With the House of Representatives reviewing a second attempt by the Trump administration to push health care reform, points made during a Morningstar Investment Conference session discussing developments on policies beyond the fiduciary rule highlight key areas to watch, whether it passes or not.

Aron Szapiro, director of policy research at Morningstar, began the session by discussing four policy buckets that could affect investment managers and their clients:

• Expanded retirement coverage,

• Defined contribution plans to be more like defined benefit plans,

• Increased transparency of fees and revenue sharing, and

• Changed government incentives, such as taxes.

Currently, several states are hoping to launch retirement savings plans to automatically enroll people in state-run IRAs. Illinois and Connecticut are two of these states.

"It's been sold as 401(k)s for everyone, but it's not," Szapiro said. Instead, if an employer didn't have a retirement plan, it could automatically enroll employees without any coverage in a state-run IRA. He said the Department of Labor put forth regulation proposals last summer that the employer would not have liability under the Employee Retirement Income Security Act, which he said would be "most likely voted down in the Senate before May 10."