Political Quotes

“Mr. President, Senator Hatch and I have introduced the Retirement Enhancement and Savings Act of 2018. This bill makes a number of improvements to our Nation's employer-provided retirement plans and is the result of several years of bipartisan work on the part of the Finance Committee. The Retirement Enhancement and Savings Act was unanimously reported out of the Finance Committee in the prior Congress, and I urge my colleagues to support this bill. The bill that Senator Hatch and I have introduced is identical to the bill reported by the Finance Committee except for updating effective dates, omitting provisions that already have been enacted into law, and several technical modifications to the provisions impacting the United States Tax Court and to the safe harbor for employers for annuity provider selection. The safe harbor for annuity provider selection is a critical change to current law that will encourage employers to offer annuities to employees in 401(k) and other defined contribution retirement plans. Many employers are reluctant to offer annuities in these types of plans because of uncertainty about their liability in the event that an insurer becomes insolvent and is unable to pay benefits under the annuity. This safe harbor provides certainty for employers who select insurers who are financially capable of meeting their commitments and are in good standing with State regulators.…”