Retirement planning officials threw their support Wednesday behind a bipartisan package of bills designed to update the Employee Retirement Income Security Act by opening the door to annuities in retirement plans, electronic delivery of participant documents, relief for multi-employer plans and easing of small businesses retirement plan costs.
"Many ERISA provisions related to retirement plan administration are in desperate need of updating, with some having last been revised over two decades ago," Rep. Tim Walberg, R-Mich., chairman of the Subcommittee on Health, Employment, Labor and Pensions, said during the hearing, called "Enhancing Retirement Security: Examining Proposals to Simplify and Modernize Retirement Plan Administration."
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