Updates – Reform Proposals

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protected content ERIC Alert: Multiemployer Legislation Mark-up Scheduled for Wednesday

This Wednesday, the House Ways and Means Committee will mark-up H.R. 397, The Rehabilitation for Multiemployer Pensions Act of 2019… More

ERIC Advocates for Legislation to Improve Retirement Security

ERIC has been actively advocating for improvements to the private retirement system. ERIC submitted a statement to the Senate Finance Committee’s hearing on the Retirement Enhancement Security Act… More

protected content Retirement Legislation Introduced, Senate Finance Committee Hearing, Regular Rate Proposal

ERIC submits letters on new retirement legislation and Senate Finance Committee hearing; DOL extends comment period for regular rate of pay proposal… More

protected content House Ways and Means Committee Paid Family and Medical Leave Hearing; Senate Finance Committee Retir

On Wednesday, May 8, the House Way and Means Committee held a hearing entitled Paid Family and Medical Leave: Helping Workers and Employers Succeed. The hearing was attended by nearly all members of the Committee and lasted for more than four hours… More

protected content Retirement Enhancement and Savings Act Reintroduced in the House

Yesterday, the Retirement Enhancement and Savings Act (RESA) was reintroduced by U.S. Representatives Ron Kind, (D-WI), and Mike Kelly, (R-PA)… More

protected content Retirement Legislation Advances

The Family Savings Act has passed the House of Representatives. I reported last week that this legislation included provisions related to multiple employer plans, withdrawing retirement funds to pay for expenses related to birth or adoption of a child, and universal savings accounts. In addition, the legislation included the favorable changes to non-discrimination testing for closed defined benefit plans… 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 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 IRS Final Rule; New Legislation; Tidbits of Info

On Tuesday, a group of four Senators (two Republicans and two Democrats) introduced 4 bills that focus on retirement and emergency savings. The primary bill that impacts large employers would be the first one listed below – The Strengthening Financial Security Through Short-Term Savings Act… More

protected content RESA Update

Just a quick update on the Omnibus Spending Bill. The House and Senate each respectively passed the legislation over the past 24 hours… More

ERIC’s Letter to U.S. Senate on Lifetime Income Disclosure Act

We strongly support the Retirement Enhancement & Savings Act (RESA), and encourage you to advance this legislation in the Omnibus package currently being debated-with one critical modification relating to the Lifetime Income Disclosure Act (LIDA) mandate… More

OregonSaves will Force Large Employers to Redirect Costs

The ERISA Industry Committee is disappointed that Oregon lawmakers ignored the Joint Resolution of Disapproval rescinding federal rulemaking that allowed states to create mandatory retirement plans and next week will launch a pilot of OregonSaves, a program that will eventually reach beyond what the federal law allows by imposing a compliance burden on employers who voluntarily provide a retirement plan to their employees… More

U.S. Senate Protects Employer-Sponsored Retirement Benefits

The ERISA Industry Committee (ERIC) is pleased that the United States Senate has passed a resolution fully repealing the Department of Labor rules that have allowed state governments to enact mandatory retirement plans that do not comply with the Employee Retirement Income Security Act… More

ERIC’s Letter to Sec. Acosta Asking to Protect Emoployer-Sponsored Retirement Plans

The ERISA Industry Committee (“ERIC”) writes to share our concerns about potential state activity that interferes with the ability of employers to provide voluntary retirement benefits under the Employee Retirement Income Security Act of 1974 (“ERISA”), and urges your support to protect plan sponsors and the retirement security of millions of Americans… More

U.S. Senate Protects Employer-Sponsored Retirement Benefits

The ERISA Industry Committee (ERIC) is pleased that the United States Senate adopted resolution 67 fully repealing the Department of Labor rules that allowed local governments to enact mandatory retirement plans that do not comply with the Employee Retirement Income Security Act. These rules were overly broad and enabled local governments to infringe on retirement plans already offered by employers… More

2016 Election: What Happens Now for Retirement Policy

As Senior Vice President for Retirement Policy at The ERISA Industry Committee (ERIC) and a political enthusiast, I have closely followed this election cycle and was surprised at the lack of focus on retirement policy, including Social Security, throughout the Presidential, Senate, and Congressional races… More

protected content Possible Effects of California’s State-Run Retirement Savings Program

Legislation signed into law last week by California Gov. Jerry Brown will set up a state-run retirement savings program for employees working for employers who do not offer retirement plans… More

Lifetime Income Language Should be Voluntary, Not Required

ERIC applauds the Senate Finance Committee for focusing on retirement security in America. While we are grateful that the Chairman’s mark includes provisions to expand automatic enrollment, we are extremely concerned that the mark includes a mandate to include lifetime income language on retirement plan statements, which will only drive up costs to administer a plan and lead to confusion among participants… More

ERIC’s Tips for Preparing for the DOL’s Overtime Rule

Will Hansen, ERIC’s senior vice president of retirement policy, provided the "Tip of the Week" in this week’s edition of Epstein Becker Green's Employment Law This Week. Will gave advice on preparing a benefits program in advance of the U.S. Department of Labor’s overtime rule… More

protected content Overtime Exemption Rule

New regulations are expected to increase the overtime exemption threshold. The final regulations on the new overtime exemption are with the Office of Management and Budget (OMB) for the standard Administration review… More

protected content Policy Initiatives on Women & Retirement from Ranking Member of Senate HELP Committee

Recently, Senator Patty Murray (D-WA), Ranking Member of the Senate Committee on Health, Education, Labor and Pensions, released a letter outlining a policy initiative focused on retirement savings and women in the U.S… More

ERIC Statement on Retirement Proposals in President Obama’s Fiscal Year 2016 Budget

Annette Guarisco Fildes, President & CEO of The ERISA Industry Committee, the leading trade association dedicated exclusively to the employee benefit and compensation interests of America’s largest companies, today made the following statement in reaction to the retirement proposals included in President Obama’s fiscal year 2016 budget. … More

protected content Obama Administration Releases FY 2016 Budget with Retirement Policy Provisions

Today, the President released the Fiscal Year 2016 Budget of the U.S. Government (“FY 2016 Budget”). As the Administration has been releasing pieces of the FY 2016 Budget over recent days… More

protected content Timeline on Tax Bill Expectations in 2015

It’s the beginning of the 114th Congress and talk about tax reform and other revenue issues remains rampant. But when will tax writers begin crafting tax reform or other legislation that could change the tax rules governing employer-provided benefits? … More

protected content New Task Force on DOL’s Proposed Regulation on Definition of Fiduciary

As you are aware, a top priority for the Department of Labor’s (“DOL”) Employee Benefits Security Administration (“EBSA”) has been the issuance of a new regulation relating to ERISA’s definition of fiduciary (recently renamed as the “conflict of interest”) regulation. … More

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