Senators Urge Treasury Department to Issue Guidance on Frozen DB Plans

A recent press release titled “Portman, Cardin Urge Treasury Sec. Lew to Fix A Regulatory Flaw that Threatens the Retirement Security of American Workers” states that:

“U.S. Senators Rob Portman (R-Ohio) and Ben Cardin (D-MD) sent a letter to U.S. Secretary of the Treasury Jacob Lew expressing concern with a regulation that could unintentionally weaken the retirement security of many American workers…In the letter, Portman and Cardin, both members of the Senate Finance Committee, warn that this technical glitch might inadvertently incentivize companies to hard-freeze the defined benefit pension plan of long-time employees and urge Lew to fix it…”

The press release is available here.
The Senators’ letter is available here.