Washington Perspective, December 2006

Shift in Congress Could Result in New Developments on the Retirement Horizon

Perhaps the most significant effect of the change in control of Congress is the dramatic change in the leadership of the committees with jurisdiction over pension and benefit issues. The President has said he intends to work with Congress to find the most effective combination of reforms. [more on the new Congress and retirement legislation]

Senators May Seek Revisions to GAO Study on Public Pensions

Leaders of the Senate Finance Committee may request the Government Accountability Office (GAO) to revise the focus of a new study on the financial condition of state and local government pension plans. The National Association of State Retirement Administrators has raised the inclusion of retiree health benefits in the overall study as a concern. [more on the GAO study on public pensons]

ICMA-RC Analyzes Key Aspects of Pension Protection Act; Summary Available Online

Since the passage of the Pension Protection Act of 2006, ICMA-RC — a major supporter of the extensive pension reform — has worked with outside and internal legislative experts to review details of the Act, to develop guidelines for plan sponsors. ICMA-RC has also pubilshed a summary of the key PPA provisions impacting 457(b) and 401 governmental plans. [more on the Pension Protection Act of 2006] [View ICMA-RC’s summary of key provisions of the Pension Protection Act of 2006]

National Save for Retirement Week: 2007

With a record of scores of activities in cities around the U.S., National Save for Retirement Week has been deemed a success worthy of repetition. Already, ICMA-RC staff is gearing up for 2007. [more on National Save for Retirement Week]

GAO Study Advocates Greater 401(k) Plan Fee Disclosure

The Government Accountability Office (GAO) is taking aim at fees charged to participants in 401(k) plans, calling for more disclosure and new regulations that would require service providers such as brokers to tell plan sponsors about any compensation they receive to recommend specific investments. [more on the GAO study of 401(k) fees]