Ray Harmon
By Ray Harmon 10/30/2017
On Oct. 18 Kentucky Gov. Matt Bevin (R), House Speaker Jeffrey Hoover (R), and Senate President Robert Stivers (R) held a joint press conference to announce a proposal that would close the state’s pension plan to teachers and move new hires to a defined contribution-only option going forward, among...
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By Ray Harmon 9/12/2017
The Teacher Retirement System (TRS) of Texas appears to be revising its recently proposed amendments to rules governing fees in Texas 403(b) plans. Among the forthcoming changes are revisions that address some of the major concerns industry leaders had expressed to the board during its last two...
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By Ray Harmon 8/29/2017
We were saddened to learn of the passing of a dear friend to the organization this past week. On Aug. 22, ADMIN Partners Co-Founder, President, and Chief Compliance Officer Suzanne Baldino Jones passed away after a hard-fought battle with cancer. Suzanne was an active volunteer with the...
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By Ray Harmon 8/4/2017
It appears that 403(b) disclosure is on the march. A bill that would require new disclosures in New Jersey, A5151, has been filed by Assemblywoman Amy Handlin (R-Red Bank), the Deputy Republican Leader of the Democrat-controlled Assembly.A5151 is more or less a carbon copy of the 403(b) disclosure...
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By John Iekel, Ray Harmon 7/27/2017
Nevada’s new law that imposes a fiduciary duty on broker-dealers, sales representatives and investment advisers is now in effect; it also authorizes rules on fiduciary duty.SB 383, which Gov. Brian Sandoval (R) signed into law June 2, went into effect on July 1. The measure not only concerns duties...
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By John Iekel, Ray Harmon 7/11/2017
The National Tax-deferred Savings Association (NTSA) and the American Retirement Association (ARA) on July 7 filed a comment letter with the Board of Trustees of the Texas Teacher Retirement System (TRS) about its proposed rule concerning companies that offer voluntary 403(b) investment options to...
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By Ray Harmon 6/20/2017
On June 16, the Texas Teachers Retirement System (TRS) Board of Trustees published a proposed rule in the Texas Register that could eliminate virtually all of the existing registered 403(b) products in the state from being actively marketed under new salary reduction agreements.The TRS is required...
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By Ray Harmon 6/8/2017
The Pennsylvania legislature has passed Senate Bill 1, a measure that seeks to ease the state’s unfunded liability by providing new state employees, including teachers, hired after Jan. 1, 2019 with a choice of one of three retirement benefits. Gov. Tom Wolf (D) is expected to sign the bill into...
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By Ray Harmon 6/8/2017
Both chambers of the Connecticut legislature have now approved a measure that would require disclosures by 403(b) plans political subdivisions in the Nutmeg State offer.On June 7, the state Senate passed HB 7161, the 403(b) fee disclosure bill on a 36-0 vote. The House passed the bill on May 2,...
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By Ray Harmon 6/6/2017
A bill that would repeal some of the major provisions of Dodd-Frank and the DOL’s fiduciary rule will move to the House floor for a vote this week, something that did not happen in previous sessions for similar legislation. That said, even if the House passes it, its chances in the Senate are bleak...
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By Ray Harmon 5/11/2017
With the stroke of his pen, Iowa Gov. Terry Brandstadt (R) has opened the state teachers’ 403(b) plan to greater competition. Brandstadt signed HF 569 into law on May 9.The Iowa legislature wasted no time — the bill was introduced in the state House of Representatives on March 8, and the chamber...
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By Ray Harmon 5/5/2017
The Connecticut legislature is wasting no time in considering a measure that would require disclosures by 403(b) plans political subdivisions in the Nutmeg State. The scope of the bill, however, is narrower than originally drafted.HB 7161, which would require service providers under 403(b)...
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By Ray Harmon 4/17/2017
The Iowa Senate on April 12 passed HF 569, a bill that will open the Iowa teachers’ 403(b) plan to greater competition. The House of Representatives passed it on March 28. The bill now heads to the desk of Gov. Terry Branstad (R) for his signature. The legislation passed both chambers by...
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By Ray Harmon 3/28/2017
More than 50 bills will be heard for the first time in the Illinois House Personnel and Pensions Committee on March 30. The bills include measures that would affect state and local retirement plans.The retirement-related bills that would affect teachers include the following: HB 3867, which would...
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By Ray Harmon 3/24/2017
On March 22, while Alexander Acosta faced his confirmation grilling in the Senate, the ERISA Advisory Council (EAC) had its first meeting of the Trump administration era, setting its 2017 agenda around improving plan disclosures.The 185th EAC meeting opened with introductions of five new members...
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By Ray Harmon 3/16/2017
Pennsylvania House Bill 779 was introduced March 9 and immediately referred to the State Government Committee. The bill would establish a mandatory defined contribution plan for all public employees and appears to block new participation in local supplemental savings plans as well. All of its...
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By Ray Harmon 3/3/2017
On Feb. 23, Connecticut House Bill 7161 was introduced. Entitled “An Act Requiring Service Providers Under Certain Retirement Plans to Disclose Conflicts of Interest,” the bill requires all service providers to 403(b) plans in Connecticut to describe their services and disclose all the direct and...
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By Ray Harmon 1/31/2017
Senate Finance Committee Chairman Orrin Hatch (R-Utah) will deliver remarks at the U.S. Chamber of Commerce headquarters in Washington, D.C. on Feb. 1, 2017 to discuss the Finance Committee’s agenda for the 115th Congress, including ongoing efforts to remake the tax code with changes to key...
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By Ray Harmon 10/31/2016
A last-ditch agreement between the Keystone state’s Democratic governor, Tom Wolf, and Republican legislators to reform the state’s pension plans failed by a three-vote margin last week, and the legislature is expected to kick the can into 2017. Garnering only 99 of the 102 votes needed for...
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By Ray Harmon 9/29/2016
Two bills that would facilitate reform of New Jersey’s public pension plans are now before the state Senate. Senate Bill 2555 and Senate Concurrent Resolution 123 have been filed in the chamber by Sens. Joseph Kyrillos (R-Red Bank) and Steven Oroho (R-Sparta).SB 2555 would create a task force to...
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