Republicans in the Senate are struggling to secure the votesneeded to roll back a Labor Department regulation that would makeit easier for states to mandate enrollment in state-administered retirement plans, accordingto several sources.
The House of Representatives passed a resolutionunder the Congressional Review Act that blocks the safe harbor frombeing implemented, largely along party lines.
But the measure has stalled in the upper chamber.Last month, the Senate passed a separate resolution that blocked asimilar safe harbor extended to some municipalities bya 50 to 49 margin. Sen. Bob Corker, R-TN, broke from Republicansand voted with Democrats to uphold the safe harbor. “I do not thinkthe federal government should stand in the way of states seeking tosolve very real problems, especially in the midst of a growingretirement security crisis,” Corker said in a statement.
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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.
