's like, guess what's coming out. The Conjuring 3. Which I was like, that looks terrifying. And he sends me says via his picture, via text of him watching it. But it was bright as day during that time. Probably during his lunch break. You know, Chad, just so you know, you can dock him for that. So, Justin, lamer game buddy. [50:23] Speaker E: You Mark. [50:25] Chad: Maybe he's more comfortable. [50:26] Justin: Put me on blast. [50:27] JD: Geez, you're really going to. [50:28] Justin: Okay, it is lame. It just happened to be the time of day. [50:31] JD: I sat down to eat and hey, [50:33] Justin: in my defense, it transitioned into nighttime. [50:35] JD: Were you scared for the scary parts? [50:37] Preston Rutledge: Were you scared? [50:37] JD: Come on. [50:38] Justin: Listen, of any of us who watch scary movies, I think I'm the only one here in our group that does it. So shut the fuck. [50:44] Chad: Yeah, I don't. [50:45] JD: I don't do it intentionally. If I did, you're damn right the lights would be on. Okay, I'm just asking. [50:50] Chad: I love the. [50:52] JD: Anyways, next. Next question. Preston, come to you first. Mixing two cereals together to make one. So two independent cereals for a morning breakfast or dinner, whatever you prefer. Is that lame or are you game? And I have a follow up to this, by the way. My follow up question to each of you is answer that first. And then if you do mix your cereals, what's your ideal pair? [51:21] Preston Rutledge: Well, that's game. [51:23] JD: Oh, okay. [51:24] Preston Rutledge: I'm a mixer. [51:26] Chad: Love it. [51:28] Preston Rutledge: And I will mix Cheerios and Honey Smacks. [51:38] JD: Regular Cheerios or honey. [51:40] Preston Rutledge: I'm sorry, Honey. Honey nut. Cheerios and. And sugar snack. I have a sweet tooth. I'm a sweet tooth guy. [51:46] Speaker E: Sugar snack. [51:47] Preston Rutledge: They were sugar snacks when we were a kid. When I was a kid. Now they're honey snacks. We had sugar bear and everything. I guess sugar's a bad word now, so it's all honey, but, huh. [51:57] JD: J.D. [52:00] Chad: i am game because I do this. I literally do it. We don't have like brand name cereals in our pantry. Like, like hippie Trader Joe's versions of things. Yeah, I've got kind of a Rice Krispies version that I really like, but I just throw like, believe it or not, maybe it sounds weird. I've got kind of a hippie version of Raisin Bran and I throw it on top and I just get a little mixture of it and, you know, now the ratio is probably more like literally like 90, 10. 90 rice Krispies. 10 of the little and. Yeah. [52:38] Preston Rutledge: All right, Chad, whatever happened to Alphabet soup? I loved Alphabet. [52:43] JD: That's a great question. No, whatever happened to it? [52:45] Preston Rutledge: It's a great cereal. [52:47] Speaker E: Yeah, no, I am absolutely lame on that. But I will. I will acknowledge that this week it was buy two, get three free at Safeway. So I have might have 10 boxes of cereal. [52:59] JD: Oh, that's the only way you buy cereal? Yeah. [53:03] Chad: Cereal is the bomb, bro. [53:04] Speaker E: Well, when you have kids, they hammer through it. They'll eat it for every meal if you give them the chance. [53:07] JD: Wait, so Chad, Chad, are you just saying it's lame because you just want to have your one kind and enjoy that? [53:14] Speaker E: The cereal is. Is not made to be commingled. The texture, the flavor, there is a very specific crunch for every bite. When you co mingle them, you don't [53:24] JD: know what the fuck you're getting co mingled. Shut up, dude. [53:27] Justin: All right, Justin, I gotta say, it's game so long as you can find that blend. I have having a hard time, like the taste and flavors and stuff. I don't see how they'd mix, but if you can find it, I'm game. [53:38] JD: So you don't actually have an example of ones you would combine, so you don't even know? [53:43] Justin: Dude, I don't even eat cereal. I don't have kids. [53:46] JD: Oh, look at you. You're just like, let me just drink my protein shakes in the morning. All right, cool. Next question. This is something I haven't tried. I'm not sure if any of you tried it. It's just current events, you know, I keep up with the times. I see the tick tocks going on. I don't have a tick tock, but I see them. So. [54:04] Chad: Hey, dude, you're on tick tock. Mark, you are retire. Alex TikTok is you. Anyway, go ahead. [54:11] JD: I joined clubhouse and that has the weirdest app looking thing I've ever seen. So I'm never going to go on it anyways. Watermelon. Sorry? Mustard on watermelon. Preston, is that lame or you game? [54:25] Preston Rutledge: That's unheard of. [54:26] Speaker E: What I'll call it lame. [54:28] Justin: Yeah. [54:29] Preston Rutledge: People have been putting watermelon. [54:35] JD: Yeah. Right now, Jay, I'm having a hard time with that. [54:39] Preston Rutledge: I'm. [54:39] Chad: I've never been so passionate about an answer in this game in my life. [54:43] JD: Okay. [54:43] Chad: I'm lame. [54:44] JD: Well, I think you should all try it next time together. [54:47] Chad: I don't understand it and I also don't understand what the it has to do with tick tock but go to [54:51] JD: the next because that's the only I'm doing it on tick tock. [54:54] Preston Rutledge: Wait, clarifying. Clarifying question. Is it. Is it french? Is yellow mustard or gray poupon? [55:04] JD: I don't think it matters but I'm gonna say french is yellow mustard for sure. [55:10] Speaker E: Mark, I'm gonna say lame but my question back to you is what if it was that bacon jalapeno spicy mustard that we had for the pretzels that you love? [55:19] JD: Yeah, I'll put that on cereal. Justin. [55:25] Speaker E: Lame. [55:26] JD: All right. And just to kind of close the show out, you know what they say. [55:35] Chad: You know what they namaste. [55:37] Speaker E: You know what they say showing. [55:40] Chad: Was it good, Chad? [55:41] Speaker E: I felt like that was one of his better. Those were good, good questions that divided. [55:46] JD: The last one was a throw in and because I had a third one. But I feel I was getting nervous when I'm taking up too much time so I try to hurry it along. [55:53] Preston Rutledge: Oh, don't. It's fun to take up too much time. [55:57] Chad: We're doing this hour before the show is great. [56:02] JD: Thanks, buddy. [56:03] Chad: The group text Mark said, are we doing lamer game After I told him like, you know, weeks ago. Today was the day. [56:09] Preston Rutledge: Weeks ago. [56:10] JD: You told me yesterday, buddy. [56:12] Chad: Originally I told Mark lamer game was. But this is a fun fact. Was supposed to be like really like industry related. And he basically said fuck you to me from day one and made a pop culture. And he was right. I was wrong. That was. We covered. [56:26] JD: We cover enough content on the show. It needs. We need to loosen things up. [56:30] Chad: All right, Chad, bar champion. Who's going to be the chat bar champion of the day? Justin, your vote is first. [56:40] Justin: Don't go to me. Go to someone else. [56:42] Chad: No, I went to you. Justin. I'm your boss. I told you, Tony. Okay, thank you. I love you, Chad. [56:50] Speaker E: Was his answer. Tony, Tony. [56:54] Chad: Tony, the half pep alien brainwashed Motherfucker. I got a drink. [57:00] Speaker E: I wrote down. I wrote down Lauren and. And Gigi both had Gigi's comment on story time with Preston. And then everybody wanting to have story time with Preston is hard for me to pass up. But. But Lauren, Mrs. Miranda up had a really good night and I'm going, Lauren. [57:20] Chad: Nice. All right, Mark. [57:24] JD: I was. I was neck and neck with. With Lauren and Katie. So since Lauren's already taken, I'm going with Katie because I feel like she doesn't like me. So this is my way of getting an olive branch to be like [57:40] Chad: Katie Boyer. [57:41] JD: Yeah. [57:42] Chad: She doesn't like you. [57:43] Preston Rutledge: Why? [57:43] JD: No, because she was rooting against me to get the wheel of ice. And I feel like that's not nice. That's like bullying. [57:49] Chad: Katie, you heard us. Feelings. [57:52] JD: Yeah. Kate. Katie. Not. Not. Not. Cool. [57:54] Preston Rutledge: So guess what? [57:55] JD: I'm putting you on the chat bar champion voting. And if you get it, guess what you're getting in the mail. Nothing. [58:02] Chad: I'm. I'm voting for Katie. Just because she made you feel bad. That warms my heart. All right, Brannon, whoever the. [58:10] Speaker E: Wait, did you let. Preston. [58:11] Chad: Oh, Preston. Oh, my God. Remember when we had a special guest? We were up on stage in Chicago and I supposed to introduce a guy to God about him. [58:24] Preston Rutledge: That's when you know you're having a good day. I'm going to vote for. I vote for Daniela. She had me at me at Wheated Bourbon. She said she's putting it on her shopping list to help the Kentucky economy. Okay, that's a good thing to do. And my wife is from Kentucky. And should I take a shot at pronouncing your last name or would that be offensive? [58:45] Chad: No, I'm just going to say she can advance to the semifinals if you can pronounce her last name. Go ahead. [58:51] Preston Rutledge: Moises. [58:52] Chad: Yeah. Perfect. All right, you're in. Daniela. [58:55] Speaker E: She's a. She's a beast. Preston. Every week, everybody [59:00] Chad: a four time winner. [59:01] JD: Is that she? [59:02] Chad: Four time? [59:03] Speaker E: I don't know. She might be. [59:05] Chad: She'll tell you. [59:06] Preston Rutledge: So people are gonna vote on it. I'm not allowed to vote, am I? [59:10] JD: Yeah, you are. [59:10] Speaker E: You should. [59:11] JD: I think you are. [59:12] Justin: No, I was able to. [59:13] Chad: I don't think you can vote. [59:14] Preston Rutledge: Well, the candidates are laughing. [59:15] Speaker E: You're right. [59:17] Chad: I'll. [59:17] Preston Rutledge: I'll let the people decide. [59:20] Speaker E: Brandon's too get their public comments. [59:23] Chad: Preston, check out Brandon's last name. That's hilarious. [59:25] Preston Rutledge: Well, that's what the chat bar is. You guys use public comments. That's the chat bar. [59:30] Speaker E: We do yeah, we do. We love it. [59:34] JD: Sometimes comments can be hurtful. [59:35] Chad: Don't call this yet, Brandon. It's too tight. [59:38] Preston Rutledge: The hurtful ones are the ones. [59:39] Chad: If you haven't voted, vote. We need some more votes. We're really, really tight people. Brandon will pull that trigger. Pull that trigger too soon. All right, Bran, whenever you feel. Oh, no, don't, don't. It's tight. [59:56] Speaker E: By the way, I had a Saranac Always Hazy Peach IPA with this last beer. It's delightful. [1:00:03] JD: I left those at your house. [1:00:05] Chad: Oh, no. We got a tie right now. Brandon loves a tie. Yeah, it's great. Good for you. [1:00:09] Speaker E: Oh, Ms. Brandrup and Daniela, Danielle's had. [1:00:14] Justin: So how do we break this? Do we just do another vote for the two? [1:00:17] Chad: We've done this before. Does we go head to head? They go head to head. Ready? [1:00:20] JD: Yeah. [1:00:21] Chad: Okay, Daniela, Moises and Mrs. Brandrup, you get one little chat bar sentence to break this tie. Finish this sentence. If your name is Preston Rutledge, then go. I would say something like, if your name is Preston Rutledge, you get a guaranteed admission into an Ivy League school, [1:00:55] Preston Rutledge: which I did not attend. Ever. [1:00:56] Chad: Or did you know that 33% of all people who own homes in the Hamptons are named Preston? I don't know. Daniela, you are the Kalief of the K Street Mafia. Lauren, you are the raddest effing dude for all of the benefit nerdier friends. Mark, you choose. Rove guy chooses. [1:01:28] JD: I'm not going to. I'm not going to lie. I don't understand either of those. I think they both lose. [1:01:33] Preston Rutledge: There's no chat bar champion today. [1:01:35] Chad: And the winner is Katie Boyer. [1:01:42] JD: Just gonna call that a. I guess a tie. [1:01:45] Chad: All right. They've won before them. They both lose. Screw them. For the first time ever, there is no chapter champion. But there is a. [1:01:52] Preston Rutledge: There is a chat I want to call out. It's. They're not the champion. But whoever it was that was inviting me to the bar at the ASPA conference in the fall, just let me. Tell me when and where that was. [1:02:02] Speaker E: Shannon. Shannon says story time with Preston at the bar at the ASPA conference. Conference. [1:02:09] Preston Rutledge: As long as nobody's. As long as nobody. As long as it's off the record, as we say in Washington, otr. [1:02:17] Chad: Oh, last time any. We will do a little. Little after show if Preston will have us. He's more than welcome to bail if he wants to. And then we just talk shit about him for a little bit. But we'll do a little after show. Maybe we'll talk the Biden, you know, tax proposal on retirement plans kind of thing. Who knows what we'll talk about? But, Brandon, you got a little music queued up, or do you guys want me to sing the Tears for Fear song? [1:02:45] Preston Rutledge: Good, I lost my regulation. [1:02:50] JD: Yeah, let's Preston do it, please. [1:02:52] Preston Rutledge: Cash balance. I can't hear you. That's the navy. Yes. Go, Navy. [1:02:56] Speaker E: We've got no sound, B. [1:02:58] Chad: No sound. [1:02:59] JD: All right, here we go. [1:03:01] Chad: Get rid of this. [1:03:02] Speaker E: Oh.