SECURE Act Deep Dive: Safe Harbors & Hardship Rules

[0:00] JD: So we've got J.D. mark, Chad, Justin, Skyler and Brandon behind the scenes. And this ladies and gentlemen, Retire Hollister. [0:10] Speaker B: That was awesome. [0:11] Chad: Welcome. I clap for myself most of the time. Makes me feel good. [0:15] JD: Welcome, welcome, welcome everybody to another episode of Retireholics. You guys all know where we're coming at you from? Live here in Hawaii on the island of Oahu. Give me a round of applause for that. That's awesome because when I got the phone call that a industry conference wanted the Retireholics to perform their show and they told me it was in Hawaii, my first thought was suckers, what is happening? Like yeah, we'll come. So we're pretty excited to be here. And then when they dropped the bomb on me that our guest was going to be this living legend, this frickin icon of the industry, that was all the much better. So we've got a really special guest. [1:00] Mark: I'm sure you we're not actually worthy of the guest. [1:02] Chad: It took me about three weeks to get over the hives that I got from my excitement when we heard Sal was going to be on. [1:07] JD: Not worthy at all. Believe it or not. We have done this show. You guys helped me out. We have done live on stage shows now In San Francisco, Louisiana, Chicago, San Diego, Chicago, Nashville, Nashville, Portland, D.C. dallas, Las Vegas. This is, we've gone over the country to do this thing but this is our favorite spot. We were all surfing out there together. [1:35] Mark: I've never been here in my life so. [1:37] JD: And Mark wasn't happy to be drug out into the water. [1:40] Justin: But you did great. [1:42] Mark: You did awesome. [1:42] Chad: I surfed and you lived to talk about it. [1:45] Mark: I'm still here. [1:47] JD: I want to introduce our, our guest. But before I do that I was, I was looking at the name of this event and as far as I can tell the event is called the Hawaii Seminar. [2:02] Chad: And I thought real original. [2:04] JD: That's not a very creative name. I imagined our guest Sal back working on his eob, his ERISA outline book and someone poking their head in the room and going, hey Sal, that seminar you want to do we're doing in Hawaii, what do you want to call it? And he was busy and he looked at them and he goes, I don't know. Hawaii seminar called Hawaii but not good branding. [2:29] Chad: And here we are. [2:30] Sal Tripote: Might have seen better. [2:31] Chad: It's stuck. [2:32] JD: However, his website name. Have you seen that? [2:35] Chad: No. [2:36] JD: Yeah, it's cyber. [2:37] Chad: We researched. [2:38] JD: That's freaking awesome. Cyber Risa I that's the best 401k retirement plan website name I've seen. Period bar None. Am I wrong? [2:48] Chad: Is it better than plain design consultants? Like, that's as original as Hawaii. [2:54] JD: With that, please give a warm, warm welcome to. Like I said earlier, a living legend, an icon in retirement plans. Sal Tripote, get your butt up here. Clearly, he gets much more applause than the retireholic. [3:14] Chad: We're not worthy. We're not worthy. [3:16] Speaker B: Look at this. [3:17] Mark: He's in, by the way. [3:18] Chad: How's the hat? [3:19] Speaker B: He's going in, by the way. [3:21] Mark: This is the first time history of our show that we have audience in front and behind, so we can't forget about the crew behind us. [3:28] JD: Okay. [3:29] Mark: Sorry for the backs. [3:31] Chad: So it's my best side, though. [3:33] Mark: That. That's true. [3:35] JD: Before we get started, I want to teach you a little bit about what we do here. Okay. Are you nervous at all? Yeah. Well, first you got to grab your mic. [3:44] Chad: There is a mic behind you. [3:46] Mark: He's really nervous. [3:48] JD: I thought, this guy's been speaking for decades. [3:50] Justin: This is totally different. [3:51] JD: I think you're good to go. We hold these things up to our mouths here. [3:55] Justin: Speaking of them, Cyber risk is for sale. [3:57] JD: You know, cyber risk is for sale. [4:00] Chad: JD loves buying things. [4:01] JD: I just won $4 billion from Janice. Now we have a beer in the episode, which we're going to dive into. And Chad's. [4:08] Mark: He's not interested in beer. I'm just gonna say right now, he's [4:11] JD: got his own heart. Alcohol. [4:12] Justin: I do like beer. We have a beer. [4:13] JD: The episode, you drink it at your leisure, okay? But we also have the prohibited word, okay? And this Fred Reich named it the prohibited word. We originally just called it the penalty [4:28] Chad: word of the episode. [4:29] Mark: Fred Reich name it. But I just want to make sure I clarify. The prohibitive word is brought to you by 401k Fridays, the podcast that cares. Carry on. [4:40] JD: Okay, what Mark is referring to is that robe he's wearing. I don't ask you why he wears robes on the show, but he does is open for sponsorship. So 401k Fridays is on there. But Mark is imagining, like, kind of a NASCAR theme, like T. Rowe Price boy, you know, on his robe. So if any of you are out [5:02] Mark: there, they are not ever gonna approve their logos on here. [5:07] JD: Well, you just gotta pay the bucks. [5:08] Mark: Tristan just say [5:11] JD: doing bucks. [5:14] Mark: So very, very cheap. [5:15] JD: The prohibitive word works. I'm going to name two words right now. If you or any of us say that word at any time during this show, you have to drink from the rum in front of you. [5:26] Justin: Okay? [5:27] JD: This is not equivalent to one mistake. There's about four or five mistakes in here. So you just take a little sippy, sippy. You don't need to, like, down the whole thing unless that's what you're feeling. We can. [5:37] Speaker B: Which seems like it's. He's already on the way to be able to. [5:40] JD: And the two words today will be. I can say them now. Taxation. [5:47] Chad: Any form. [5:48] JD: Any form of. [5:50] Chad: Yes, Any formation. [5:53] JD: Is that a good one for you? [5:54] Speaker B: Taxable. [5:54] JD: Like that word. And the other word is plan. [6:01] Justin: So this is a drinking. [6:03] Chad: It's a drinking game. [6:04] JD: In some ways, we're kind of veterans at this. I feel like actually I screw it up all the time. [6:08] Chad: Say tax. [6:09] Justin: Hurt us. [6:09] JD: Why don't you talk to us about the beer of the episode and then we'll get started. [6:11] Chad: Beer of the episode is brought to you by Big Island Brewhas Overboard ipa. I'll read you one hint from. [6:18] Mark: Sounds like an episode of Price is Right. [6:22] Chad: Wrong. [6:23] Mark: Bob. [6:25] Chad: It's. I love the description because it's all about surfing. Gives buoyant notes of tropical fruit, pine and wildflower. [6:32] JD: Sometimes, instead of reading from the bottle, I would hope you'd come up with your own. I use. [6:37] Chad: I haven't drank it yet. How can I give a description if I haven't? Remember, I used to research creative wor [6:41] JD: from the side of the bottle. All right, we're gonna. We're gonna kick right in. You ready to talk some retirement? [6:45] Justin: I'm ready. [6:46] Chad: Hey, Justin, have you said anything yet? Yes, I'm saying something. Way to go. [6:49] JD: Thank you. Go let them know. [6:51] Sal Tripote: Any of you have any questions you want us to. Thank you. [6:55] Chad: Put it a little closer. [6:56] Mark: Ask Sal. [6:57] Sal Tripote: Do we have the phone number out to them? [6:59] JD: Yeah. If you go to retireholics.com on your little smartphones right now, just open up the browser. There'll be a phone number there at the top. It's actually Justin's phone number, and you can text him from the audience. So if you have any questions for Sal. Justin. [7:15] Mark: Or just questions of. For Justin in general. [7:18] JD: Yeah. Or anything. [7:19] Chad: Please keep them clean. [7:20] Sal Tripote: I thought you completely took over my whole piece here. [7:23] Chad: But no, it's done. [7:23] JD: We didn't know where the number was, so I was letting them know. [7:25] Sal Tripote: Good point. [7:26] JD: If you know anything about Sal that's embarrassing, you can text that to Justin. We'll take that as well. [7:31] Justin: Guaranteed. [7:31] JD: Read anything. Anything at all. Skyler. [7:35] Speaker B: Yes. [7:36] JD: I put a post on LinkedIn and we asked people. What should we ask Sal? Let's grab a couple from LinkedIn and we'll ask Sal. [7:45] Speaker B: Do we want to do this in like, question after question or just one question? [7:49] Mark: We talked about this before. [7:50] Chad: Question, answer. Where were you during the prep? [7:52] Justin: Yeah. [7:53] Chad: You were drunk again, weren't you? [7:55] JD: I think a question followed by an answer would be upstairs. [7:59] Justin: Okay. [7:59] Mark: That's just what he does. [8:01] Speaker B: From Mickey Sakata. I'd love to get his advice on how we can best bring up the next generation. In parentheses. Kids in school today to appreciate saving money for retirement early. It's a concept so far away chronologically for them, yet they are the ones sitting on a gold mine if they simply start saving in their 20s is [8:21] JD: that they start early. [8:22] Speaker B: They start. [8:23] JD: How do we help the youth? [8:24] Chad: It's been a long time battle. [8:26] Justin: Well, you know, I mean, this question's been around since I was youth, but which is a long time ago. [8:31] Chad: Did you start saving? [8:33] Justin: And I didn't. I mean, really, I don't think. I don't think the boomers really saved much at all for a long time. I actually think at least if my daughters are any indication, they both are saving. I think there's a lot of people in that age group. In that age group, or you could just do that, who are in that age group that I think have kind of figured out that they're much more on their own than I think the perception was 30 years ago. I think maybe they overstayed how little there'll be of Social Security. I think there'll be some there, but it'll probably be different. It'll change. But I. So I think the key is that. I think the key is. Well, first of all, it wouldn't hurt to have some people of similar age out there to discuss these. [9:21] Speaker B: That's a good point. That's a really good point. [9:24] Justin: And I think, you know, getting more. I think getting more financial literacy out there, because then you say they don't think. They think it's too early. They don't have to start. I don't think that they necessarily understand what can be gained by starting early. I think also doing like, having more kind of gamification of the way we approach this. [9:49] JD: Good one. Good one. [9:50] Justin: Good, huh? [9:51] Speaker B: Yeah. [9:51] JD: Pretty sharp for an old guy. [9:53] Justin: Okay, Boomer. Okay. [9:57] Mark: Okay, Boomer. [9:59] Chad: Sal just said okay, Boomer. [10:03] Justin: That's my answer. [10:04] JD: Very good. You know what? That's a solid answer. I was gonna chime in, but screw me. Let's go to the next one. [10:09] Speaker B: Okay, Next. [10:10] Justin: Wait, hold on. [10:11] Mark: I. I have a point. [10:12] JD: A point to my. [10:13] Mark: Sir, I just. I'm just curious because, I mean, I'm sitting right next to you. And I don't feel worthy of that. But a lot of what I think is it comes down to accessibility. [10:22] Chad: Right. [10:22] Mark: Like when we say saving. Right. Would that just be putting it in under your pillow as a kid? [10:30] JD: Questions out there or. [10:32] Mark: Your texts are coming in specifically about the fact that retirement plans. [10:39] Chad: Katie's on top of it. [10:41] Justin: Very good. [10:41] Mark: Are accessible for everyone at a younger age. [10:46] Justin: But. But, you know, using the word accessible kind of triggered something because you know what we really can do to help them. [10:51] Mark: Please don't get triggered. [10:52] Justin: We should. We should be paying them better for the jobs that they have so they can get well. [10:58] Mark: That's a whole nother. [11:00] Justin: That's a whole nother can of worms. [11:01] JD: This is getting good. This is getting good. [11:03] Chad: All right. [11:03] JD: So real quick, Justin tell. We got a question. [11:06] Sal Tripote: It's from the audience comment. Sal did not get his first tattoo until he was catch up eligible age and he smoked his first joint before the statutory maximum eligibility age. [11:17] JD: Oh, I told you. [11:19] Mark: Where's your tattoo? [11:20] Chad: Where's your. [11:21] Mark: Who wrote this? [11:23] JD: We have no idea. [11:24] Chad: Do we want to ask when you text us now? [11:27] JD: We do have your number. You will be getting some advertisements from us occasionally. [11:32] Mark: Do you have Arisa tattooed across your back? [11:34] Justin: I do not. Well, actually, for years I tried to convince my wife to call one of our daughters Erisa, but that did not work. Really? Yes. [11:43] JD: I'm not sure how I thought that [11:44] Justin: would have been great. [11:45] Speaker B: Skyler, next question from Jimmy Masters. What is his opinion of the recent Morningstar study indicating that more fund options being offered on a 401k menu leads to higher savings versus Boston College study. Some from some years back and other subsequent studies indicating that bigger menu is not better. Specifically the infamous JAM study. [12:07] JD: When you read that, I get somebody. [12:11] Mark: Words [12:13] Speaker B: simplify. [12:14] Justin: But there are saying that more options are better. [12:16] JD: There's a new study that came out. [12:17] Justin: That's surprising. That's a lie. That's. [12:21] JD: I can't believe that that's true. [12:23] Justin: I can't believe that's true. I think there might be. [12:25] Chad: I. [12:25] Justin: There definitely is a point that there's just too much choice. [12:28] Mark: Yeah, right. [12:28] Speaker B: I. I agree. [12:29] Chad: It's the jam jar analogy, right? The grocery store, all the jam at the front when they had too many out there and nobody touched them. [12:35] JD: This is something new. [12:37] Mark: Worst analogy. [12:37] Chad: You could say that was the actual study. [12:40] Mark: Cereal. [12:41] Chad: No, the actual study was jam and cereal's delicious. [12:43] JD: That's right. The study was jam cereal might have been better. So you're just saying you call BS on that. You know, whatever the spot. [12:50] Justin: I kind of do. I mean, you know, I even had a teller at the bank tell me that she wasn't in her 401k plan because she couldn't. She couldn't make up. You said the p word prohibitive. [13:07] JD: Sell, sell, sell, sell, sell, sell, sell. Okay, Boomer. [13:12] Justin: Did I sell? [13:13] JD: All right, hit us up with one more. Yeah. [13:16] Speaker B: Okay, the last one from Shannon Edwards. [13:23] Justin: Oh, I know her. [13:25] Speaker B: What would compliance consulting firms do? [13:28] Sal Tripote: Formerly known as TPAs. [13:29] Justin: Yeah. [13:30] Mark: Fourth party administrators. [13:32] JD: She doesn't like TPA. [13:33] Speaker B: We're talking about it to reinvent themselves as the market changes with the creation of open MEPs and other threats so that they offer value. [13:41] JD: How many TPAs do we have out there? By applause. What are these guys going to do? This whole open MEP shit that's coming on, what are we going to do? [13:54] Mark: That's a technical occasional. [13:58] Justin: Well, I guess it's going to depend on who ends up offering these open MEPs. But I still think you'll. [14:04] Mark: What MEP stand for. [14:05] Justin: A MEP is a multiple employer plan. [14:08] Chad: Good bait, Mark. Good bait. [14:10] Mark: Walked right into that. I'm not going to lie. [14:12] Chad: I thought that would be too simple. [14:14] Mark: I just outsmarted the smartest man I know. [14:16] JD: He writes books are this thick, but he falls for that. [14:19] Mark: And I'm wearing a robe on stage. [14:22] Justin: Tax. [14:24] Chad: You must. You must like it. [14:26] JD: Tax. [14:28] Chad: Feel like we need to try it now. [14:30] JD: That's what a veteran does on this [14:31] Mark: show when you do it. [14:32] Justin: Because that's why I had said map, because I didn't want to say that word anyway. [14:37] JD: Do you remember the question? [14:38] Justin: That word. So I. I still think that the TPAs, the consultants, you're going to be able to offer arrangements that are more tailored to companies and. And addressing the. The needs they have in terms of the extent of coverage. Using your tools with discrimination testing. I don't think are going to be available at a lot of these big open MEPs. [15:01] JD: So you're just saying it's the. It's the classic. [15:03] Chad: I think it's the expertise. [15:04] JD: TPA is going to. Customization expertise. I kind of feel the same way. I also feel as though it will still be a sales and marketing world like you still. By the way, this is my sales team. And so they're still going to go out and knock on doors and win new business. And you're always up against competition of all kinds of things. [15:24] Chad: Great question. [15:27] Justin: What about the women? [15:28] JD: Yeah. [15:28] Justin: Oh, yeah, please. [15:31] Mark: You're hired. [15:32] Justin: This definitely is a sausage fest. [15:38] Chad: That rum got up there. Cool. Quickly. [15:41] JD: That's a retire holic all time comment. Sausage fest. [15:46] Chad: S. I'll add. I and I. I, I asked JD this question. I think with the emergence of the MEP that it will probably go back to a consulting world. I think many of us have transitioned from that over the years where we're, for lack of a better term, selling plans. [16:01] Justin: I hate to say it. [16:03] Chad: I do hate to say it. [16:04] Mark: Yeah, that was a plural. [16:06] JD: That's two. [16:07] Chad: Oh, geez. [16:08] Justin: Oh, yeah. That's two. [16:09] Chad: And we'll get back to sitting down and consulting with clients that already have an open MAP with another provider. But they need our expertise, so we become true build consultants again. [16:19] Justin: So, you know, we're going to talk about the SECURE act briefly. But if the SECURE act passes, the map would be available to be sponsored by firms like yours. How many out there think that they would do that? Become sponsors of a map? [16:35] JD: See? See? Very little. TPAs are not sure about this stuff. [16:39] Justin: They've stopped listening. [16:42] Mark: How's the raw bar back there? [16:44] Justin: Sure. [16:45] JD: Put down your shrimp. [16:46] Mark: I know there's a baby in the audience. [16:48] Justin: Would you think you guys would do that? [16:50] JD: See, I'm just like that. No, I kind of want to just fight against it, but maybe I should think about whether or not we should do it. Yeah. Look, we're gonna move on to a new set. [16:57] Mark: How's the back of the audience doing, you guys? Good. [17:00] Justin: Back in the house, guys. Still listening. [17:02] Chad: Do you need drinks? [17:03] Justin: Are. [17:04] JD: The show's actually more exciting for him back there. [17:07] Mark: You're not asleep? [17:09] JD: All right, we're going to move on. [17:10] Sal Tripote: Hold on. [17:10] Mark: We got some ocean dives. [17:12] Justin: All right. [17:13] JD: The audience that like to talk about your drug habits and other things. [17:16] Mark: Yeah. [17:17] JD: All right. [17:17] Sal Tripote: For Sal, what do you think about the effect of proliferation of the 401k on the actual well being of Americans in retirement, specifically with the slow disappearance of employer pensions. [17:27] Mark: Wow. [17:29] Justin: You know, somebody buy a person a beer. Yeah, well, see, my original. [17:34] Mark: That was not Giannis. [17:35] JD: I know that. [17:36] Justin: That's not. [17:37] Mark: No way. Where is that guy? There you are. [17:41] Speaker B: There's two of them out there, so we don't know. [17:43] Justin: I worry that the move that the industry has made to the 401k probably isn't serving the best retirement interests of the public. So I think it's a covenant of all of you to make sure that at least you're designing 401ks with the idea that it really will build a meaningful retirement. [18:00] Chad: Yeah. [18:02] Mark: Let's hear it then. [18:06] JD: All right. [18:06] Sal Tripote: For sal, how many MMs should a 62 year old man hold. And what color is the best from Sheila? [18:12] JD: Dot dots. [18:14] Chad: Your name. [18:15] JD: God, is that an inside joke? [18:16] Justin: It is kind of. It should always be the orange MM's. [18:20] Mark: Okay. [18:21] Justin: And any amount you can hold in one sand is what kind of MM though? [18:25] Mark: The plain. [18:25] Justin: Oh, it's gotta be the peanut. [18:27] Mark: Oh, peanut. [18:28] Chad: Wow. I was not expecting that from you. [18:30] JD: Actually this is a great kind of segue into our next. Yes, we call this questions from the hat. But they're just going to come from his pocket, I guess. [18:41] Chad: And they're completely random. [18:43] JD: By the way. This is Skyler over here. We call him mustache man and he does not have that mustache because it's Movember. That stuff's there year round. [18:51] Justin: Wow. [18:51] Speaker B: It's been there for two years. [18:53] JD: Straight up. Magnum. [18:54] Justin: He's also Zac Efron's cousin. [18:58] Chad: Okay, that's a big problem there. [19:00] Speaker B: I'll take it. [19:05] Mark: That's true. [19:06] Speaker B: Yeah, exactly. [19:06] JD: All right, questions. [19:07] Chad: You're getting there. [19:08] JD: Okay. [19:10] Mark: I can't grow a mustache. I'm just gonna say it. [19:12] Justin: You can. [19:13] Mark: No, no. Listen to these guy. [19:16] Speaker B: How many years do you think until the retireholics are canceled? [19:22] JD: This is quick. [19:23] Justin: Careful, dog ears. At least you got at least 10 years ahead of you. [19:29] Speaker B: Have you ever been intoxicated while riding the eob? [19:33] JD: A glass of wine actually. [19:35] Justin: Yes. [19:38] Chad: Yet there's no mistakes in there. [19:40] JD: Good answer. [19:41] Mark: That's a lot. [19:42] JD: Proof it in the morning. Right. [19:44] Speaker B: Average thickness in inches of an eob. [19:47] Justin: I'm sorry, say what? [19:48] JD: Average thickness of an EOB Book. [19:53] Sal Tripote: You're right. [19:53] Chad: Oh God. [19:54] Justin: Six inches. [19:56] JD: Is that the average? [19:57] Mark: Sounds about right. [19:58] Justin: Right. [19:58] Mark: We got a signature on this one. I won't. [20:00] JD: I won't talk about. [20:01] Justin: I know. Really don't go there. [20:02] Speaker B: All right. Mount Rushmore of retirement. [20:06] Chad: Yeah. Don't say the word. [20:09] Speaker B: Mount Rushmore of retirement. [20:11] Mark: P, L, A, N, S. No, you can't spell it. Pigment. No, you can't. [20:15] Sal Tripote: No. [20:15] JD: Industry retirement people. Mount Rushmore. Who are they? [20:20] Speaker B: Who's on. [20:20] Mark: Who's on the mountain? [20:21] Chad: Wow. [20:24] Mark: Not the retireholics. Don't answer the question. [20:27] Justin: Really? [20:28] Speaker B: Okay. [20:28] Justin: Okay. Fred should be on there. [20:33] JD: Fred. [20:33] Speaker B: So that's one. [20:35] Justin: Maybe Brian Graff. [20:41] JD: I'm not arguing with anything. [20:43] Mark: Put himself on the Predator President's cup team. So put yourself. [20:46] Justin: Did you? I'm put myself on a Time magazine. [20:49] Chad: There you go. [20:49] Justin: Never mind. [20:50] JD: Are we looking for a fourth friend? [20:52] Justin: Yeah, we got one more. Come on. This is two hours. No Paul Carson. [21:01] Chad: Dad's getting a shout. [21:03] Justin: Wait, no women there. Oh my God. [21:06] Chad: Oh, goodness. I Thought for sure, you go. [21:11] JD: We're gonna do an all woman show. Yeah, very soon. For sure. Straight up. [21:17] Mark: Okay. [21:17] JD: I don't know who's gonna take the place. [21:19] Speaker B: Best concert you've ever been to? [21:22] Justin: Well, let's see. Oh, geez. [21:25] Chad: That you remember. No, I know about your activities now. [21:27] Mark: No, you don't have to remember. [21:29] Justin: I'd say traffic. [21:30] JD: I don't even know. [21:35] Sal Tripote: Wait, hold on. This leads to the next question. How old is Sal? [21:40] Justin: I, I, I am covered by Medicare. [21:43] Mark: RMD eligible. [21:45] Chad: No, okay, wait. Before the secure actor. After the secure act passes. [21:51] Justin: God, by the way, that's. We just all. [21:54] Mark: Look all. You are a Bronco fan, aren't you? [21:56] Justin: I am. [21:57] Mark: I'm a Raider fan, so. [21:58] Justin: Oh my God. [21:59] JD: That's why he's digging on you. [22:00] Justin: Yeah, but they're going to Vegas, so you can't go. [22:04] JD: Let's keep them going. [22:05] Speaker B: Who is better in front of Congress, you or Mark Zuckerberg? [22:09] Chad: Oh, me. [22:11] Justin: Mr. Chairman was of the committee. As Mr. Chairman noted in my introduction, I am Sal Tripoti, President elect of the American Society of Professionals. And we all watched you in front [22:26] Chad: of Congress the other night. It was front of Congress. [22:28] JD: This did. What was that? 12 years ago? [22:31] Justin: I was. Yeah, I was there about 12, 10 years ago. [22:34] JD: We do our research. I think it was 12. [22:35] Justin: You do really. [22:36] Mark: We do no research. [22:38] Justin: Yeah, really. [22:40] JD: Wrong. [22:40] Mark: I did. The only reason I know you're a Bronco fan is I stalked you on Instagram and I found you had a page. [22:46] Chad: Wait, Sal's on Instagram? [22:47] Justin: I am. [22:48] Chad: Of course. [22:49] Sal Tripote: Everybody. [22:51] Mark: Okay, go ahead. When. [22:53] Speaker B: When it comes to your toilet paper, do you crinkle or fold? [22:57] Justin: Fold. Oh, okay. [22:58] Mark: Seems by the way, our last guest [23:01] Chad: said no rightful human being folds. And I had to fight with can [23:04] JD: I ask my own drop two question? That's kind of tied up. Yeah, I have a bidet in. [23:09] Justin: My God. Me too. [23:11] JD: Do you? [23:11] Justin: It's disgusting. [23:13] Mark: Okay, I totally disagree with you. [23:17] JD: I love it. [23:18] Justin: I hate. [23:18] Chad: Course you do. [23:19] JD: And I take the power up to five out of five. Oh my God. [23:22] Justin: Oh my God. [23:23] JD: How awesome. [23:24] Justin: How long did you sit there last night? [23:26] JD: I spend way more time in the bathroom. [23:28] Chad: Hey, the timeline before retireholics is coming down quickly. [23:34] JD: Last one, last one, last one. [23:36] Justin: What? [23:36] Speaker B: Top three ERISA attorneys of all time. [23:40] Justin: Oh, I can't answer that question. [23:42] Chad: I don't know, maybe top two. [23:45] Justin: Sheldon Smith. [23:47] JD: Oh, okay. [23:48] Justin: Fred Reich. [23:49] Sal Tripote: You better say you and. [23:52] Justin: Sure, I'll put myself in there. [23:53] JD: Sweet. [23:54] Speaker B: Yeah, There it is. [23:55] Chad: There we go. [23:55] JD: Sorry. [23:56] Justin: Like a boss. [23:57] JD: Thomas Clark, Jason Roberts. [24:01] Mark: Sorry, Thomas Clark. [24:03] Sal Tripote: So we got some more coming in. [24:05] JD: Oh, from the audience. [24:06] Sal Tripote: If you could have only one wish granted about the 401k regulations, what would it mean? [24:10] JD: All right, I like that, I like that. [24:15] Justin: To, to actually repeal most of them, make them simpler. They, I mean, they need to give, they need to give people the benefit of the doubt that they can just interpret the statute in a reasonable way. [24:28] JD: Says the guy who writes the massive novels. [24:30] Justin: Well, I don't write. Yeah, I don't write it anymore. [24:33] JD: Can I stop there? What a genius businessman you are. Why you decided to like write a book that everyone had to buy it all over again the next year, every year. That's genius. [24:47] Justin: That is. That's creating your own annuity. [24:49] Chad: Right. [24:51] JD: I want to talk to you later about the finances behind all that because I was like, that's really cool. I'm gonna write a book, buy my book and then buy it again next year. I'm gonna write some more shit in it. [24:59] Chad: Justin already research it. Researched his speaking engagement costs too. [25:03] Justin: So. [25:04] Chad: Yeah. [25:04] Sal Tripote: And I found out I'm in the wrong business. [25:06] Justin: Oh yeah. Just. [25:07] Chad: You've got to build up your acumen for a while before you can start charging. [25:10] Mark: You need to speak once in a while. [25:14] JD: Let's go quick to the final, to the final subject. Let's talk secure act. I know. Maybe it's kind of fizzling or dying or whatnot. I got really excited about that whole five thousand dollar credit thing. I thought like. [25:28] Mark: Oh, really? [25:29] Justin: That that's what got you. [25:30] JD: Okay, what are you excited about? [25:33] Mark: It doesn't take a lot. [25:35] Chad: He's a long ways away from 70 and. [25:37] Mark: Okay, that's good. [25:39] Justin: Increasing the employer economic incentive. That's good. [25:43] Chad: Yes, yes, yes. [25:45] Justin: I don't know. I don't know what to think about whether this has much chance. I feel like Congress is preoccupied right now. But there's always things that they'll get passed towards the end of the year. This could easily get thrown in there. So I think you definitely have to. You know, even if they don't pass this now, next year they're going to revisit this thing about open maps. I think you guys should not assume that that's dead. Even if this doesn't get passed this year, that's going to come. I think the thing that maybe the geeks are most excited about in terms of testing is the expansion of the safe harbor rules that they're proposing to allow you to forget about annual safe harbor notices. Well, no, just for non elective contribution but also not have to even do a notice at the beginning of the year. Like anytime during the year you could decide to become a non elective safe harbor player. [26:38] Mark: I like that. [26:38] Justin: And they even let you do it up to the due date of the return. [26:42] Mark: Hey, yo. [26:43] Justin: If you would go to 4% for that year instead of 3%. [26:46] JD: Can I give a shout out for the new hardship rules? That stuff. [26:50] Chad: Stuff. [26:53] Justin: Well, what I don't like about the hardship rules is they're effective January 1st. It doesn't matter what your plan year is. So I hope you're all ready for. For this. Especially the employee representation requirement. That's. That's something that a lot of plans are not currently doing. [27:06] Chad: That was a P word, [27:10] Justin: Mark. [27:10] Chad: That's your R you just handed him. [27:13] Justin: I got mine. I don't have much. Very much. [27:14] JD: Can we get some rum for this? [27:16] Speaker B: Refills? [27:16] Sal Tripote: All right, real quick. [27:17] Chad: He's done. [27:18] Mark: He's done. [27:19] Sal Tripote: Go ahead, everybody in the audience. So, Giannis. I can't ask that other question. [27:24] Justin: Yannis is always inappropriate. [27:26] Sal Tripote: All right. What's your opinion on Cena? A 316 or A 338 and one provider in an open MIP. [27:36] JD: Producing TPA to both sides? 316. [27:39] Chad: I would. [27:40] Justin: I would prefer that they not be the same. I don't think they proposed law is going to require that though I think it will be possible to do it all as one. [27:49] JD: But they asked. What do you think of it? [27:51] Justin: What do I. I don't like that it would be the same person. I think. Think again. You're increasing the chances of abuse. [27:57] JD: I kind of feel like 316 should be separate. Sorry if you disagree. From TPA. Anyways, I think all those things should be siloed. You know, that's the whole point of it. But that's just my personal. Well, screw them. I don't care. [28:11] Mark: I love them. Happy? [28:13] JD: I came here to drink free beer and hang out with you, bro. Any. Anything else? [28:18] Mark: Yeah, we got one. [28:19] JD: All right, One other For the audience [28:20] Sal Tripote: involved in the four. I don't know who this is too. [28:22] JD: That's a good question. [28:23] Sal Tripote: Yeah, great. [28:23] Justin: Oh, that was y. How did I first get question with the. [28:27] Speaker B: The. [28:27] Mark: The words in there. [28:29] JD: How did you first get involved in the 401k industry? [28:32] Justin: That was completely by accident. I got rejected from 30 law firms coming out of law school. I had wallpapered my kitchen with my rejection letters. And that'll dress you. And I got called by the IRS to work in their employee plans division. It's totally unplanned. [28:51] Mark: You just said the word. [28:53] Chad: That was a P word. [28:57] Mark: That's good. [28:58] JD: That's great. [28:58] Chad: If anybody needs Sal tonight, he'll be laying on the ground somewhere in the [29:02] Mark: hotel lobby floating in the ocean. [29:04] JD: All right, everybody. A lot of these conferences have asked us to do 60 minute shows. An hour and 15 minutes. Thank God today we're only gonna. [29:13] Justin: Oh, I got. [29:14] JD: Thanks, buddy. Let's mention our sponsors that I Forgot to mention 401k Fridays. So today's event has been brought to you by some of the four coolest companies in the Pension Pro Millennium Trust. Pen checks. And I forgot the last one. It's Yanis coming back. [29:38] Justin: I don't know. [29:39] JD: Spectrum, Pension [29:43] Chad: Spectrum. [29:44] JD: Those guys. I never heard of Spectrum. [29:45] Justin: Who are they? [29:46] Mark: Apparently they do. [29:47] JD: All right, so those are our sponsors and we appreciate it. And we also appreciate the. [29:51] Mark: You want my pocket beer? [29:52] JD: Hawaii Seminar. [29:54] Chad: Yes, the Hawaii Seminar. [29:56] Justin: For. [29:56] JD: For asking us out here. I know you have a cooler name for it. It should be called the Sal Tripote Arisa Update much? Yeah, much better [30:06] Justin: taxation. [30:07] JD: Let's clear for the record, you're not coming back to speak at this event. This is the 20th annual. It's your final one. [30:15] Justin: That is correct. [30:17] Mark: However, Raiders beat the Broncos. You have to come back. [30:20] Justin: Oh, yeah. [30:23] Mark: If we will. [30:25] Justin: Well, you know, we are finishing the season together in Denver. [30:28] Mark: Together. [30:29] Justin: December 29th. [30:30] Speaker B: Yeah, when we. When we. [30:31] Justin: You are like a date. [30:36] Chad: Go ahead. [30:36] Justin: The Raiders will come alive when they're in Las Vegas. They just don't appreciate Oakland. [30:41] Mark: We are alive right now. [30:42] Justin: Okay. [30:43] JD: This is Mark's dream. Mark thinks this is Sports Center. I know. All the time he wants to talk. [30:48] Mark: Don't all of you wish this was [30:50] Justin: more like that we should be yelling. [30:52] JD: What I want to talk about is [30:53] Mark: that I like you too much. [30:55] JD: Can we clarify for the audience? You are not retiring. [30:59] Justin: Thank you. I have not retired. I'm not going away. I am just not doing seminars. And the outline bug. I don't want things that have lots of deadlines. I'm there to help you with your technical consulting issues. [31:13] Chad: Who's writing the eob? [31:15] Justin: I'm here for you [31:19] JD: from this kind of thing. But they. [31:20] Justin: And don't forget, Brian Fergala is the perfect substitute for me. He is coming on. [31:26] Mark: Is Brian here? [31:27] Justin: Right. Is Brian here? Brian, where are you? [31:30] Mark: Come up. [31:30] JD: Brian, come up. [31:31] Justin: Brian, where are you? [31:33] JD: We'll have you on in. [31:34] Justin: All right. Oh, my God. Is he. Is he missing this opportunity? [31:40] JD: Okay, there he is. [31:41] Justin: There he is. [31:43] Mark: There he is. [31:44] JD: Wow. This Dude's young and handsome, right? [31:46] Justin: I used to be like, wow, you [31:49] JD: are like The Sal Tripote 2.0. [31:51] Mark: Yeah, it is. [31:53] Chad: We're bringing back. We're bringing back time. [31:55] JD: There you go. Sit down. [31:57] Chad: This is your seat. [31:58] JD: Sit on down. [31:58] Justin: Wow. This is excellent. [32:01] JD: You're gonna send us off. [32:02] Speaker B: Gentlemen. [32:03] Justin: Yes. [32:03] JD: The new EOB dude is right here. [32:05] Justin: No, no, he's not the new EOB Dude. It's a different EOB dude. He's the seminar dude. [32:10] JD: Oh, sorry. [32:11] Justin: The Hawaii seminar dude. Okay. [32:13] JD: Hawaii seminar. I'm getting this all screwed up. I just want to be clear for the record, for the audience here and on the Internet. This is all going out live to three people that are watching from their homes. Then we'll put it out later. Sal is not retiring. He's not retiring, dude. He's just not doing this seminar thing anymore. So hit him up at Cyber Rista and do this. All right. We finish every show with a little saying. Oh, you've watched all the shows, so I'm sure you know what it is. [32:40] Justin: Yes, I have. [32:41] JD: Put your beer up. [32:42] Justin: Okay. [32:44] JD: Give our boy over there a beer. The new Hawaii seminar guy. All right. We are the retireholics. We are changing the retirement plan industry one beer at a time. Thanks for having us. [32:55] Chad: Yeah. [32:58] JD: Now let's drink some freaking rumors.