Retirement Reform Proposals

Updates

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

See All Updates

Government Reports

protected content February 26 FocusOn Call on DOL Definition of Fiduciary Re-Proposed Regulation

We have another reason for you to join our FocusOn call on the Department of Labor’s (“DOL”) Definition of Fiduciary Re-Proposed Regulation on February 26 – a recent letter from Senator Johnson (R-WI) to Secretary Perez requesting additional information regarding the process surrounding this regulation.… 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 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

DOL Posts Final 2014 ERISA Advisory Council Reports

The Department of Labor recently posted to its website the final reports from the three topics (facilitating lifetime plan participation, outsourcing employee benefit plan services, and pharmacy benefit managers (PBM) compensation and fee disclosure) the ERISA Advisory Council in 2014 studied and made recommendations for the DOL’s consideration. … More

protected content Senate Finance Committee Republican Staff Releases Tax Reform Analysis

The staff for incoming Senate Finance Committee Chairman Orrin Hatch (R-UT) released a 341-page analysis of issues to consider as part of an effort to reform the tax code in the next Congress. … More

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ERISA Advisory Council Offers Recommendations on Lifetime Income, PBM Disclosure, and Outsourcing Plan Services

The ERISA Advisory Council recently presented its recommendations to the Department of Labor (DOL) on the topics it studied in 2014, which included facilitating lifetime plan participation, whether to extend DOL’s service provider fee disclosure regulation to pharmacy benefit managers (PBMs), and outsourcing employee benefit plan services.… More

protected content DOL Issues Report on Pension Plan Coverage; Fuels Congressional Interest in Coverage Issues

On October 8, the Department of Labor (DOL) issued a report on 2012 participation in defined benefit (DB) and defined contribution (DC) pension plans. The report is based on Form 5500 annual reports. Not unexpectedly, the report shows a continuing shift from DB plans to DC plans. It will very likely fuel the interest … More

protected content Treasury and IRS Release 2014-2015 Priority Guidance Plan

The Treasury Department and Internal Revenue Service released their joint 2014-2015 priority guidance plan which contains 65 items under the Retirement Benefits and Executive Compensation, Health Care and Other Benefits sections. … More

protected content New GAO Report Examines Contribution Limit Practices in Retirement Plans

The U.S. Government Accountability Office (GAO) just issued a report to Senator Ron Wyden, Chairman of the Senate Finance Committee, on “Private Pensions: Pension Tax Incentives Update.” … More

protected content President Obama’s FY 2015 Budget Once Again Includes Troubling Retirement Proposals

President Obama on March 4 released a $3.9 trillion budget proposal for fiscal year 2015 that includes several retirement-related proposals that raise concerns. The retirement “themes” are consistent with prior year budget proposals including… More

protected content President Obama Introduces a New Retirement Plan—“myRA”

At his State of the Union address on Tuesday evening, President Obama announced a new retirement program to be instituted by Executive Order. This new retirement program is called “myRA.” The President referred to this program as a “starter savings account” that would help working Americans who do not have access to an employer-sponsored retirement plan. … More

protected content CBO Report on Deficit Reduction Options Includes Retirement and Health Tax Incentives

The Congressional Budget Office (CBO) released a report entitled “Options for Reducing the Deficit 2014-2023,” which contains 103 options for cutting the U.S. government’s deficit, including policy options related to retirement and health spending and tax incentives. … More

protected content JCT Issues Report on Ways and Means Working Groups on Tax Reform

The Joint Committee on Taxation released its 568-page report on “Present Law and Suggestions for Reform Submitted to the Tax Reform Working Groups” on May 6th. In February 2013, the Ways and Means Committee created 11 Working Groups – each assigned a designated area of the tax code – in order to review current tax law and ideas for tax reform.… More

More Government Reports

Legislative Documents

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 Senators Cardin and Portman Introduce Frozen Plans/Nondiscrimination Testing Relief Legislation

Senate Finance Committee Members Ben Cardin (D-MD) and Rob Portman (R-OH) once again have teamed up on retirement security issues by introducing legislation to provide relief from ongoing nondiscrimination testing for frozen defined benefit plans, subject to certain conditions. … More

protected content Ways and Means Subcommittee on Select Revenue Measures Holds Hearing on Defined Benefit Plans

Today, the Ways and Means Subcommittee on Select Revenue Measures held a hearing on Private Employer Defined Benefit Pension Plans. The focus on the hearing was the challenges facing employers, employees and retirees who rely on defined benefit pension plans to help provide retirement security. The hearing focused on single employer and multiemployer issues.… More

protected content Senate Finance Committee Holds Hearing on Retirement Savings Policy

Today, the Senate Finance Committee held a hearing on “Retirement Savings 2.0: Updating Savings Policy for the Modern Economy.” Chairman Ron Wyden (D-OR) opened the hearing by stating that it appears tax incentives for retirement savings are not skewed towards those Americans who need them the most. … More

protected content Senate Finance Committee and Ways and Means Subcommittee Schedule Hearings on Pension Reform Issues

Before Congress recesses for the mid-term elections, there are a number of retirement-related activities scheduled over the next week. Both the Senate Finance Committee and the House Ways and Means Subcommittee on Select Revenue Measures plan to hold hearings on retirement issues next week. In addition, we understand that the full Senate is scheduled to vote on Senator Harkin’s Manager’s Amendment that would reform ERISA section 4062(e) (S. 2511). … More

protected content JCT Tax Expenditure Report Demonstrates Risk to Benefits

On August 5, the Joint Committee on Taxation (JCT) released its tax expenditure report for 2014 through 2018. The tax expenditure report discusses and assesses forgone federal tax revenue values for the tax rules that exempt taxpayers from (or allow them to defer into the future) otherwise taxable income. … More

protected content Representative Tiberi Introduces Frozen Plans/Nondiscrimination Testing Relief Legislation

On July 31, 2014, Representative Pat Tiberi (R-OH), introduced H.R. 5381, which would provide relief from ongoing nondiscrimination testing for frozen defined benefit plans, subject to certain conditions. … More

protected content President Obama’s FY 2015 Budget Once Again Includes Troubling Retirement Proposals

President Obama on March 4 released a $3.9 trillion budget proposal for fiscal year 2015 that includes several retirement-related proposals that raise concerns. The retirement “themes” are consistent with prior year budget proposals including… More

protected content Ways and Means Chairman Camp Unveils Tax Reform Discussion Draft

House Ways and Means Committee Chairman Dave Camp (R-MI) earlier today released a “discussion draft” of his tax reform proposal. The proposal aims to broaden the tax base in order to cut and streamline the federal income tax rates for individuals and companies.… More

protected content Senator Harkin Introduces USA Retirement Funds Act

Senate Health, Education, Labor and Pensions Committee Chairman Tom Harkin (D-IA), along with Senator Brown (D-OH), on January 30 introduced the USA Retirement Funds Act. ERIC has been working with Senator Harkin’s staff on various provisions of this bill, especially the provisions involving hybrid plan clarifications … More

protected content CBO Report on Deficit Reduction Options Includes Retirement and Health Tax Incentives

The Congressional Budget Office (CBO) released a report entitled “Options for Reducing the Deficit 2014-2023,” which contains 103 options for cutting the U.S. government’s deficit, including policy options related to retirement and health spending and tax incentives. … More

protected content Senator Hatch Legislation Includes Significant Pension Reforms

Senate Finance Committee Ranking Member Orrin Hatch (R-UT) on July 9 introduced legislation that would make extensive reforms to both private and public retirement plan rules. … More

protected content Senate Finance Releases Option Paper on Retirement & Health Tax Expenditure Changes under Tax Reform

Yesterday, the Senate Finance Committee released its “options” paper on retirement and health policy changes and tax reform. This is option paper number 7 in a series that the Senate Finance Committee has released as a result of its meetings with members and staff on options to consider under tax reform by subject matter.… More

protected content Representative Neal Reintroduces Retirement Simplification Legislation

This week, Representative Neal (D-MA) introduced The Retirement Plan Simplification and Enhancement Act of 2013. This bill is a reintroduction of H.R. 4050 from last year, with some changes. … More

protected content JCT Issues Report on Ways and Means Working Groups on Tax Reform

The Joint Committee on Taxation released its 568-page report on “Present Law and Suggestions for Reform Submitted to the Tax Reform Working Groups” on May 6th. In February 2013, the Ways and Means Committee created 11 Working Groups – each assigned a designated area of the tax code – in order to review current tax law and ideas for tax reform.… More

More Legislative Documents

Letters to Agencies

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

ERIC Supports PBGC’s Efforts to Create Missing Participant Program for 401(k) and Similar Plans

The ERISA Industry Committee (ERIC), along with the Plan Sponsor Council of America (PSCA), and the U.S. Chamber of Commerce (Chamber) today submitted comments to the Pension Benefit Guaranty Corporation (PBGC) supporting the agency’s efforts to implement a missing participants program in 401(k) and similar plans. … More

ERIC Urges Flexibility on Lifetime Income Disclosures

ERIC submitted comments today to the Department of Labor (DOL) recommending that it provide employers with flexibility regarding lifetime income disclosures. … More

More Letters to Agencies

Letters to Congress

ERIC Joins Letter to Congress Honoring the 40th Anniversary of ERISA

The undersigned organizations, representing plan sponsors, service providers, and plan administrators who deliver retirement benefits to millions of American workers, ask you to join us in celebrating the passage of this law and the success of the private retirement system that has been created around it.… More

ERIC Offers Support for Chairman Tiberi’s Bill to Provide Relief from Nondiscrimination Testing for Frozen DB Plans

In a statement submitted today to the House Ways and Means Subcommittee on Select Revenue Measures, the ERISA Industry Committee (ERIC) urged the subcommittee to protect and encourage the continuation of retirement plans by minimizing costs to maintain retirement plans, provide relief for frozen defined benefit plans, recognize the deferral nature of retirement savings, and critically evaluate proposals to change the system.… More

protected content Ways and Means Subcommittee on Select Revenue Measures Holds Hearing on Defined Benefit Plans

Today, the Ways and Means Subcommittee on Select Revenue Measures held a hearing on Private Employer Defined Benefit Pension Plans. The focus on the hearing was the challenges facing employers, employees and retirees who rely on defined benefit pension plans to help provide retirement security. The hearing focused on single employer and multiemployer issues.… More

ERIC Urges Senate Finance Committee to Be Wary of Unintended Consequences in Considering Tax Changes to Employer Retirement System

In a statement submitted today to the Senate Finance Committee on its hearing on retirement savings reform, the ERISA Industry Committee (ERIC) urged the committee to be wary of unintended outcomes in considering changes to the tax rules for retirement savings. … More

ERIC as Part of CPR Coalition Writes to Chairman Camp on Tax Reform Draft

ERIC, as part of a coalition of trade associations (Coalition to Protect Retirement) focused on tax reform and retirement incentives, recently sent House Ways and Means Committee Chairman Dave Camp (R-MI) a letter regarding his “discussion draft” on tax reform. … More

ERIC Joins Group Trade Association Letter on “Blank Slate” Approach to Tax Reform

ERIC recently joined a group of business trade associations on a letter to the Senate regarding the “blank slate” approach to tax reform, urging the lawmakers to preserve the current tax treatment related to retirement savings.… More

ERIC Urges Ways & Means Committee Working Group to Proceed with Caution on Any Tax Reform Changes to Employer Retirement System

In a letter submitted today to the House Ways and Means Committee’s Tax Reform Working Group on Pensions and Retirement, The ERISA Industry Committee (ERIC) urged the policymakers to proceed with caution when considering any possible changes to the nation’s very successful voluntary employer-provided retirement system.… More

More Letters to Congress

Policy Briefs

protected content State of the Union Address, White House Fact Sheet and Retirement Policy

The White House has released a fact sheet on tax code modifications targeted for middle class families. A precursor to the FY 2016 budget proposal, the Fact Sheet: A Simpler, Fairer Tax Code That Responsibly Invests in Middle Class Families, includes four proposals related to retirement savings policy reforms… More

protected content ERIC Focus on Benefits for Executives—Third Quarter—October 2014

This quarterly publication is designed to alert company management about several of the most important recent developments in the benefits arena that warrant their attention.… More

ERIC Expresses Concern with Ways & Means Committee Chairman Camp’s Tax Reform Discussion Draft

ERIC President and CEO Scott Macey today made the following statement in response to the release of a tax reform “discussion draft” by House Ways and Means Committee Chairman Dave Camp (R-MI)… More

ERIC as Part of Coalition to Protect Retirement Launches Campaign to Safeguard Retirement Savings Tax Incentives

ERIC on November 7 joined with several other business trade associations as part of the Coalition to Protect Retirement to launch a national education and advocacy campaign to preserve the current tax incentives for retirement savings. … More

More Policy Briefs

Press Releases

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

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

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 Responds to House GOP’s Tax Reform Policy Paper

The ERISA Industry Committee (ERIC) appreciates the U.S. House of Representatives’ Republican Tax Reform Task Force for recognizing the importance of retirement savings in America… 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

ERIC Offers Support for Chairman Tiberi’s Bill to Provide Relief from Nondiscrimination Testing for Frozen DB Plans

In a statement submitted today to the House Ways and Means Subcommittee on Select Revenue Measures, the ERISA Industry Committee (ERIC) urged the subcommittee to protect and encourage the continuation of retirement plans by minimizing costs to maintain retirement plans, provide relief for frozen defined benefit plans, recognize the deferral nature of retirement savings, and critically evaluate proposals to change the system.… More

ERIC Urges Senate Finance Committee to Be Wary of Unintended Consequences in Considering Tax Changes to Employer Retirement System

In a statement submitted today to the Senate Finance Committee on its hearing on retirement savings reform, the ERISA Industry Committee (ERIC) urged the committee to be wary of unintended outcomes in considering changes to the tax rules for retirement savings. … More

ERIC Expresses Concern with Ways & Means Committee Chairman Camp’s Tax Reform Discussion Draft

ERIC President and CEO Scott Macey today made the following statement in response to the release of a tax reform “discussion draft” by House Ways and Means Committee Chairman Dave Camp (R-MI)… More

ERIC as Part of Coalition to Protect Retirement Launches Campaign to Safeguard Retirement Savings Tax Incentives

ERIC on November 7 joined with several other business trade associations as part of the Coalition to Protect Retirement to launch a national education and advocacy campaign to preserve the current tax incentives for retirement savings. … More

ERIC Supports PBGC’s Efforts to Create Missing Participant Program for 401(k) and Similar Plans

The ERISA Industry Committee (ERIC), along with the Plan Sponsor Council of America (PSCA), and the U.S. Chamber of Commerce (Chamber) today submitted comments to the Pension Benefit Guaranty Corporation (PBGC) supporting the agency’s efforts to implement a missing participants program in 401(k) and similar plans. … More

ERIC Urges Flexibility on Lifetime Income Disclosures

ERIC submitted comments today to the Department of Labor (DOL) recommending that it provide employers with flexibility regarding lifetime income disclosures. … More

ERIC Urges Ways & Means Committee Working Group to Proceed with Caution on Any Tax Reform Changes to Employer Retirement System

In a letter submitted today to the House Ways and Means Committee’s Tax Reform Working Group on Pensions and Retirement, The ERISA Industry Committee (ERIC) urged the policymakers to proceed with caution when considering any possible changes to the nation’s very successful voluntary employer-provided retirement system.… More

More Press Releases

Regulatory Documents

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Treasury Department Releases Final Regulations on Electronic Retirement Savings Bond for myRA Program

The Treasury Department on December 15 published in the Federal Register a final rule on a new nonmarketable, electronic retirement savings bond for Treasury’s myRA retirement savings program announced earlier this year. … More

protected content PBGC Finalizes Rules Regarding the Treatment of Rollover Amounts in DB Plans

The Pension Benefit Guaranty Corporation (PBGC) finalized regulations regarding the treatment of rollovers into defined benefit plans if the plan is terminated and trusteed by the PBGC (the “rollover regulations”). … More

protected content IRS and DOL Release Guidance on TDFs in DC Plans and Lifetime Income Issues

As part of the Administration’s focus on facilitating lifetime income options in defined contribution plans, the Internal Revenue Service just released Notice 2014-66, which provides a special rule that allows defined contribution plans to offer a series of Target Date Funds (“TDFs”) that include deferred annuities among their assets, even if some of the TDFs within the series are only available to older participants. … More

protected content IRS Withdraws Part of Proposed Rule Relating to Limit on Rollovers from IRAs

The Internal Revenue Service on July 11 withdrew part of a notice of proposed rulemaking relating to rollovers from individual retirement arrangements (IRAs) that provided that the rollover limitation of Internal Revenue Code section 408(d)(3)(B) is applied on an IRA-by-IRA basis.… More

protected content Treasury Issues Lifetime Income Final Regulations (QLACs) for 401(k) Plans

The Treasury Department and the Internal Revenue Service have released final regulations on longevity annuities in 401(k) plans. In February 2012, the Treasury Department issued proposed regulations relating to the required minimum distributions rules and the purchases of deferred annuities. … More

protected content DOL Re-Opens Comment Period for Target Date Funds

The U.S. Department of Labor (DOL) has re-opened the comment period on its target date funds proposed rule.  The target date funds… More

protected content Agencies Release Semiannual Regulatory Agendas Showing Further Delays

The Department of Labor (DOL) and Pension Benefit Guaranty Corporation on May 23 released their semiannual regulatory agendas, which include a number of projects on the retirement-related front.… More

protected content IRS to Limit One-Per-Year IRA-to-IRA Rollover on Aggregate Basis

The IRS in Announcement 2014-15 said it will revise guidance to clarify that the rules concerning the application to Individual Retirement… More

protected content President Obama Introduces a New Retirement Plan—“myRA”

At his State of the Union address on Tuesday evening, President Obama announced a new retirement program to be instituted by Executive Order. This new retirement program is called “myRA.” The President referred to this program as a “starter savings account” that would help working Americans who do not have access to an employer-sponsored retirement plan. … More

More Regulatory Documents

Testimony

ERIC Offers Support for Chairman Tiberi’s Bill to Provide Relief from Nondiscrimination Testing for Frozen DB Plans

In a statement submitted today to the House Ways and Means Subcommittee on Select Revenue Measures, the ERISA Industry Committee (ERIC) urged the subcommittee to protect and encourage the continuation of retirement plans by minimizing costs to maintain retirement plans, provide relief for frozen defined benefit plans, recognize the deferral nature of retirement savings, and critically evaluate proposals to change the system.… More

protected content Ways and Means Subcommittee on Select Revenue Measures Holds Hearing on Defined Benefit Plans

Today, the Ways and Means Subcommittee on Select Revenue Measures held a hearing on Private Employer Defined Benefit Pension Plans. The focus on the hearing was the challenges facing employers, employees and retirees who rely on defined benefit pension plans to help provide retirement security. The hearing focused on single employer and multiemployer issues.… More

protected content Senate Finance Committee Holds Hearing on Retirement Savings Policy

Today, the Senate Finance Committee held a hearing on “Retirement Savings 2.0: Updating Savings Policy for the Modern Economy.” Chairman Ron Wyden (D-OR) opened the hearing by stating that it appears tax incentives for retirement savings are not skewed towards those Americans who need them the most. … More

ERIC Urges Senate Finance Committee to Be Wary of Unintended Consequences in Considering Tax Changes to Employer Retirement System

In a statement submitted today to the Senate Finance Committee on its hearing on retirement savings reform, the ERISA Industry Committee (ERIC) urged the committee to be wary of unintended outcomes in considering changes to the tax rules for retirement savings. … More

More Testimony