Speaking before the
Insurance companies, which provide significant funding to defined benefit plans, have lobbied for legislation that would allow for automatic enrollment for new employees in 401(k) plans, long term care riders to annuities, and allow agents to offer investment counseling in cases where the insurance company they represent administers another company's 401(k) plan.
Presently, the Employment Retirement Income Securities Act (ERISA) prohibits 401(k) administrators from offering investment advice. Instead, employers are allowed to hire a third party investment counseling adviser to help guide their employees' investment decisions, although few do.
Insurance industry representatives have also argued for a provision to provide codes for how corporate-owned life insurance policies are taxed, and set best practices guidelines.
The
The bill also faces opposition in the Senate, although Boehner denied suggestions that slowed negotiations would keep the bill from completion before
At another meeting last week, Boehner said, "Real progress was made."