Press Release

Congressman Phil Roe (R-TN) Named SPARK Retirement Security Champion

Issued by SPARK Institute

July 16, 2020

Rouse: the “final DOL e-delivery rule would not have been possible without Congressman Roe’s persistent engagement on electronic delivery”

SIMSBURY, CT, July 15, 2020 -- Today, the SPARK Institute announced that Congressman Phil Roe (R-TN) had been selected as the inaugural SPARK Retirement Security Champion.

The SPARK Instituted presented Congressman Roe with the SPARK Retirement Security Champion award for his tireless work on retirement issues during his time in Congress. As a former Chairman of the ERISA subcommittee in the House of Representatives and an author of key parts of the SECURE Act, Rep. Roe has been deeply engaged on retirement savings issues and helped accomplish real change.

The SPARK Institute’s partnership with Rep. Phil Roe dates back to 2015 when he immediately understood the power of using technology, and not paper, to connect retirement savers with their retirement plans. The final DOL default electronic delivery rule issued earlier this year is similar in structure to Rep. Roe’s bipartisan RETIRE Act (H.R. 4610 / S. 3795), which the SPARK Institute helped to develop and worked to advance.

Tim Rouse, Executive Director of the SPARK Institute stated, “In selecting Rep. Roe for the SPARK Retirement Security Champion award we specifically want to celebrate his leadership on e-delivery by introducing and fighting for the RETIRE Act and the subsequent final Department of Labor rule permitting default electronic delivery.” Rouse added, “It is clear to us that this final DOL e-delivery rule would not have been possible without Rep. Roe’s persistent engagement on electronic delivery.

“Today we present the SPARK Retirement Security Champion award to Rep. Roe on behalf of the millions of retirement savers who will benefit from better experience as they save and plan for their retirement, said John Geli, President, SS&C Retirement Solution. “The retirement savings community deeply values your successful leadership to modernize retirement plan disclosures.”

“I am honored to accept this award,” said Congressman Phil Roe (R-TN). “During my time in Congress, I have been dedicated to making it possible for everyone to achieve retirement security, and the SPARK Institute has been a valuable resource and a tremendous partner in this effort.”  Congressman Roe, the original sponsor of the RETIRE Act, noted that his legislation inspired the final DOL electronic delivery rule issued earlier this year.  Congressman Roe added that “With the DOL’s electronic delivery rule, I will no longer annually need to burn my old financial documents in my backyard firepit. Now with default e-delivery, it will be much simpler for retirement savers to receive relevant and timely information about their plans while saving hundreds of millions of dollars in expenses each year.”

Congressman Phil Roe represents the First Congressional District of Tennessee and is serving in his sixth term in Congress.  Congressman Roe is Ranking Member of the House Committee on Veterans' Affairs and chaired the committee in the 115th Congress. Additionally, he serves on the House Education and Labor Committee. Previously, he was a member of the Joint Select Committee on Solvency of Multiemployer Pension Plans.

For more information, please contact Tim Rouse at tim@sparkinstitute.org.
 
About the SPARK Institute
The SPARK Institute represents the interests of a broad-based cross section of retirement plan service providers and investment managers, including members that are banks, mutual fund companies, insurance companies, third-party administrators, trade clearing firms, and benefits consultants. Through the combined expertise of its member companies, the Institute provides research, education, testimony, and comments on pending legislative and regulatory issues to members of Congress and relevant Government agency officials. Collectively, its members serve approximately 100 million participants in 401(k) and other defined contribution plans.

BL:hh

Editor's note: This press release has been issued by the company named above, not BenefitsLink. Reliance on information in this press release might be prudent only after an independent review of its accuracy, completeness, efficacy, and timeliness. Reference to any specific commercial product, process, or service by trade name, trademark, service mark, manufacturer, or otherwise does not constitute or imply endorsement, recommendation, or favoring by BenefitsLink.