Attached for your review is the KCS Third Quarter Update. As you will note, we have been busy during the last few months, and the next three are nearly as packed. We thank you for your continuing support, and many others in our industry who have provided us with a forum to express our unique insights, as we attempt to alter the conversation regarding the day to day management of defined benefit and defined contribution plans.

We continue to believe in our firm’s mission, as we fear the adverse consequences of a failing retirement system. The statistics that are highlighted reveal a consistently ugly story, as fewer and fewer retirement participants are in a position to retire. In fact, only 1 in 7 contributors to a DC plan (only about 50% of the population actually fund a DC plan) are contributing enough to replace an appropriate portion of their current income.

Please don’t hesitate to call on us if you’d like to learn more about our approaches to working with DB, DC, E&F and HNW individuals. With a combined 191 years of relevant experience, we believe that our team can assist you and your team to navigate through these difficult challenges. But despite the choppy seas, they must be navigated.