Recently in Retirement and Pensions
The Health, Employment, Labor, and Pensions Subcommittee of the House Education and Labor Committee held a hearing on Wednesday, April 22 on legislation that will provide American workers with clear and complete information about Wall Street fees taken from their 401(k)-style accounts.
The 401(k) Fair Disclosure for Retirement Security Act of 2009 will help workers shop around for the best retirement options by requiring simple fee disclosure on the investment options contained in their employer’s 401(k) plan. Current law does not require all fees workers pay to be disclosed; and even for information that is available, it can be difficult for workers to find and evaluate.
The bill was introduced on Tuesday, April 21, 2009 by Rep. George Miller (D-CA), chairman of the full committee, and Rep. Rob Andrews (D-NJ), chairman of the subcommittee.
Hidden 401(k) fees were the subject of Sunday’s 60 Minutes and featured an interview with Rep. Miller. To watch the segment, click here.
Archived Webcast »
The 401(k) Fair Disclosure for Retirement Security Act of 2009 will help workers shop around for the best retirement options by requiring simple fee disclosure on the investment options contained in their employer’s 401(k) plan. Current law does not require all fees workers pay to be disclosed; and even for information that is available, it can be difficult for workers to find and evaluate.
The bill was introduced on Tuesday, April 21, 2009 by Rep. George Miller (D-CA), chairman of the full committee, and Rep. Rob Andrews (D-NJ), chairman of the subcommittee.
Hidden 401(k) fees were the subject of Sunday’s 60 Minutes and featured an interview with Rep. Miller. To watch the segment, click here.
Witnesses:
-
Mr. Mercer E. Bullard »
Founder,
Fund Democracy and Assistant Professor of Law University of Mississippi University, MS -
Ms. Kristi Mitchem »
Managing Director
US Defined Contribution Plans Barclays San Francisco, CA - Ms. Alison T. Borland » Retirement Strategy Leader Hewitt Associates LLC Nashville, TN
- Mr. Julian Onorato » CEO ExpertPlan, Inc. East Windsor, NJ
-
Robert G. Chambers »
Chairman of the Board,
American Benefits Council
& Partner, McGuire Woods Charlotte, NC - Larry Goldbrum » Executive Vice President and General Counsel The SPARK Institute Simsbury, Connecticut
The Health, Employment, Labor and Pensions Subcommittee of the House Education and Labor Committee will hold a hearing on the importance of ensuring that if workers receive investment advice, that it be independent and free of financial conflicts of interest.
In the last days of the Bush administration, the Department of Labor proposed to allow financial services firms to offer potentially conflicted investment advice on workers’ retirement accounts. For more information on this proposal, click here.
The Obama administration has slowed the consideration of this midnight rule.
Archived Webcast »
In the last days of the Bush administration, the Department of Labor proposed to allow financial services firms to offer potentially conflicted investment advice on workers’ retirement accounts. For more information on this proposal, click here.
The Obama administration has slowed the consideration of this midnight rule.
Witnesses:
- Ken Baker » Corporate Director of Human Resources Applied Extrusion Technologies Terra Haute, IN
-
Mercer Bullard »
Founder and President
Fund Democracy
Nonprofit Advocate for Mutual Fund Shareholders Oxford, MS - Sherrie Grabot » CEO GuidedChoice Los Gatos, CA
-
Charles Jeszeck »
Assistant Director
Education, Workforce and Income Security Issues U.S. Government Accountability Office Washington, DC - Melanie Nussdorf » Partner Steptoe & Johnson LLP, on behalf of SIFMA Washington, DC
- Andrew L. Oringer » Partner White and Case, LLP. New York, NY
In light of the current financial crisis, on Tuesday, February 24, the House Education and Labor Committee will begin a series of hearings to explore the shortcomings of our nation’s retirement system and look at solutions to ensure that Americans can enjoy a safe and secure retirement after a lifetime of hard work.
The first hearing will examine how the current economic crisis has highlighted existing weaknesses in the 401(k) retirement savings system. As a result of economic conditions, older workers are putting off retirement plans, retirees are thinking about going back to work, current workers are reducing 401(k) contributions, and more are borrowing from their retirement savings to pay for basic necessities.
Archived Webcast »
The first hearing will examine how the current economic crisis has highlighted existing weaknesses in the 401(k) retirement savings system. As a result of economic conditions, older workers are putting off retirement plans, retirees are thinking about going back to work, current workers are reducing 401(k) contributions, and more are borrowing from their retirement savings to pay for basic necessities.
Witnesses:
- Dean Baker » Co-director Center for Economic and Policy Research
- John C. Bogle » Founder Vanguard Group
- Alicia Munnell » Director Boston College’s Center for Retirement Research
- Paul Schott Stevens » President and CEO Investment Company Institute
Statements Submitted for the Record:
Profit Sharing Council of America »
American Benefits Council »
Matthew Hutcheson »
Independent Pension Fiduciary
Mellody Hobson »,
President, Ariel Investments, LLC and Chairman, Ariel Mutual Funds Board of Trustees
This hearing, held in San Francisco, CA, further examined how the current financial crisis is impacting pension funds and workers’ directed retirement accounts, such as 401(k) plans.
Witnesses:
- Shlomo Benartzi, Ph.D. » Professor UCLA Anderson School of Management Los Angeles, CA
- Steve Carroll » Retiree Petaluma, CA
- Mark Davis » Partner Kravitz Davis Sansone Encino, CA
- Jacob S. Hacker, Ph.D. » Professor University of California at Berkeley
- Roberta Quan » Retiree Richmond, CA
- Tif Joyce » President Joyce Financial Management Sebastopol, CA
This hearing examined how the current financial crisis is impacting pension funds and workers’ directed retirement accounts, such as 401(k) plans. According to a recent poll by the Associated Press, more than half of all Americans are worried that the ongoing financial crisis will force them to postpone retirement.
Archived Webcast »
Witnesses:
- Jerry Bramlett » CEO BenefitStreet, Inc.
- Dr. Teresa Ghilarducci » Professor of Economic Policy Analysis The New School for Social Research
- Dr. Peter Orszag » Director Congressional Budget Office
- Jack VanDerhei » Research Director Employee Benefit Research Institute
-
Dr. Christian Weller »
Associate Professor of Public Policy
University of Massachusetts-Boston Senior Fellow
Center for American Progress
This hearing explored options to safeguard promised retiree health benefits. With insurance premiums skyrocketing and companies looking to cut expenses, an increasing number of companies have been rolling back or eliminating promised retiree health benefits.
Archived Webcast »
Witnesses:
- C. William Jones » Chairman ProtectSeniors.org
- Bill Kadereit » President National Retiree Legislative Network
- David Lillie » Retiree Raytheon Missile Systems Tucson, Arizona
- Scott Macey » Senior Vice President and Director of Government Affairs Aon Consulting, Inc.
- Norman Stein » Douglas Arant Professor of Law University of Alabama
- Dale Yamamoto » President and Founder Red Quill Consulting
Witnesses:
- The Honorable Leon R. Sequeira » Assistant Secretary for Policy U.S. Department of Labor Washington, DC
-
William L. Carlson, Ph.D. »
Administrator
Office of Foreign Labor Certification
Employment and Training Administration
U.S. Department of Labor Washington, DC - Bruce Goldstein » Executive Director Farmworker Justice Washington, DC
- Javier Riojas » Attorney/Branch Manager Texas RioGrande Legal Aid Eagle Pass, Texas
- John Young » Past Executive Director New England Apple Council Goffstown, New Hampshire
-
Dr. Andrew Sum »
Director/Professor
Center for Labor Market Studies
Northeastern University Boston, Massachusetts - Bill Beardall » Director Equal Justice Center Austin, Texas
Witnesses:
- Michael Calabrese » Vice President New America Foundation
- Lynn D. Dudley » Vice President for Retirement Policy American Benefits Council
- J. Mark Iwry » Nonresident Senior Fellow Brookings Institution
- David John » Senior Research Fellow Heritage Foundation
- Pamela Perun » Policy Director The Aspen Institute
- Michael Stapley » President and CEO Deseret Mutual
- Norman Stein » Professor University of Alabama School of Law
Witnesses:
- Lilly Ledbetter » Plaintiff in Ledbetter v. Goodyear Former Goodyear Employee
- Wade Henderson » President and CEO Leadership Conference on Civil Rights
- Prof. Deborah Brake » University of Pittsburgh School of Law
- Neal D. Mollen » On Behalf of the US Chamber of Commerce
Due to technical difficulties, approximately 20 minutes of audio is missing from the webcast.
Witnesses:
- Congressman Dale Kildee » 5th Congressional District of Michigan
- Kevin O’Connor » Assistant to the General President International Association of Firefighters (IAFF) Washington, D.C.
- Wayne Seybold » Mayor Marion, Indiana
-
Paul Nunziato »
Police Officer
NY/NJ Port Authority
Vice President
Police Benevolent Association (PBA) New York City, New York - Professor William Banks » Syracuse University Syracuse, New York
- R. Theodore Clark, Jr. » Partner Seyfarth Shaw, LLP Chicago, Illinois
- Neil Reichenberg » Executive Director International Public Management Association for Human Resources Arlington, Virginia
Witnesses:
- John Prater » President Air Line Pilots Association Denver, Colorado
-
Scott Macey »
Senior Counsel
Aon Consulting
Representing the American Benefits Council Washington, D.C. -
Judy Mazo, Sr. »
Vice President and Director of Research
Segal Company
Representing the National Multiemployer Coordinating Committee for Pension Plans Washington, D.C. - Sal Tripodi » President-Elect (2006-07) American Society of Pension Professionals & Actuaries Highlands Ranch, Colorado
Witnesses:
- Barbara Bovbjerg » Director for Education, Workforce and Income Security Issues U.S. Government Accountability Office Washington, D.C.
- Matthew Hutcheson » President and Founder Pension Dynamics Corporation Tigard, Oregon
- Stephen Butler » President and Founder Pension Dynamics Corporation Contra Costa County, CA
- Robert Chambers, Esq. » Partner, Helms, Mulliss & Wicker, PLLC Chairman, American Benefits Council