401(k) Plans

Updates

protected content ERIC Testifies on Uncashed Checks and Permissive Transfers to State Unclaimed Property Funds

Yesterday, I testified on behalf of ERIC before The ERISA Advisory Council on the legal and practical concerns surrounding uncashed checks and state escheatment… More

ERIC Testifies About Uncashed Retirement Checks

ERIC today testified before the ERISA Advisory Council on permissive transfers of uncashed checks from ERISA plans to state unclaimed property funds… More

protected content Retirement Congressional, Regulatory, and Litigation Update

Unfortunately, the SECURE Act continues to stall in the Senate due to the refusal of a couple of Senators to allow the bill to move by unanimous consent… More

ERIC joins other trades in push for electronic delivery

Last week, ERIC joined several other trade associations in urging the Department of Labor (DOL) to issue proposed regulations on electronic delivery as directed by the President’s Executive Order on Strengthening Retirement Security in America… More

ERIC Applauds Passage of SECURE Act

ERIC applauds the passage of the SECURE Act and the bipartisan effort to provide greater retirement security. In particular, we appreciate the permanent fix to allow workers to continue accruing benefits in frozen pension plans, the extension of the required minimum distribution rules, and help for student debt repayment… More

See All Updates

Amicus Briefs

protected content Update on Oregon Litigation

On Monday, we shared an important and positive development in ERIC’s lawsuit against the mandate imposed by the OregonSaves state retirement program that impacts your company’s requirement to file for an exemption by November 15, 2017. We are providing the following clarifying information in response to questions raised from the prior communication… More

protected content Important Update on Requirement to File in OregonSaves Program

I am sharing an important and positive development in ERIC’s lawsuit against the mandate imposed by the OregonSaves state retirement program that impacts your company’s requirement to file for an exemption by November 15… More

Employer Groups File Amicus Brief in Meiners v. Wells Fargo & Company

The ERISA Industry Committee (ERIC) and the American Benefits Council (ABC), have filed an amicus brief with the U.S. Court of Appeals for the Eighth Circuit in Meiners v. Wells Fargo & Company, et al in support of the District Court’s ruling that dismissed the allegations against Wells Fargo & Company… More

protected content Tax Reform, Student Loan, Amicus Brief

The House passed a budget resolution which completes the steps necessary to provide both the House and Senate with reconciliation instructions to complete tax reform. The main reason behind the “reconciliation” route is that it enables legislation to be passed out of the Senate with a simple majority instead of the standard 60-vote threshold… More

Meiners v. Wells Fargo & Company

The ERISA Industry Committee (ERIC), the American Benefits Council (ABC), and the U.S. Chamber of Commerce have filed an amicus brief with the U.S. Court of Appeals for the Eighth Circuit in Meiners v. Wells Fargo & Company, et al in support of the District Court’s ruling that dismissed the allegations against Wells Fargo & Company… More

More Amicus Briefs

ERIC Surveys

protected content ESG Investing and ERISA Advisory Council Topics

EBSA has sent a Federal Register Notice announcing an April 10, 2019 ERISA Advisory Council meeting, to set topics for the 2019 Council… More

protected content Survey: Hardship Changes

Earlier this year, President Trump signed a two-year budget deal, the Bipartisan Budget Act of 2018 that included changes to retirement plans… More

protected content Determination Letter Follow-Up Survey

This survey was intended as a follow-up to the prior survey as well as a way to receive feedback from members on the direction of the comment letter we planned to file with the IRS in response to the recent Notice… More

protected content 2018 Member Policy Priorities Surveys

ERIC surveyed members on their federal health and retirement policy priorities, as well as their state policy priorities for 2018… More

More ERIC Surveys

Judicial Documents

The ERISA Industry Committee Files Lawsuit Against Oregon

ERIC has filed a complaint in the United States District Court for the District of Oregon against the Oregon Retirement Savings Board for obstructing federal law. In the complaint, ERIC is requesting an injunction against only the reporting requirement OregonSaves imposes on employers that already provide a retirement plan… More

ERIC’s Legal Complaint about OregonSaves State Retirement Plan: What You Need to Know

OregonSaves is the State of Oregon’s state-run retirement program. Signed into law in June 2015, the Oregon Retirement Savings Board was implemented and tasked with creating a defined contribution retirement plan for private-sector employees… More

More Judicial Documents

Letters to Agencies

ERIC joins other trades in push for electronic delivery

Last week, ERIC joined several other trade associations in urging the Department of Labor (DOL) to issue proposed regulations on electronic delivery as directed by the President’s Executive Order on Strengthening Retirement Security in America… More

ERIC Continues Push for Change in Missing Participant Audits

ERIC continues to seek changes in the missing participant audit process by requesting an end to closing letters that contain a fiduciary breach finding… More

protected content ERIC Comments on Maine State Retirement Savings Plan

ERIC has submitted a letter to Maine state legislators addressing concerns with proposed legislation currently under consideration regarding the state's retirement savings plan… More

ERIC Weighs in on Guidance Related to Missing Retirement Plan Participants

ERIC submitted suggestions to the U.S. Department of Labor Assistant Secretary of Labor Preston Rutledge on guidance related to the challenge of employers locating missing retirement plan participants… More

protected content Alert: ERIC Submits Comment Letters on Washington and Oklahoma State Retirement Savings Program Bill

This week ERIC submitted letters in two different states reminding them of the preemption provisions for employers that currently sponsor retirement plans under ERISA. Both Washington state and Oklahoma are considering the implementation of mandatory state-administered IRA programs which would contravene ERISA’s preemption provisions… More

ERIC Submits Comments on Oklahoma State Retirement Plan Bill

The ERISA Industry Committee is writing regarding Oklahoma Senate Bill 934 (“SB 934”) to urge the legislators to acknowledge the preemption provisions under federal law—The Employee Retirement Income Security Act of 1974 (“ERISA”)—by exempting employers that already provide access to a retirement savings plan from the requirements of SB 934… More

ERIC Comments on Proposed Regulations Relating to Hardship Distribution Provisions

ERIC submitted comments to the Internal Revenue Service on proposed regulations relating to hardship distribution provisions for 401(k) plans… More

ERIC Encourages IRS to Provide Guidance on Student Loan Relief

ERIC worked with a coalition of companies and business groups to encourage the IRS to provide guidance that all employers could use when considering student loan relief in their retirement plans… More

protected content Illinois Secure Choice Update

In a prior email I mentioned that the Illinois Secure Choice Retirement Plan was sending emails to large companies requesting that the company either commence the enrollment process into the Secure Choice Plan or report that the company provides a retirement plan to employees and is exempt from the Secure Choice mandate… 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

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

ERIC Offers Guidance on Missing Plan Participants

ERIC sent a letter to Assistant Secretary of Labor Preston Rutledge encouraging the Department of Labor (DOL) to focus its efforts on developing guidance related to the challenge of employers locating missing retirement plan participants. The letter also asks that until guidance is provided, the DOL should stop issuing letters that allege an employer has committed a breach of fiduciary duty with respect to the practices utilized to locate missing retirement plan participants… More

ERIC Sends Comment Letter on the Determination Letter Program to the IRS

The ERISA Industry Committee (“ERIC”) and the In-House Benefits Counsel Network (the “IBCN”) are pleased to respond to the request of the U.S. Treasury Department and the Internal Revenue Service (collectively, the “Agencies”) for comments regarding Notice 2018-24, relating to their “Request for Comments on Scope of Determination Letter Program for Individually Designed Plans during Calendar Year 2019” (the “Notice”)… More

California State Retirement Plan Has Opportunity to Protect Employer-Sponsored Plans

The ERISA Industry Committee (ERIC) today submitted comments to the California Secure Choice Retirement Investment Savings Board regarding the state’s Secure Choice Program’s reporting requirements included in the draft emergency regulations… More

ERIC Comments to AICPA

The ERISA Industry Committee (ERIC) and the U.S. Chamber of Commerce (Chamber) are pleased to respond to the request by the American Institute of Certified Public Accountants (AICPA) for comments regarding the Proposed Statement on Auditing Standards, Forming an Opinion and Reporting on Financial Statements of Employee Benefits Plans Subject to ERISA (Proposal)… More

ERIC Comments on Nevada Fiduciary Rule

The ERISA Industry Committee (“ERIC”) is pleased to submit comments to the Nevada Securities Division on Senate Bill 383 (“S.B. 383”), the law imposing a statutory fiduciary duty on brokers- dealers and investment advisers, and the effect proposed regulations, if adopted, would have on small business as defined under Nevada law… More

More Letters to Agencies

Letters to Congress

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 PBGC Director Confirmed and IRS Determination Letter Program Partially Re-opened

On April 30, Congress confirmed Gordon Hartogensis as the new director of the PBGC. ERIC sent a letter of support earlier in this process and looks forward to working with him on maintaining PBGC premium levels for single-employer plans and addressing the multiemployer pension crisis… More

ERIC Urges Lawmakers to Modify Lifetime Income Disclosure Provisions

ERIC sent a letter to U.S. Representative Richard Neal (D-MA), Chairman of the House Ways and Means Committee, urging him to modify the Lifetime Income Disclosure Act provision currently contained in the Retirement Enhancement & Savings Act and the newly introduced SECURE Act… More

ERIC Asks Congress to Rethink Retirement Disclosure Responsibility of Employers

ERIC sent a letter to Congress expressing support for the passage of retirement legislation that would enhance retirement savings opportunities during this Congress. The letter also asked that lawmakers modify the Lifetime Income Disclosure Act (LIDA) provision, making options more effective and flexible for plan sponsors… More

Legislative Proposal to Expand SCP

ERIC, along with other organizations, sent a letter to Senators Orrin Hatch and Ron Wyden with a proposal to restructure IRS operations. The proposal would direct the IRS to expand the self-correction program within the IRS’s Employee Plan Compliance Resolution System, to enable businesses with retirement plans to more easily correct common mistakes… More

Joint Association Letter Regarding Missing and Unresponsive Participants

On behalf of the undersigned organizations, we thank you for the meeting we had with your senior staff on May 16 regarding the issue of missing and unresponsive participants and beneficiaries. While we were sorry you could not attend, we had a productive dialogue with staff from the Department of Labor’s Employee Benefits Security Administration (EBSA)… More

ERIC Letter to Chairman Hatch on Tax Reform Legislation

The ERISA Industry Committee applauds your efforts to develop tax reform legislation without adversely impacting the ability of workers and families to save for retirement. We look forward to working with you to advance retirement savings measures in future legislation… More

Letter to Chairman Hatch on Tax Reform

Today, ERIC sent a letter to Chairman Hatch regarding provisions in the Senate tax reform mark… More

Letter to House Ways and Means Chairman Brady About Elimination of Section 127

The Coalition to Preserve Employer Provided Education Assistance, of which ERIC is a member, sent a letter on behalf of the Coalition urging Chairman Brady to reconsider the elimination of Section 127, employer provided education assistance, in H.R. 1, the tax reform bill… More

Coalition to Protect Retirement Sends Letter to Senators Hatch and Wyden

Today, ERIC signed onto a letter sent to Senator Hatch and Senator Wyden on behalf of the Coalition to Protect Retirement, of which ERIC is a founding member. This coalition is comprised of trade associations that represent retirement plan sponsors, administrators, service providers, and related financial institutions… More

More Letters to Congress

Press Releases

ERIC Testifies About Uncashed Retirement Checks

ERIC today testified before the ERISA Advisory Council on permissive transfers of uncashed checks from ERISA plans to state unclaimed property funds… More

ERIC Applauds Passage of SECURE Act

ERIC applauds the passage of the SECURE Act and the bipartisan effort to provide greater retirement security. In particular, we appreciate the permanent fix to allow workers to continue accruing benefits in frozen pension plans, the extension of the required minimum distribution rules, and help for student debt repayment… 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

ERIC Secures Exemption for Members From IL Secure Choice Retirement Savings Reporting Requirements

ERIC has secured a permanent exemption for ERIC members from the Illinois Secure Choice Retirement Savings Program reporting requirements.… More

ERIC Urges Lawmakers to Modify Lifetime Income Disclosure Provisions

ERIC sent a letter to U.S. Representative Richard Neal (D-MA), Chairman of the House Ways and Means Committee, urging him to modify the Lifetime Income Disclosure Act provision currently contained in the Retirement Enhancement & Savings Act and the newly introduced SECURE Act… More

ERIC Advocates for Student Loan & Hardship Withdrawal Policies to Promote Employee Savings

The ERISA Industry Committee started 2019 off with a flurry of comments on retirement policies affecting large plan sponsors… More

ERIC Asks Congress to Rethink Retirement Disclosure Responsibility of Employers

ERIC sent a letter to Congress expressing support for the passage of retirement legislation that would enhance retirement savings opportunities during this Congress. The letter also asked that lawmakers modify the Lifetime Income Disclosure Act (LIDA) provision, making options more effective and flexible for plan sponsors… More

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

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

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

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

ERIC Offers Guidance on Missing Plan Participants

ERIC sent a letter to Assistant Secretary of Labor Preston Rutledge encouraging the Department of Labor (DOL) to focus its efforts on developing guidance related to the challenge of employers locating missing retirement plan participants. The letter also asks that until guidance is provided, the DOL should stop issuing letters that allege an employer has committed a breach of fiduciary duty with respect to the practices utilized to locate missing retirement plan participants… More

ERIC Provides Guidance on Determination Letter Program

ERIC continues to provide guidance to the U.S. Department of the Treasury and Internal Revenue Service on the determination letter program… More

ERIC Settles Lawsuit Against Oregon Retirement Savings Board, Secures Exemption for ERIC Members

ERIC has settled its lawsuit against the Oregon Retirement Savings Board (OSRB). ERIC sued the OSRB last October for violating the Employee Retirement Income Security Act of 1974 with the employer reporting requirement imposed by its state-run mandatory retirement plan, OregonSaves… More

ERIC Supports the Retirement Savings Lost and Found Act

ERIC supports Senator Elizabeth Warren’s (D-MA) introduction of the “Retirement Savings Lost and Found Act,” which would create a central database allowing current and soon-to-be retirees to view the location of their retirement funds. It also provides needed guidance to employers on the steps that must be taken to locate former employees who are still vested in the company’s retirement plan… More

ERIC Looks Forward to Working with DOL to Combat Regulatory Burdens

As we begin 2018, The ERISA Industry Committee looks forward to working with leadership at the Department of Labor (DOL), including newly confirmed Assistant Secretary of Labor for the Employee Benefits Security Administration (EBSA), Preston Rutledge, to combat the regulatory burdens imposed on companies that sponsor employee benefit plans… More

California State Retirement Plan Has Opportunity to Protect Employer-Sponsored Plans

The ERISA Industry Committee (ERIC) today submitted comments to the California Secure Choice Retirement Investment Savings Board regarding the state’s Secure Choice Program’s reporting requirements included in the draft emergency regulations… More

ERIC Calls Upon Senate HELP Committee to Approve Preston Rutledge as Assistant Secretary of EBSA

The ERISA Industry Committee urges the Senate Health, Education, Labor, and Pensions (HELP) Committee to move swiftly to advance the nomination of Preston Rutledge to be the Assistant Secretary of Labor for the Employee Benefits Security Administration (EBSA) at the Department of Labor… More

Senate GOP Tax Reform Plan Protects Retirement Savings

The ERISA Industry Committee (ERIC) is pleased that the Republican’s Senate tax reform plan protects the pre-tax contribution limit employees can contribute to their 401(k) plans and we will continue to advocate against any decrease in the incentive to save for retirement on a pre-tax basis… More

GOP Tax Reform Plan Leaves Retirement Savings Intact

The ERISA Industry Committee (ERIC) is pleased the Republican’s House tax reform plan does not decrease the pre-tax contribution limit for retirement plans that an individual may contribute on an annual basis… More

Employer Groups File Amicus Brief in Meiners v. Wells Fargo & Company

The ERISA Industry Committee (ERIC) and the American Benefits Council (ABC), have filed an amicus brief with the U.S. Court of Appeals for the Eighth Circuit in Meiners v. Wells Fargo & Company, et al in support of the District Court’s ruling that dismissed the allegations against Wells Fargo & Company… More

The ERISA Industry Committee Files Lawsuit Against Oregon

ERIC has filed a complaint in the United States District Court for the District of Oregon against the Oregon Retirement Savings Board for obstructing federal law. In the complaint, ERIC is requesting an injunction against only the reporting requirement OregonSaves imposes on employers that already provide a retirement plan… More

Treasury Issues Final Mortality Table Rule

ERIC is pleased the Department of Treasury took into account a number of the requested changes listed in our comment letters, including flexibility for the plan sponsor to potentially delay for one year the use of the new mortality tables for purposes of satisfying minimum funding standards… More

Tax Reform Must Preserve Employer-Sponsored Benefits

ERIC appreciates that the Republicans’ United Framework for Tax Reform encourages retirement security and is hopeful that as lawmakers move forward crafting legislation, they will preserve the pre-tax treatment of employer-sponsored benefits… More

More Press Releases

Testimony

protected content ERIC Testifies on Uncashed Checks and Permissive Transfers to State Unclaimed Property Funds

Yesterday, I testified on behalf of ERIC before The ERISA Advisory Council on the legal and practical concerns surrounding uncashed checks and state escheatment… More

ERIC Testifies About Uncashed Retirement Checks

ERIC today testified before the ERISA Advisory Council on permissive transfers of uncashed checks from ERISA plans to state unclaimed property funds… More

protected content ERIC Calls on Congress to Address Multiemployer Pension Crisis

ERIC submitted a statement calling on Congress to act immediately and comprehensively to address this crisis.… More

More Testimony