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Elections have consequences . . . but does this election have consequences for retirement policy? Perhaps, but perhaps not.
As this article is written, it appears that the Republicans will take control of the House of Representatives—by a very small margin, but the Senate will be controlled by the Democrats—at least at a 50-50 split, but with the vice president casting the deciding vote. However, the special runoff election in Georgia on December 6 may give the Democrats a 51-49 majority. Either way, the Democrats will have the votes where a majority controls but will not be able to stop the filibuster of a bill.
What does that mean in terms of retirement plan legislation, regulation and investigations?
The views expressed here are those of Fred Reish. They should not be construed as investment advice or as the views of Hartford Funds or the employees of Hartford Funds. They are based on available information and are subject to change without notice. The information above is intended as general information and is not intended to provide, nor may it be construed as providing, tax, accounting or legal advice. As with all matters of a tax or legal nature, please consult with your tax or legal counsel for advice. This material and/or its contents are current at the time of writing and may not be reproduced or distributed in whole or in part, for any purpose, without the express written consent of Fred Reish.
MFDC050 2602019
JD, Partner, Faegre Drinker Biddle & Reath LLP
Fred Reish is an ERISA attorney whose practice focuses on fiduciary responsibility, retirement income, and plan operational issues. He has been recognized as one of the “legends” of the retirement industry by both PLANADVISER magazine and PLANSPONSOR magazine.