Sen. Orrin Hatch, R-Utah (AP Photo/Rick Bowmer)

Oversight of the fiduciary standard dealing with the sale of retirement products would be shifted to the Treasury Department under a provision of a law, the Secure Annuities for Employee (SAFE) Retirement Act of 2013, being introduced today in the Senate.

The primary purpose of the bill being introduced by Sen. Orrin Hatch (R-Utah) would create a new public retirement plan for state and local government that would allow insurance companies to provide pension benefits through fixed annuity contracts. It was introduced in advance of a hearing next week on “Pooled Retirement Plans: Closing the Retirement Plan Coverage Gap for Small Businesses” by the U.S. Senate Committe on Health, Education, Labor and Pensions, headed by Sen. Tom Harkin, D-Iowa.

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