In this episode of Human Capital, we talk with Charles Millard, the former director of the Pension Benefit Guaranty Corp., who’s now a senior advisor to asset management firm Amundi Pioneer. He discusses why House Ways and Means Committee Chairman Richard Neal, D-Mass., and Kevin Brady, R-Texas, introduced their big bipartisan Securing a Strong Retirement Act of 2020 just a week before the election.
“There’s a continuing resolution funding the government that only goes through Dec. 11, so there will be some kind of lame duck session.”
Millard addresses the bill’s chances of passage during the lame-duck session and notes one an area of the bill that he viewed as slightly disappointing.
“It did not do anything about auto-IRAs… (insert @ 3:11) there’s 50 million working Americans who have no workplace retirement plan or solution. This bill does encourages small businesses to put 401(k)s in place.”
Millard also provides an update on the Butch-Lewis Act and its treatment of multi-employer plans as well as the “inherently struggling” PBGC.
