Ray Harmon

Massachusetts Bill Sets Sights on a State-Run Open MEP

By Ray Harmon 10/26/2017

On Oct. 23, the Massachusetts legislature’s Joint Committee on State Administration and Regulatory Oversight considered a bill that would set up a state-run multiple employer plan (MEP) for private employers in the Bay State, one of 25 pieces of legislation the committee examined that day.The bill... READ MORE

Nevada Securities Administrator to Issue Rules on Breaches, Protect Small Biz

By John Iekel, Ray Harmon 7/27/2017

Nevada’s new law that imposes a fiduciary duty on broker-dealers, sales representatives and investment advisers is now in effect; it also authorizes rules on fiduciary duty.SB 383, which Gov. Brian Sandoval (R) signed into law June 2, went into effect on July 1. The measure not only concerns duties... READ MORE

Bill Would Repeal Fiduciary Rule, Part of Dodd-Frank

By Ray Harmon 6/6/2017

A bill that would repeal some of the major provisions of Dodd-Frank and the DOL’s fiduciary rule will move to the House floor for a vote this week, something that did not happen in previous sessions for similar legislation. That said, even if the House passes it, its chances in the Senate are bleak... READ MORE

Open MEPs, Fiduciary Delay Dominate Hearing

By Ray Harmon 5/19/2017

A congressional hearing on “Regulatory Barriers Facing Workers and Families Saving for Retirement” ran the gamut from the fiduciary regulation to multiple employer plans to state-run programs.The hearing, by the House Education and Workforce Committee’s Subcommittee on Health, Employment, Labor... READ MORE

Bills Before Illinois House Committee Address State and Local Retirement Plans

By Ray Harmon 3/28/2017

More than 50 bills will be heard for the first time in the Illinois House Personnel and Pensions Committee on March 30. The bills include measures that would affect state and local retirement plans.The retirement-related bills that would affect teachers include the following: HB 3867, which would... READ MORE

With Acosta Waiting in the Wings, Council Gets to Work

By Ray Harmon 3/24/2017

On March 22, while Alexander Acosta faced his confirmation grilling in the Senate, the ERISA Advisory Council (EAC) had its first meeting of the Trump administration era, setting its 2017 agenda around improving plan disclosures.The 185th EAC meeting opened with introductions of five new members... READ MORE

NJ Senate Considers Pension Reform Bills

By Ray Harmon 9/29/2016

Two bills that would facilitate reform of New Jersey’s public pension plans are now before the state Senate. Senate Bill 2555 and Senate Concurrent Resolution 123 have been filed in the chamber by Sens. Joseph Kyrillos (R-Red Bank) and Steven Oroho (R-Sparta).SB 2555 would create a task force to... READ MORE

ERISA Advisory Council Receives Borzi Update, Sets 2016 Agenda

By Ray Harmon 3/17/2016

At the 180th meeting of the ERISA Advisory Council on March 16, Department of Labor (DOL) Assistant Secretary for Employee Benefits Security, Phyllis Borzi updated the Council on the DOL’s activity since their last meeting in November and kicked off a new year of business for the group of industry... READ MORE

Borzi Updates Council on State Plan Guidance, Fiduciary Proposal

By Ray Harmon 11/6/2015

“In my 40 years of doing this, I never thought I’d see the day we’d have a president giving us direct instructions …” [on state-run, automatic enrollment IRA programs], Assistant Secretary of Labor Phyllis Borzi told the ERISA Advisory Council Nov. 3-4.At the hearing, Borzi noted that about 68... READ MORE

Panel: American Women Face Unique Challenges When Planning for Retirement

By Ray Harmon 10/28/2015

A recent panel discussion the Indexed Annuity Leadership Council (IALC) held in Washington, D.C. titled, “The State of American Retirement: Navigating the Gender Imbalance,” made a strong case for more attention being paid to better enabling women to engage in financial planning.Cindy Levering of... READ MORE

SEC Aligns with White House on Need to Address Fiduciary Standards

By John Iekel, Ray Harmon 3/19/2015

Securities and Exchange Commission (SEC) Chair Mary Jo White confirmed March 17 that the Commission will “implement a uniform fiduciary duty for broker-dealers and investment advisors where the standard is to act in the best interest of the investor.”The statement, reported by Investment News,... READ MORE

Deadline Looms for Maryland Auto-IRA Task Force

By Ray Harmon 12/4/2014

With time running out on its deadline for providing recommendations, a task force examining alternatives for a possible state-run IRA program in the Old Line State continued to debate the issues.At the Dec. 1, 2014 meeting of the Governor’s Task Force to Ensure Retirement Security for All... READ MORE

Labor ‘Stay’

By Ray Harmon 11/24/2014

When President Obama named Loretta Lynch as his nominee to replace U.S. Attorney General Eric Holder, speculation about Secretary of Labor Tom Perez being tapped for the role was put to rest, while speculation about the impact on the DOL’s agenda was reinvigorated. Since early October, Perez had... READ MORE

Maryland Auto-IRA Task Force Ponders Future under GOP

By Ray Harmon 11/21/2014

In the wake of the surprise election of Republican Larry Hogan to the Maryland governor’s mansion earlier this month, the task force outgoing Gov. Martin O’Malley (D) established to study retirement plan access and potentially recommend a state-run automatic enrollment IRA program had its first... READ MORE

Borzi, ERISA Advisory Council Exchange Updates

By Ray Harmon 11/6/2014

The ERISA Advisory Council has now made its final recommendations of 2014, and got an update on regulatory proposals in return.On Nov. 4, the DOL’s ERISA Advisory Council followed up on its August meetings with the presentation of this year’s final recommendations to secretary of labor Tom Perez... READ MORE

White House ‘Financial Capability’ Council Bypasses Retirement Planning

By Ray Harmon 10/16/2014

The President's Advisory Council on Financial Capability for Young Americans recently held its annual meeting — but retirement planning was barely mentioned.One of the Council’s stated goals is to “identify and test promising and tested approaches for increasing planning, savings and investing for... READ MORE

GOP Public Pension Reform Gets a Surprise Boost

By Ray Harmon 9/23/2014

Republican Sen. Orrin Hatch (R-Utah) introduced the Secure Annuities for Employee (SAFE) Retirement Act (S. 1270) last year to reform the public and private pension systems and, amid recent retirement reform hearings on Capitol Hill, his public pension reform idea is now getting noteworthy support... READ MORE

GOP Public Pension Reform Gets a Surprise Boost Clone

By Ray Harmon 9/23/2014

‘Good Will’ Hinting? Borzi Chides Congress, Hints at Executive Actions

By Ray Harmon 9/12/2014

At a recent event commemorating ERISA’s 40th anniversary, Phyllis C. Borzi, Assistant Secretary of the DOL’s Employee Benefits Security Administration (EBSA), did not directly address her agency’s forthcoming proposed change to the definition of a fiduciary. But then, she didn’t have to. The as-yet... READ MORE

Council Considers Lifetime Plan Participation Options

By Ray Harmon 8/25/2014

The DOL’s ERISA Advisory Council wrapped up a three-day series of public meetings Aug. 21 with a focus on lifetime plan participation. The Council’s final session honed in on whether and how communications and specific plan design features may be used to enhance participants’ decisionmaking. First... READ MORE

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