Chris Gaston Featured on Broadcast Retirement Network Recapping 2025 and Providing 2026 Outlook for Retirement Savings Community
- Published Date: January 10, 2026
Davis & Harman Principal, Director of Government Relations, Chris Gaston, recently appeared as a guest on the Broadcast Retirement Network discussing legislative and regulatory priorities for the retirement industry.
During the discussion, Gaston reflected on congressional and administrative activity in 2025, and the bipartisan consensus in Congress to leave tax incentives for retirement savings untouched by the sweeping tax reform legislation enacted in July 2025. Gaston noted that preserving and maintaining tax incentives for retirement savings was an important outcome for the industry.
Gaston further discussed the legislative outlook for 403(b) investment expansion. He noted that on December 11th the House of Representatives approved a broadly bipartisan bill, the Incentivizing New Ventures and Economic Strength Through Capital Formation (INVEST) Act (H.R. 3383), which included the long sought 403(b) investment expansion provision. Originally introduced in the Retirement Fairness for Charities and Educational Institutions Act, H.R. 1013, the INVEST Act would provide the necessary securities law exemption to provide parity for 403(b) plans to invest in collective investment trusts (CITs) and unregistered insurance company separate accounts. He noted that despite the broad bipartisan support in the House there is no guarantee for enactment but stated the bill is on a positive trajectory heading into a shortened legislative calendar in 2026 due to the upcoming election.
When asked about a sequel to SECURE 2.0, Gaston stated that Congress is “in the seed planting phase rather than the harvesting phase of the next bill.” He noted that Congress has developed a range of bipartisan proposals, including proposals related to lifetime income, minimum age thresholds for qualified plan participation, and automatic reenrollment features, however, Congress will need more time and thought leadership to formulate a successful legislative package building upon the successes of SECURE 1.0 and SECURE 2.0.
On regulatory activity, Gaston stated that the retirement industry in 2026 is anticipating a very active Department of Labor (DOL) who, in the coming month, will advance “regulatory clarity for plan sponsors who might want to offer greater access to alternatives” specifically related to President Trump’s Executive Order 14330, Democratizing Access to Alternative Assets for 401(k) Investors. Additionally, he noted that the industry expects DOL to continue to provide support for plan sponsors defending against increasingly prevalent ERISA litigation from the plaintiffs’ bar seeking quick settlements.
Lastly, Gaston noted that the retirement industry will continue to monitor the development and implementation of Trump Accounts as they become available in 2026.
A link to the full interview can be found here.
