From EBN's sister publication Money Management Executive: The chairman of the Senate Special Committee on Aging has called for more scrutiny of target-date retirement funds after several 2010 target-date funds posted huge losses in 2008.
"While it may be too late for those who already have suffered substantial and irreversible financial losses, it is vital that aggressive and timely action be taken to protect the retirement income of all Americans," said Chairman Herb Kohl (D-Wisc.), in letters to Securities and Exchange Commission Chairman Mary Schapiro and U.S. Labor Secretary Hilda Solis.
Target-date funds are meant to automatically rebalance an investor's portfolio to more conservative asset allocations as they approach retirement. In theory, 2010 funds should be very conservative, yet one 2010 fund lost 41% last year, Kohl said.
Because taking excessive risk can be devastating to investors who are close to retirement, he said new regulation or legislation may be needed to make investors more aware of the risk of these funds.
Showing posts with label Hilda Solis. Show all posts
Showing posts with label Hilda Solis. Show all posts
Thursday, March 5, 2009
Friday, December 19, 2008
News You Can Use: Obama taps Solis to lead DOL
Rep. Hilda Solis, (D-Calif.), is President-elect in Barack Obama’s pick for Secretary of Labor, he will announce in a news conference today.
"We're thrilled at the prospect of having Representative Hilda Solis as our nation's next labor secretary," John J. Sweeney, president of the AFL-CIO, told the New York Times. "We're confident that she will return to the Labor Department one of its core missions: to defend workers' basic rights in our nation's workplaces. She's proven to be a passionate leader and advocate for all working families."
If approved by Congress, Solis will oversee an agency responsible for regulating nearly 700,000 retirement plans and 2.5 million health plans. However, some in the business community fear that her support for the Employee Free Choice Act and her position on free trade will further impede businesses to compete in a global economy.
Randel K. Johnson, vice-president of labor policy at the U.S. Chamber of Commerce, told the New York Times he is disappointed having "expected Obama to pick someone supported by the A.F.L.-C.I.O. She's not a pick whose philosophy we didn't expect. We will disagree with her on some issues and work with her on some."
"We're thrilled at the prospect of having Representative Hilda Solis as our nation's next labor secretary," John J. Sweeney, president of the AFL-CIO, told the New York Times. "We're confident that she will return to the Labor Department one of its core missions: to defend workers' basic rights in our nation's workplaces. She's proven to be a passionate leader and advocate for all working families."
If approved by Congress, Solis will oversee an agency responsible for regulating nearly 700,000 retirement plans and 2.5 million health plans. However, some in the business community fear that her support for the Employee Free Choice Act and her position on free trade will further impede businesses to compete in a global economy.
Randel K. Johnson, vice-president of labor policy at the U.S. Chamber of Commerce, told the New York Times he is disappointed having "expected Obama to pick someone supported by the A.F.L.-C.I.O. She's not a pick whose philosophy we didn't expect. We will disagree with her on some issues and work with her on some."
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