On May 16, 2018, the Subcommittee on Health, Employment, Labor, and Pensions heard testimony on four bills related to retirement. Person making statements included: Paul Schott Stevens, President & CEO of the Investment Company Institute; Tim Walsh, Senior Managing Director at TIAA; Krista D’Aloia, Vice President and Associate General Counsel of Fidelity Investments; and Mark Iwry, Nonresident Senior Fellow at the Brookings Institution.

Of note where the comments made on H.R. 854 which would allow for the creation of Pooled Plan Providers. The bill would eliminate the current “common nexus” requirement for Multiple Employer Plan adopters. Second, the bill addresses the issue of individual adopters plan failure causing the entire Multiple Plan to fail.

Paul Schott Stevens stated, “The foregoing proposals would go a long way toward improving the successful defined contribution plan system and better equipping American workers with the tools needed to build a secure retirement,”

Following the hearing, members where confident the legislation will be approved during the current legislative year.

Stay tuned….