Republicans in the Senate are struggling to secure the votes needed to roll back a Labor Department regulation that would make it easier for states to mandate enrollment in state-administered retirement plans, according to several sources.
The House of Representatives passed a resolution under the Congressional Review Act that blocks the safe harbor from being implemented, largely along party lines.
But the measure has stalled in the upper chamber. Last month, the Senate passed a separate resolution that blocked a similar safe harbor extended to some municipalities by a 50 to 49 margin. Sen. Bob Corker, R-TN, broke from Republicans and voted with Democrats to uphold the safe harbor. “I do not think the federal government should stand in the way of states seeking to solve very real problems, especially in the midst of a growing retirement security crisis,” Corker said in a statement.
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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.
