Retirement and Pension

Priorities

As the baby boomers move into retirement, there is a greater emphasis on ensuring that people have sufficient assets. Conversations surrounding retirement security include increasing coverage and participation, clarifying and strengthening fiduciary responsibilities, and working to reduce the risk that individuals outlive their retirement assets.

We anticipate further conversation and legislation on these issues:

• Automatic IRAs/Universal IRAs—oppose proposals that require an employer mandate, create a TSP II system, or increase ERISA fiduciary liability for employers.
• Decumulation Strategies—work with Congress and our membership to reach consensus on legislation to promote useful decumulation strategies pertaining to annuities, long-term care insurance, and other products without overly burdening plan sponsors.

Issue areas:

Notice and Disclosure Requirements

State and Local Pension Underfunding

Multiemployer Plan Funding

Definition of a Fiduciary

Pension Funding

Financial Services Reform

Small Business Issues

Plan Fee Disclosure

Phased Retirement

Comments, Letters, and Testimony:

4/12/13 - Statement for the Record - House Committee on Ways and Means Tax Reform Working Group on Pensions and Retirement

4/12/13 - Tax Reform - Joint Statement to Working Group on Retirement

3/22/13 - SEAL Act - Support Letter 2013

3/5/13 - Statement for the Record – The Subcommittee on Health, Employment, Labor, and Pensions of the House Education and the Workforce Committee - Challenges Facing Multiemployer Pension Plans: Reviewing the Latest Findings by PBGC and GAO

2/20/13 - ERISA Advisory Council - Topics for 2013

1/31/13 - Statement for the Record - Senate HELP Hearing on Pension Savings: Are Workers Saving Enough for Retirement?

10/5/12 - Presidents Advisory Council on Financial Capability, Partnerships Subcommittee

9/20/12 - Statement for HELP Roundtable 2012

9/4/12 - Group Letter to Support H.R. 3287 (SEAL Act) Concerning 401 (k) Leakage

8/21/12 - Joint Response to SEC Regarding Money Market Fund Reform

7/12/12 - Recommendation for ERISA Advisory Council on the Nomination of James Merna

6/25/12 - Field Assistance Bulletin - Group Letter on Q&A 30 – Plan Fees

6/20/12 - Statement for the Record - EdWorkforce June2012

3/7/12 - Statement for the Record - Senate Aging Committee March2012 

2/2/12 - Statement for the Record - Subcommittee on Health, Employment, Labor and Pensions of the House Education and the Workforce Committee - Examining the Challenges Facing PBGC and Defined Benefit Pension Plans

11/2/11 - PBGC - Joint Letter on Premiums Nov2011

9/22/11 - Letter to DOL on the Definition of Fiduciary

9/15/11 - Stable Value Funds - Request for Extension

7/25/11 - Statement for the Record on The Power of Pensions- Senate HELP

6/24/11 - Comments to PBGC on Review of Premium Filings

6/14/11 - SEAL Act Support Letter 2011

6/14/11 - Statement for the Record - Ed&Workforce June 2011

6/6/11 - E-Delivery - Response to Request For Information - June 2011

6/6/11 - PBGC - Joint Letter on Premiums June 2011

4/29/11 - Comments to Treasury Regarding Reducing Regulatory Burden; Retrospective Review Under E.O. 13563—Request for Information

4/4/11 - Senate Letter on Proposals to Increase PBGC Premiums

4/4/11 - House Letter on Proposals to Increase PBGC Premiums

To view a complete list of the Chamber's recent comments click here:  http://www.uschamber.com/issues/comments

To view a complete list of the Chamber's recent letters to Capitol Hill click here: http://www.uschamber.com/issues/letters

Publications

U.S. Chamber of Commerce Health and Retirement Priorities for the 113th Congress:  the Year in Review and the Year Ahead

Private Retirement Benefits in the 21st Century:  A Path Forward