Modifications etc. to legislation - GMSLA Provision
Before you say, “well duh, yeah, of course it does. I mean honestly —”, have a conversation with an ERISA lawyer, because it is exactly this fear — that reference to a statute might be to that statute at some point in the past, and not as it stands at today’s date — that confounds the industry’s heartfelt wish to apply close out netting to US pension plans.
Look: I’m not saying you’re wrong in your reaction — plainly, you’re not — but still it is always interesting to be confronted with the nonsensical paranoid fears that haunt teh waking moments of well-paid financial markets specialists, all the same.