Updates

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Electronic Disclosure is a Necessary Tool for Benefit Plan Sponsors

The ERISA Industry Committee is pleased the Trump Administration recognized the need to modernize how employers can send required disclosures and notices to plan recipients in its most recent Executive Order… More

protected content Quick Legislative Update, Even Quicker Balance Billing Survey

On the morning of Thursday, September 13, the House Energy and Commerce Committee unanimously approved H.R. 6733, the “Know the Cost Act of 2018.” This bill would ban pharmacy “gag clauses,” which prevent a pharmacist from telling a patient if it might be cheaper to just pay cash, rather than use their insurance… More

ERIC Supports Congress on Efforts to Enhance Retirement Security

The ERISA Industry Committee (ERIC) is pleased that the Family Savings Act was passed out of the House Ways and Means Committee and encourages its passage out of the U.S. House of Representatives… More

ERIC Works to Make Prescription Drug Costs More Transparent

ERIC sent a letter to the U.S. Senate urging lawmakers to support S. 2554, the “Patient Right to Know Drug Prices Act.” The bill would ban so-called “gag clauses” in group health plans and individual market health insurance plans. These clauses prevent pharmacists from informing a patient that filling a prescription might be cheaper if the patient pays cash, rather than the negotiated copay under their insurance coverage… More

U.S. House of Representatives Should Vote Yes to Delay Cadillac Tax

ERIC sent a letter to the U.S. House of Representatives urging lawmakers to vote yes on H.R. 3798, the “Save American Workers Act of 2018.”… More

protected content Tax Reform 2.0 Update

Earlier today, the Tax Reform 2.0 bills were introduced in the House of Representatives. Three separate bills were introduced with one of them focused on retirement savings – H.R. 6757, Family Savings Act of 2018… More

ERIC Supports Legislation to Delay Cadillac Tax

This week, the House is expected to vote on H.R. 3798, the “Save American Workers Act of 2018.” The ERISA Industry Committee (ERIC) urges you to support this legislation. ERIC is the only national trade association that advocates exclusively for federal, state, and local public policies that support large employers sponsoring health, retirement, and compensation plans… More

protected content Employee Stock Offering Survey

ERIC conducted a spot survey of its members on the use of employee stock offerings… More

protected content Survey on the Funding of Nonqualified Deferred Compensation (NQDC) Plans

ERIC conducted a spot survey on the funding of nonqualified deferred compensation (NQDC) plans… More

protected content Seattle lawsuit update, Pharmacy gag clause bills advance, FTC biosimilars letter, and more!

This week there has been some progress in ERIC’s lawsuit to have Part 3 of the Seattle hotel health care mandate ruled preempted by ERISA. On September 5, ERIC and the City of Seattle agreed to this order, which was subsequently filed for approval with Judge Zilly. Under the terms of the order, the City will get an extension on their deadline to file a response to our initial complaint. In exchange, the City will not enforce Part 3 of the law, which is the part that mandates hotels of a certain size provide gold-level coverage (80% actuarial value) at a very high affordability threshold (no more than 5% of income)… More

ERIC and Seattle Agree to Temporary Exemption in Wake of Lawsuit

ERIC is pleased the City of Seattle has agreed to a temporary non-enforcement of the health coverage and payment mandates in Part 3 of the Seattle Hotel Employees Health and Safety Initiative - SMC 14.25 … More

ERIC to Work with Trump Administration to Enhance Retirement Security

The ERISA Industry Committee (ERIC) applauds the Trump Administration for today’s executive order promoting programs that enhance retirement security and expanding access to workplace retirement savings plans for American workers… More

protected content California ESRD regulation, House committee to take up “gag clause” bill

Last night, the California Assembly (their lower legislative chamber) passed a piece of legislation that we have been watching closely – which mirrors efforts ERIC has been engaged in on the federal level. Here’s a rundown of what you’ll care about in the bill, SB 1156… More

protected content Student Loan Letter Sent to IRS

On August 17, the IRS published a private letter ruling (PLR) allowing the employer that requested the ruling to provide a nonelective contribution on behalf of an employee to his or her retirement account, but it is conditioned on the employee making student loan repayments. To be clear, the employer would not be repaying the employee's student loans but matching the amount they put towards their student loans and contributing that amount to the employee's 401(k) account… More

ERIC Offers IRS a Helping Hand on Student Loan Debt

ERIC today sent the Internal Revenue Service (IRS) a letter regarding retirement savings programs for individuals repaying student loans. In the letter, ERIC praised the IRS for issuing Private Letter Ruling-131066-17, which permits the 401(k) plan sponsor that requested the PLR to contribute to the company’s 401(k) plan on behalf of plan participants who pay down student loan debt but do not necessarily contribute to the company’s 401(k) plan … More

protected content LIDA Update and Closed Plans Relief

Earlier this month, ERIC and two other trade associations delivered a letter to key elected officials on a proposed alternative to the Lifetime Income Disclosure Act (LIDA). As a reminder, the current version of LIDA would mandate that all plan sponsors include on retirement plan statements the annuitized amount of the individuals account balance… More

protected content Alert: Paid Leave Updates in Texas

Austin's paid sick leave ordinance--set to take effect October 1, 2018--is facing a legal challenge from the Texas Public Policy Foundation (TPPF) and the Texas Attorney General… More

protected content Opioids bill draft released, Summer miscellany

Response Act,” which combined legislation that moved through the Senate Finance, Judiciary, and Health, Education, Labor and Pensions (HELP) Committees. The final bill continues to be negotiated, with Capitol Hill staff now indicating that their goal is to vote the package out of the Senate after Labor Day… More

The ERISA Industry Committee Files Lawsuit Against City of Seattle

ERIC today filed a complaint in the U.S. District Court for the Western District of Washington against the City of Seattle for obstructing the federal law that enables large employers to administer health and retirement benefits uniformly across the country. ERIC is requesting an injunction and a declaration from the court that federal law supersedes and preempts the health coverage and payment mandates in Part 3 of the Seattle Hotel Employees Health and Safety Initiative - SMC 14.25; ERIC hopes to work with the City and negotiate a temporary nonenforcement agreement, at least until a decision in the case is reached… More

ERIC Files Lawsuit Against the City of Seattle

ERIC has filed a complaint in the U.S. District Court for the Western District of Washington against the City of Seattle for obstructing the federal law that enables large employers to administer health and retirement benefits uniformly across the country… More

Letter to Senate Committee on Commerce, Science, and Transportation on FAA Bill

As your committee works to produce a comprehensive FAA reauthorization bill, urgent attention is needed to reform the regulation of the air ambulance system in our nation. Without reform, America’s families and health care providers face an increasing and often conflicting set of rules and regulations that fail to provide any semblance of financial certainty when life-saving air ambulance services are employed… More

ERIC Submits Comments on Proposed New York City Retirement Program

ERIC submitted comments with the New York City Council regarding proposed bill Int. 0888-2018, that would establish a retirement savings program for private-sector employees. ERIC supports proposals and programs run by states and localities designed to promote and facilitate retirement saving by those employed by an employer that does not provide a retirement plan, but has concerns about how the proposed program overlaps and connects with the Employee Retirement Income Security Act of 1974 (ERISA), the federal law that already governs the administration of private-sector retirement plans … More

protected content Tax Reform 2.0 on the Horizon

Surprisingly, we have seen a huge focus on retirement issues in the past several weeks in Washington, DC. From the introduction of four bi-partisan bills last week (see the Weekly Retirement Email) to a significant portion of the latest Republican Tax Framework focusing on retirement policy – I expect it to be a very busy end of the year with respect to retirement policy… More

protected content ACA tax delay and HSA bills pass House, Rx gag clause bill advances, Possible Senate opioids action,

I hope you are all having a good week. Congress has been surprisingly busy on health care lately, and ERIC has been very much in the mix. This email will analyze some of this recent activity and look at likely scenarios going forward… More

ERIC’s Efforts Help to Advance HSA Improvement Legislation

The ERISA Industry Committee (ERIC) is pleased that the U.S. House of Representatives today came together and voted to pass H.R. 6199, the ‘Restoring Access to Medication and Modernizing Health Savings Accounts Act of 2018.’… More

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