After Senators Sherrod Brown and Elizabeth Warren showed clear concern for the interests of retirees in their comments in the Senate Committee on Banking, Housing, and Urban Affairs on September 8, 2022, we decided to write to both senators expressing our support for their comments. We also offered to meet with them so we could share our experiences and research, and we asked them to sponsor a new bill which we have tentatively called “The Retirement Restoration Act of 2022.” You can see a copy of this proposed bill here.
In both letters, we highlighted that the protection retirees receive from the Pension Benefit Guaranty Corporation while their pensions are invested in defined-benefit plans is far greater than the protection they get from state guaranty associations once their pension savings have been transferred into a group annuity in a pension risk transfer transaction.
You can see our letter to Senator Elizabeth Warren.
You can see our letter to Senator Sherrod Brown.
We also wrote to the director of the Federal Insurance Office (“FIO”), Mr. Steven Seitz, to stress the importance of the FIO taking a strong stance on the issue of pension risk transfers.
You can see our letter to Mr. Steven Seitz.
We’ll keep you posted on any responses we receive from Senator Brown, Senator Warren, and Mr. Seitz.