“Employer plan sponsors and plan participants need predictable, clear and consistent guidance from our federal agencies and we urge you to help us address this situation,” said Klein. He claimed that the existence of a multi-agency system requires those agencies to harmonize their initiatives so as not to produce duplicative, inconsistent, or contradictory regulatory requirements.
Klein urged Congress to assert greater oversight on agencies that issue regulations clearly inconsistent with legislative intent, and stated that agencies need to provide adequate transition time for employer plan sponsors to comply with new rules.
He concluded with a relevant concern of the sub-committee, saying, “Because members of the Education and Workforce Committee inherently understand the value of the employer-sponsored retirement system, [they] are especially well positioned to be a voice within the budget debate on the need for tax policy to support, not erode employer plans and retirement savings.”
Klein’s written testimony is available here.