2010 Post-election Legislative and Regulatory Update

Transcription

1 2010 Post-election Legislative and Regulatory Update Sue DiLandro, VP Government Relations, TIAA-CREF & Josh Ulman, Chief Government Relations Officer, CUPA-HR Thursday, November 18, :00PM Sponsored by 1

2 2010 Mid-Term Election House: all 435 seats were up for re-election Senate: 37 seats were up for re-election State: 37 governors were up for re-election 2

3 2010 Mid-Term Election The House 111 th Congress 256 Democrats 20 open seats w/ 236 incumbents running 179 Republicans 23 open seats w/ 156 incumbents running 3

4 2010 Mid-Term Election The House 218 seats needed for majority Republicans needed a gain of 39 seats Net Republican gain so far is 61 leaving them with at least 240 seats the largest Republican majority since 80 th Congress ( ) and the largest gain since 1950 elections, where Democrats gains 75 seats. Outcome of several election remains undetermined 4

5 2010 Mid-Term Election The Senate 37 Seats up for re-election 19 Democrats 7 open seats w/ 12 incumbents running 18 Republicans 8 open seats w/ 10 incumbents running 5

6 2010 Mid-Term Election The Senate Of the 37 seats up: Democrats held 13 seats Republicans held all 18 seats and picked up 6 (AR, IL, IN, ND, PA, WI) While Democrats held the majority, the margins are finer (53/ 47) 6

7 2010 Mid-Term Election - Governors Of the 37 seats up: Democrats picked up 4 states (CA, CT, HI, VT) Republicans picked up 11 states (IA, KS, ME, MI, NM, OH, OK, PA, TN, WI, WY) MN still undecided Overall: 29 Republican governors, 19 Democratic governors and 1 Independent governor 7

8 Leadership the 112 th Congress House: John Boehner (R-OH) to become new Speaker of the House Nancy Pelosi (D-CA) to become the new Minority Leader Senate: Harry Reid (D-NV) will remain Majority Leader Mitch McConnell (R-KY) will remain Minority Leader 8

9 Committees the 112 th Congress House: Education and Labor Chair, John Kline (R-MN) Ranking, George Miller (D-CA) Ways and Means Chair, Dave Camp (R-MI) Ranking, Sandy Levin (D-MI) or Ritchie Neal (D-MA) 9

10 Committees the 112 th Congress Senate: Health, Education, Labor and Pensions Finance Chair, Tom Harkin (D-IA) Ranking, Mike Enzi (R-WY) Chair, Max Baucus (D-MT) Ranking, Chuck Grassley (R-IA) or Orrin Hatch (R-UT) Special Aging Chair, Herb Kohl (D-WI) Ranking, Bob Corker (R-TN) 10

11 Legislative Activity Lame Duck Must pass: Expiring Tax Provisions Continuing Resolution Important expiring provisions: Extension of Section 127, Employer Provided Educational Assistance (expires Dec. 31) Extension of unemployment benefits (expire Nov. 30) 11

12 Legislative Activity Lame Duck Additional possibilities: Paycheck Fairness Act (PFA) - Would amend the Equal Pay Act to allow for unlimited compensatory damages, even for unintended pay disparity, and unlimited punitive damages - Would make it harder to defend legitimate business practices that would have caused pay disparity - Would make it easier to bring class-action lawsuits 12

13 Public Safety Employer Employee Cooperation Act (PSEECA) - Requires public employers to recognize and bargain with police, firefighter and EMT unions - Bargaining over wages, hours and terms and conditions of employment but NOT pensions (and health care in Senate version) - Allows impasse resolution mechanisms, such as fact finding, mediation or arbitration but NO strike - Required enforcement through state courts 13

14 Employment Nondiscrimination Act (ENDA) -Prohibits discrimination in employment on the basis of an individual s actual or perceived sexual orientation or gender identity -No data collection or disparate impact claims 14

15 Legislative Activity 112 th Congress Heathcare reporting requirement Regulatory Reform Retirement Policy - lifetime income - auto IRA proposals Employment Credit Checks 15

16 Retirement Policy & Lifetime Income Joint Treasury DOL hearing on lifetime income Senate Special Aging Committee discussions GAO Study on lifetime income 16

17 Recent DOL Regulations & Proposals Retirement Issues Fee Disclosure - Form (b)(2) - Plans to Participants - Investment classes, returns, fees Definition of Plan Fiduciary QDIA and Target Date Funds DOL guidance about retirement plan loans 17

18 Recent SEC and Treasury Activity Proposed SEC regulation on 12(b)(1) fees Treasury Revenue Ruling on unforeseeable emergencies Treasury 401k Questionnaire phone forum 18

19 Recent DOL Regulations & Proposals Workplace Issues FLSA Recordkeeping FMLA Survey OFCCP 504 Proposal OSHA Noise Exposure Standards Safety and Health Programs (I2P2) Ergonomics Recordkeeping 19

20 Other Agencies Regulations, Proposals & Rulings EEOC ADA Final Regulations Credit Checks NLRB Card check and the Dana 45 day rule Quickie elections Facebook and social media Teaching assistants 20

21 Trends in the States Budget woes - Pension funding pressure - Higher education funding Pension reform Credit and criminal background checks Paid sick leave 21

22 Questions? 2010 Post-election Legislative and Regulatory Update Sponsored by 22