Kathryn Capage, Strategic Planning Director for the Retirement & Tax Advantages Products Division for AIM Investments, recently detailed in a Center for Due Diligence (CFDD) Legislative Update pending retirement-related legislation to watch for this year.
o Fee disclosure Fee disclosure may go to a full Congressional vote in 2010; Department of Labor (DOL) regulations dealing with providers’ fee disclosure are due in May 2010.
o Investment advice Investment advice has a chance of passage in 2010; a complete rewrite of the previously issued DOL regulations has a May 2010 deadline.
o Executive pay A number of bills currently pending in Congress could impact executive compensation and corporate governance issues in 2010. H.R. 4173 passed the House in December 2009; as written, it faces an uncertain future in the Senate.
o Defined benefit (DB) plan funding relief Reps. Pomeroy (D-North Dakota) and Tiberi (R-Ohio) introduced a bill in October 2009 which would implement many of the DB plan funding relief proposals being advocated by sponsor and participant groups. There is general support for “doing something” to provide DB funding relief; passage is likely in early 2010.
o Target date funds Regulatory and/or legislative action anticipated in 2010.