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Senate follows House in passing bill allowing relief for multiemployer plans
trueStruggling multiemployer pension funds will be able to reduce retiree benefits under legislation that received final Senate approval Saturday as part of a congressional spending package already approved by the House.
Sen. Patty Murray to become ranking HELP Committee member
trueSen. Patty Murray, D-Wash., will become ranking member of the Senate Health, Education, Labor and Pensions Committee when the 114th Congress convenes in January.
House passes multiemployer pension reform
trueThe House approved late Thursday a package of reforms available to struggling multiemployer pension funds, as part of a congressional spending deal that the Senate must vote on by Saturday.
Proposed Congress spending bill allows some multiemployer plans to cut retiree benefits
trueControversial reforms for multiemployer pension funds will be part of a congressional spending deal set for a final vote Thursday.
Senators call on Treasury to help smaller employers offer retirement plans
trueThe Treasury Department could promote more retirement programs among small employers by making it easier for them to join multiple-employer plans, several members of the Senate Finance Committee said in a letter to Secretary Jacob Lew.
FSOC process necessary, Dodd says
trueThe Financial Stability Oversight Council's mission to identify systemically important non-bank financial institutions is necessary, former Sen. Christopher J. Dodd said Tuesday at an event marking the fourth anniversary of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Federal retirement benefits likely target for GOP
trueFederal employees are bracing for more bad news about their retirement benefits as Republicans prepare to control both chambers of Congress.
GOP Congress might revisit tax incentives for retirement plans
trueAs Republicans prepare to take control of the 114th Congress in 2015, their agenda could change the tax incentives for retirement plan sponsors and participants. Money managers could also see changes if the new Congress revisits much-criticized financial regulation.
2 senators call for derisking rules
trueSenate Finance Committee Chairman Ron Wyden, D-Ore., and Senate Health, Education, Labor and Pensions Committee Chairman Tom Harkin, D-Iowa, want federal regulators to set clear guidelines for employers undertaking pension derisking.
Retirement tax incentives called 'out of whack'
trueSenate Finance Committee Chairman Ron Wyden, D-Ore., said at a hearing Tuesday that “something is out of whack” between the $140 billion in annual tax subsidies for retirement savings and the number of people who don’t have enough saved for retirement.
FSOC considers designating MetLife as systemically important
trueMetLife Inc. should be designated a systemically important financial institution, members of the Financial Stability Oversight Council voted Thursday in a closed meeting.
ERISA architect Nagle praised as intelligent, fair
trueRobert E. Nagle, one of the architects of the Employee Retirement Income Security Act of 1974 who died Aug. 16, is remembered by colleagues as a good, kind, competent man whose knowledge and fairness in the employee benefits field was unmatched.
Senate passes House version of highway bill
trueThe U.S. Senate approved on Thursday the House version of a highway funding bill that includes more generous pension funding calculations.
Senate reduces pension smoothing measures for highway bill
trueThe Senate version of a highway funding bill approved Tuesday calls for less generous pension funding calculations for defined benefit plans than a House plan approved July 15.
Hedge funds, banks come under fire for basket options
trueRenaissance Technologies, Barclays Bank PLC, and Deutsche Bank AG were criticized for misusing structured financial products to avoid taxes and banking leverage limits.