Two pieces of legislation that would roll back Labor Departmentsafe harbors for state and municipal-sponsored retirement planshave passed the House of Representatives, largelyalong party lines.
Last August, the Labor Department finalized a safe harbor thatfacilitates state-sponsored retirement plans for privatesector businesses that don’t offer a workplace retirement savingsoption. The Labor Department estimates that 39 million Americansdon’t have access to a retirement savings option through theworkplace.
Last December, the DOL finalized another safe harbor that allows cities andcounties with populations of at least 600,000 to sponsorretirement plans, so long as those municipalities are not locatedin states that sponsor a retirement plan.
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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.
