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Retirement Plan Experts Applaud Raising RMD Age

Articles & Interviews | Dec 15, 2020 | Paul Sommerstad

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) ActThe 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 Sommerstad

PARTNER

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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Curious about learning more? Let’s talk.

Tell us about yourself and your current financial situation without cost or obligation. Receive an introduction to a wealth management colleague, have a personal conversation, and get your questions answered.

By clicking “Submit”, you acknowledge that we collect your name, email address and phone number to respond to your inquiries and provide you information about our products and services in accordance with our Privacy Policy. If you are a California resident, please see our CCPA Notice to California Residents.