PLANADVISER - May/June 2019 - 10

Legislative and Judicial Actions
compliance news
House Passes SECURE Act,
Senate Could Be Close Behind
Following the House of Representatives'
passage of the SECURE [Setting
Every Community Up for Retirement
Enhancement] Act, on May 24, Melissa
Kahn, managing director of retirement
policy for
the defined contribution
(DC) team at State Street Global Advisors
(SSGA), said, " Like many other
industry stakeholders, we're thrilled
with the step taken by the House. This
will, hopefully, prove to be a major
step toward ensuring that workers
can achieve a secure retirement. The
SECURE Act covers so many different
areas across retirement plan access
and coverage, savings efficiency, lifetime
income and more. It really is a
great package in total.
" Democrats and Republicans were
able to come together, and that's a
great sign for American workers, " Kahn
continued. " Where it goes from here
is the crucial next question. We have
heard rumors that the Senate could
move on the SECURE Act very quickly.
I would not be surprised if we see
Senate action very, very soon, in fact.
People in both political parties recognize
that this is a pressing need for all
of America. "
Kahn's
optimistic
perspective
about the prospect for Senate action
was echoed in many of the written
statements sent to PLANADVISER in
response to the SECURE Act's easy
House passage. In his statement, Financial
Services Institute (FSI) President
and CEO Dale Brown urged the Senate
" to take up this critical legislation and
pass it as soon as possible. "
Empower President and CEO
Edmund F. Murphy III said Congress
" has done a great service to American
retirement savers by voting for the
SECURE Act of 2019. "
Phil Waldeck, president of Prudential
Retirement, also commended the
House for its vote, saying, " The bipartisan
SECURE Act is the most significant
legislation aimed at bolstering
America's retirement system in more
than a decade. "
Congress Called On to Address
Union Pension Crisis
During a meeting of the Senate
Finance
Committee,
Committee
Chairman Chuck Grassley, R-Iowa,
said that passage of the Retirement
Enhancement and Savings Act (RESA)
remains a top priority for himself and
Finance Committee Ranking Member
Ron Wyden, D-Oregon, during
the
current Congress.
While RESA was the main focus
throughout the hearing, other topics
beyond that particular piece of legislation
repeatedly came up and underscored
other areas where senators said
they hope to make progress soon. For
example, during her questioning of the
experts, Debbie Stabenow, D-Michigan,
stepped back from RESA to urge the
committee to find some urgency on the
multiemployer union pension crisis.
Mike Enzi, R-Wyoming, agreed,
noting that 150 such plans could
become insolvent within a matter of
years.
" We need a hair-on-fire moment
about the union pension issue, " Stabenow
said. " In my lifetime, I cannot
believe we are seeing folks who have
lost or will lose a pension benefit they
have paid for, over decades. This is a
whole generation of union workers
who are in danger of not receiving the
benefits they have been promised and
they have paid for. "
Anyone who has listened in on
public meetings held by the Joint
Select Committee on the Solvency of
Multiemployer Pension Plans will have
heard testimony of stakeholders in the
multiemployer pension space, noting,
for example, that the funding gap has
more than tripled in the past decade.
Excessive Fee Suit Filed Against
Greystar Management
A participant in the Greystar 401(k)
Plan has filed a proposed class action
lawsuit against Greystar Management
Services L.P., a property management
firm, alleging it breached its fiduciary
duties under the Employee Retire10
| planadviser.com May-June 2019
Art by Simone Virgini
http://www.planadviserdigital.com/planadviser/may_june_2019/TrackLink.action?pageName=10&exitLink=http%3A%2F%2Fplanadviser.com
PLANADVISER - May/June 2019

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