The lawmakers say their proposals to require more disclosure of environmental, social and governance information build on the proven principle that sustainable investing and profitable investing are not mutually exclusive.
Commenters at a Senate Finance Committee hearing held Wednesday sure hoped so—and they had a lot of ambitious ideas.
One retirement plan industry executive says his conversations with members of the U.S. House and Senate make him optimistic that Congress could act sooner rather than later on the new legislation.
Experts say the president-elect could start the process of shoring up Social Security and embrace ESG investing.
The bipartisan piece of legislation includes provisions that have long been popular among retirement industry stakeholders, including the elimination of barriers to allow greater use of lifetime income products.
The close passage of the Heroes Act in the House of Representatives, with 208 yeas and 199 nays, underscores the difficult path ahead for the fourth coronavirus relief package.
The bill would require an explanation of how a lump sum was calculated—including the interest rate, mortality assumptions and whether any additional plan benefits were included in the lump sum, such as early retirement subsidies.
The House Ways & Means Committee has already approved the bill, which mirrors many of the key provisions of the Retirement Enhancement and Savings Act.
Introduction of the bill follows a private letter ruling from the IRS in August in which it approved a plan sponsor's plan amendment to offer a student loan repayment benefit to employees.