A group of 12 Democrats, including Rep. Maxine Waters, D-CA, and Rep. Bobby Scott, D-VA, both ranking members of House committees with jurisdiction over retirement policy, think it's time to update the Employee Retirement Income Security Act.
That's because the rules governing the nearly $12 trillion IRA and defined contribution market have "failed to keep pace with the changed landscape," wrote the lawmakers in a comment letter addressed to Labor Secretary Thomas Perez.
The Department of Labor has posted nearly 1,000 letters since the close of the comment period on July 22. Far more have been sent but have yet to be posted. And tens of thousands of individual signatures to petitions have also been posted.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
