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Clock ticking on resolution to roll back safe harbor for state retirement plans

As the GOP struggles to get the votes to roll back a DOL safe harbor for state-run retirement plans, state treasurers have entered the debate -- because states will have to foot the bill for poor retirees with little to no retirement savings.

By Nick Thornton | Updated on April 27, 2017
Several Republican Senators are reportedly leery of voting down a rule that would give states greater authority to address retirement savings shortfalls.(Photo: Getty)

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.

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Nick Thornton

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.

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