The bill would delay the fiduciary rule's implementation two years from the time the legislation is enacted.
Plaintiffs had alleged company was imprudent in continuing to offer company stock as an investment option after it had declined in value.
Some indexed annuity distributors are poised to get a shot in the arm from the proposal, which would make it easier for independent agents to sell the annuities under the rule.
The judge dismissed claims of fiduciary breach under ERISA, largely falling in line with judgments from similar cases.
Companies affiliated with Wells Fargo & Co. received the largest of the penalties assessed by the regulator, which has been pursuing a broader crackdown for cybersecurity failures.
The Massachusetts senator and Rep. Elijah Cummings have asked the insurance company's CEO for information on sales of term life insurance through Wells Fargo.
Implementing a financial wellness program without any means of measuring its success is a failure, according to advisers and analysts.
Plaintiffs claim excessive fund fees cost participants roughly $20 million, while high record-keeping fees cost them an additional $9 million.
The trend of automatic enrollment adoption is trickling down to the smallest plans, while employers are also increasing their deferral rates above 3%.
The regulation is similar to one issued in August around state retirement programs.
