State of the State House
State of the State House is an occasional feature that provides the status of legislation before state legislatures relevant to NTSA members.
Open Provider Access
Tennessee. TN SB 2016
transfers the administration of 403(b) retirement plans for employees of institutions of higher education from the Chancellor of the Tennessee Board of Regents (TBR) and the President of the University of Tennessee (UT) to the Tennessee Consolidated Retirement System (TCRS). TN SB 2016 deletes:
- the limit of three companies from which the Optional Retirement Plan for Higher Education (ORPHE) may purchase investment products; and
- certain limits on when a separated employee may withdraw money accumulated in a retirement account and deletes certain limits on the amount of such withdrawal.
Gov. Bill Haslam (R) signed TR SB 2016 into law on March 16.
Maryland. MD HB 1634
and MD SB 1068
would have created a fiduciary duty for broker-dealers, insurance agents, and investment advisers to act ‘primarily for the benefit of [thier] clients,’ however, the provision was stripped from both bills in committee. The Act now would direct the Maryland Financial Consumer Protection Commission to study:
"the U.S. Department of Labor rule and any Securities and 18 Exchange Commission actions in addressing conflicts of interest of broker–dealers offering 19 of investment advice by aligning the standard of care for broker–dealers with that of the 20 fiduciary duty of investment advisors"
Status: The bill passed favorably out of the House of Delegates on March 16 and its companion bill passed out of the Senate Finance Committee with amendments on March 19.
Joseph A. Caruso, III, JD, MSPPM, is Government Affairs Counsel for the American Retirement Association.