Two leading lawmakers responsible for oversight of the country's retirement policy have written top regulators expressing their concern with the de-risking of private defined benefit plans.
Sen. Ron Wyden, D-Oregon, chairman of the Senate Finance Committee, and Sen. Tom Harkin, D-Iowa, chairman of the Committee on Health, Labor, Education and Pensions, claimed there is a "lack of clear and specific rules to protect participants and retirees" in pension de-risking schemes.
They are calling on the secretaries of Treasury and Labor, the acting director of the Pension Benefit Guaranty Corp. and the director of the Consumer Financial Protection Bureau to consider establishing guidance for sponsors on their fiduciary obligations when they de-risk plans.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
