Two leading lawmakers responsible for oversight of the country's retirement policy have written top regulators expressing their concern with the de-risking of private defined benefit plans.
Sen. Ron Wyden, D-Oregon, chairman of the Senate Finance Committee, and Sen. Tom Harkin, D-Iowa, chairman of the Committee on Health, Labor, Education and Pensions, claimed there is a "lack of clear and specific rules to protect participants and retirees" in pension de-risking schemes.
They are calling on the secretaries of Treasury and Labor, the acting director of the Pension Benefit Guaranty Corp. and the director of the Consumer Financial Protection Bureau to consider establishing guidance for sponsors on their fiduciary obligations when they de-risk plans.
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