On behalf of NAIFA, NAIFA President Paul Dougherty sent a letter to Speaker Ryan and Leader Pelosi to urge their support of H.J. Res 66 and H.J. Res 67 to invalidate the DOL’s “safe harbor” regulations for government saving plans.
“For decades, there has been a uniform set of federal policies governing employer-provided retirement plans to ensure clear rules of the road for employers to follow and strong protections for America’s workers and retirees,” Dougherty wrote. “However, in 2016, the Obama administration finalized regulations establishing a ‘safe harbor’ from those long-standing rules that would pave the way to government-run IRAs managed by states and certain municipalities.”
Among other concerns, NAIFA believes these state-run plans will diminish overall retirement savings, Dougherty said.