Congress held a number of hearings and votes over the last two weeks in a final flourish before the upcoming recess. The Senate unanimously passed a bill that would clarify ERISA Section 4062(e) and Congress passed a short-term continuing resolution to keep the government funded through December 11, 2014. In addition to the recent legislation, the Senate Finance Committee held a hearing dubbed “Retirement Savings 2.0,” while two CIEBA members testified before the House Committee on Ways and Means urging Congress to enact a package of proposals allowing troubled multiemployer plans to reduce benefits.
The regulatory agencies were also busy over recent weeks. The Treasury Department released its long-awaited final regulations on market rate of return rules for hybrid pension plans and issued guidance on rollovers from Roth retirement savings accounts. The Department of Labor released a field assistance bulletin updating fiduciary obligations to locate missing participants.
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