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State retirement plan safe harbor killed in Senate

The safe harbor met fierce criticism from the financial services industry, while some Democrats said the GOP was going against states' rights by killing it.

By Nick Thornton | Updated on May 03, 2017
Some Republicans wanted to roll back the safe harbor 'to protect consumers' but others were concerned that rolling back the safe harbor would amount to an infringement on states’ rights. (Photo: Getty)

A resolution of disapproval to roll back an Obama-era Labor Department safe harbor for state-run retirement plans narrowly passed in the Senate today.

It is expected to be signed into law by President Trump.

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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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