Sen. Orin Hatch's sweeping public and private pension reform bill — the Secure Annuities for Employee (SAFE) Retirement Act of 2013 – has picked up plenty of support from insurers but generated lots of negative reactions, as well.
The legislation, scheduled to be officially introduced Tuesday, would effectively allow states to turn over pension plans — and the ensuing tax benefits — from local governments to insurance companies using fixed-annuity contracts.
At the same time, the bill would shift ERISA oversight from the Department of Labor to the Treasury Department.
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