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Testimony on Behalf of American Benefits Council and CIEBA before House Subcommittee Hearing on Over-the-Counter Derivatives Market (PDF)

13 pages. "[C]ertain proposed regulations affecting ERISA plans could have very adverse effects on plans, none of which were intended by Congress."

Testimony on Behalf of American Benefits Council and CIEBA Addresses the Swap-Related Issues Raised by Dodd-Frank for Private Retirement Plans Governed by ERISA (PDF)

8 pages. "With respect to the derivatives title of Dodd-Frank, there is one issue, however, that is dwarfing all others: timing. The agencies are attempting to perform a complete restructuring of a nearly $600 trillion market with rules developed over a few months. It simply is not possible to do that in a way that takes into account all relevant factors."

Joint Organization Letter to EBSA, IRS and PBGC Recommending Extension of Due Date for Pension Contributions (PDF)

"Because of the different accounting treatment attributable to making contributions due in 2021 as opposed to 2020, the technical change of moving the delayed contribution date to January 4 can impact the liquidity of a company and its rate of recovery from the pandemic [by] ... [1] affecting the ability to borrow and the rate of borrowing, [2] affecting outstanding loans by not triggering loan covenants, [3] affecting whether a business can honor commitments based on the anticipated end of the year financial statements, including business expansion and creating or retaining jobs, [4] affecting the ability of a company to help suppliers and buyers as those organizations in turn try to recover ... [5] triggering additional disclosures that are not necessary if the contributions are going to be made shortly and [6] triggering a slower recovery for investment."

Text of Letter to PBGC Concerning Overly Expansive Interpretation of ERISA Section 4062(E) (PDF)

"[T]he PBGC's enforcement of section 4062(e) reflects a policy position that in our view is not consistent with the law.... This enforcement is costing businesses hundreds of millions of dollars, diverting assets from business investments and jobs.... [In] some cases, the PBGC's actions are preventing important business transactions from occurring at all, stopping companies from selling unneeded or unprofitable facilities and from achieving efficiencies by consolidating operations."

Amicus Brief to Tenth Circuit Supporting AT&T Appeal Effort in Recordkeeping Claims Case (PDF)

37 pages. "The panel's decision renders standard and ubiquitous contracts in American retirement plans presumptively unlawful.... The panel's decision will open the floodgates to speculative recordkeeping claims.... Allowing claims that all re-negotiations of service provider agreements are prohibited transactions unless proven otherwise will have far-reaching negative consequences for plan sponsors, fiduciaries, and participants.... The panel's interpretation of ERISA's text did not consider the entirety of Section 406." [Bugielski v. AT&T Servs., Inc., No. 21-56196 (9th Cir. Aug. 4, 2023; pet. for rehearing filed Sep. 1, 2023)]

Joint Letter to Office of Information and Regulatory Affairs on Proposed Update to Mortality Tables (PDF)

16 pages. "A thorough economic analysis is needed, with a focus on at least these four major issues: [1] The need for an 18-month deferred effective date. [2] A review of the speculative assumption that mortality will improve on average 1% indefinitely. [3] The introduction of unprecedented volatility into the mortality tables. [4] The erroneous assumption that Treasury must rely on tables prepared by the Society of Actuaries given that an expanded reliance on other sources is statutorily permitted and very much warranted from a practical perspective. There is a need for an announcement immediately that the new mortality tables will not apply for plan years beginning in 2018."