FitchOutlookDec13jc

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Congress began the effort to reconcile differing bills on pension reform legislation the evening of March 8, after the House named its representatives to the Conference Committee.

The insurance industry’s main interest is in provisions contained in the legislation that, if included in the final legislation, will allow it to increase its product offerings in the defined contribution market as well as reduce the paperwork involved in marketing products to that market.

Among the Senate Conferees, Sen. Max Baucus, D-Mont., said that he looked forward to working on the bill, but took issue with some of its provision, most notably language that would allow firms adminstering a retirement plan to provide investment advice to plan particpants.

“I believe that conflicted investment advice is not helpful,” said Sen. Baucus, the ranking member of the Senate Finance Committee.