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Partner Paul Sommerstad offers a unique perspective about increasing the RMD age as longevity continues to rise.
PLANSPONSOR – Retirement plan experts have applauded the regulatory change to increase the required minimum distribution (RMD) age from 70.5 to 72, as directed by the Setting Every Community Up for Retirement Enhancement (SECURE) Act. The proposed Securing a Strong Retirement Act of 2020, which many are calling the “SECURE Act 2.0” would raise it even higher, to age 75.
Paul is a Partner in the firm’s Retirement Plan Services Group. He has more than 15 years of experience in the retirement plan industry and specializes in helping organizations understand how plan design can dramatically improve their employees’ ability to successfully retire and how proper governance can limit personal fiduciary liability. Paul has worked with a variety of public, private and nonprofit organizations providing them with proven strategies that have resulted in improved outcomes for thousands of retirement plan participants. He is an ardent researcher of behavioral economics and prides himself in using plain language to help plan committees and participants accomplish their goals and objectives.
Prior to joining Cerity Partners, Paul was a Senior ERISA Consultant with Blue Prairie Group where his expertise in vendor negotiations resulted in lower total plan and administrative costs and improved service levels for institutional clients of all sizes.
Paul earned a Bachelor of Arts degree in Financial Management from the University of St. Thomas – Opus School of Business. He also holds the Accredited Investment Fiduciary (AIF®), Certified Behavioral Finance Analyst (CBFA) and Qualified Plan Financial Consultant (QPFC) designations.
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