Sen. Orrin Hatch, R-Utah (AP Photo/Rick Bowmer)

Oversight of the fiduciary standard dealing with the sale of retirement products would be shifted to the Treasury Department under a provision of a law, the Secure Annuities for Employee (SAFE) Retirement Act of 2013, being introduced today in the Senate.

The primary purpose of the bill being introduced by Sen. Orrin Hatch (R-Utah) would create a new public retirement plan for state and local government that would allow insurance companies to provide pension benefits through fixed annuity contracts. It was introduced in advance of a hearing next week on “Pooled Retirement Plans: Closing the Retirement Plan Coverage Gap for Small Businesses” by the U.S. Senate Committe on Health, Education, Labor and Pensions, headed by Sen. Tom Harkin, D-Iowa.

Complete your profile to continue reading and get FREE access to BenefitsPRO.com, part of your ALM digital membership.

Your access to unlimited BenefitsPRO.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical BenefitsPRO.com information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com

Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

BenefitsPRO

Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join BenefitsPRO.com now!

  • Unlimited access to BenefitsPRO.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
  • Exclusive discounts on BenefitsPRO.com and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO

Copyright © 2024 ALM Global, LLC. All Rights Reserved.