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State Plan Safe Harbors Update

The U.S. Senate has passed a resolution to end the Obama administration’s ERISA exemption for city and state-run retirement plans created for private-sector workers. The House has already approved the same measure, with President Trump pledging his efforts to “remove financial/labor regulations” implemented by the Obama administration. However some are concerned that city or state-run retirement plans not governed by ERISA would not offer protections afforded to the typical investor.

www.planadviser.com; May 4, 2017.