US - A senior democrat in Washington DC has accused the Pension Benefit Guaranty Corporation (PBGC) of intentionally withholding information from the House Education and Workforce Committee (HEWC) for "political reasons".
Representative George Miller, a Californian democrat on HEWC, sent a letter to PBGC executive director Bradley Belt requesting a face-to-face meeting to discuss why they had failed to respond to his requests for information before the committee approved legislation.
Miller said to Belt: The only conclusion I can draw is that you intentionally withheld your letter until after the mark up based on political considerations.
Last week, committee republicans admitted approving major legislation on the pension system in general - despite having performed no analysis on the practical effects of the legislation on the pension system in general.
They also confirmed, only one hour after the HEWC approved the bill - which made dramatic changes to the nation’s private pension system - that they had not analysed the PBGC's finances either.
In his letter, Miller also renewed his criticism of Republican leaders, who introduced the legislation on 9 June, and rushed it through the committee without knowing what its real world impact would be.
Miller commented: The 27 Republicans on our committee voted for a bill that will have serious implications for the lives of 44 million Americans who rely on a defined benefit plan for their retirement, and they did so despite having no information on what those implications are.
Miller added: The PBGC had an obligation to ask Congress for more time to do an analysis of the bill, but it was silent until one hour after the bill passed.
“This is just like the Medicare prescription drug bill fiasco, when Congress acted hastily on major legislation even though it lacked basic information about the bill's costs.
An analysis of IGC annual reports finds some lacking in information on value for money, costs and charges, and investment performance. James Phillips explores the findings
A new cost transparency solution is being developed for pension schemes by a financial services technology firm.
Supermarket giant Asda's plans to reform its pensions have been decried as "unfair, unreasonable and unnecessary" as the workers' union began talks with the employer.
The Pensions Administration Standards Association (PASA) has launched a checklist to help trustees with the rectification process for guaranteed minimum pensions (GMP).