On August 30, 2016, the Department of Labor issued a rule which would have made it easier for states to help private sector workers set up 401(k) style retirement plans, a rule supported by the Small Business Majority, and a rule that embodies personal financial responsibility. Sounds like something conservative senator Pat Toomey would champion, right?
“This approach relieves small businesses of the headaches of researching and setting up a retirement savings plan for their employees. And it’s another reason why Sen. Toomey, who speaks often of the importance of small business, should support this approach and vote NO on H.J. Res. 66,” wrote Stephen Herzenberger in his Third and State blog post on Wednesday morning.
By Wednesday evening after the Senate nullified the Department of Labor rule in a 50-49 vote, California’s Senator Kamala Harris tweeted this:
"Under the final rule, states will not have to comply with the fiduciary oversight and other protections of ERISA that ensure that workers’ savings are available to provide a secure retirement. In addition, the rule will result in overlapping and inconsistent requirements for employers operating in multiple states, disregarding ERISA’s statutory preemption of state laws affecting employee benefit plans.” (GovTrack.us)
Senator Pat Toomey voted for House Joint Resolution 66 (H.J.Res.66). Once again it looks like Senator Toomey is standing with Wall Street, not Main Street.
Read more about what California is doing to fight back.
posted by Amy Levengood