Tax Reform / Deficit Reduction

Updates

Will Hansen Gives “Tip of the Week” to Employment Law This Week

Will's tips focus on how tax reform could impact executive compensation programs… More

protected content Tax Reform - Next Steps

We have lift off – a tax reform proposal has passed both the Senate and the House. Early morning on Saturday, the Senate passed a tax reform proposal on a vote of 51-49. All signs are pointing to a Conference Committee to work out the differences between the two pieces of legislation… 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

protected content California Secure Choice Update & Tax Reform

This week the GOP took another step closer to passing its tax reform bill after the Senate Budget Committee voted to advance the bill to the Senate floor. With a party line vote of 12-11, Republican leadership and President Trump were able to get Senators Bob Corker (R-TN) and Ron Johnson (R-WI) on board with the bill despite both threatening to vote “no” the day before… More

protected content Senate Tax Reform Update

Mostly good news to share with you in this update! Senator Hatch, Chairman of Senate Finance Committee, released a revised edition of tax reform legislation. We successfully advocated for the removal of the following two items: (1) Non-Qualified Deferred Compensation Provisions (no changes to 409A); (2) Limit on Catch-Up Contributions for those who earn more than $500,000… More

See All Updates

Amicus Briefs

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

More Amicus Briefs

Government Reports

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 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

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 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 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

protected content Analysis of Health-Related Proposals in Obama Administration’s FY 2014 Budget

As promised, President Obama formally released his budget yesterday for Fiscal Year 2014 (which starts October 1, 2013 and runs through September 30, 2014.) Although the really earth-shaking developments are mostly on the retirement side, there were nonetheless some interesting developments on the health front … More

More Government Reports

Legislative Documents

protected content House and Senate Republicans Release Budget Proposals for FY 2016

This week both the House and Senate released narratives outlining the key elements of their respective budget proposals. The following is a brief description of what each budget proposal recommends with respect to health issues. … 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 Congress Approves One-Year Extension of Expired Tax Provisions, Including Multiemployer Provisions

The House of Representatives on December 3 overwhelmingly approved the Tax Increase Prevention Act (H.R. 5771) to retroactively extend for the 2014 tax year approximately 50 expired or soon-to-be-expiring tax provisions, including provisions relating to multiemployer defined benefit pension plans and individual and business tax provisions. … 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 Senate Finance Committee Approves Extension of Expiring Multiemployer Funding Rules

The Senate Finance Committee under new Chairman Ron Wyden (D-OR) on April 3 approved a series of tax provisions that expired in 2013 but are generally renewed on an annual basis -- dubbed the “tax extenders.” … 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 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 Attention Turns to Budget Conference Following Agreement to Reopen the Government

Now that Washington lawmakers temporarily resolved the government shutdown that was plaguing the city over the past two weeks, attention turns to an upcoming budget conference between the House and Senate and whether the lawmakers can come to an agreement on the parameters for tax and entitlement reform, and fund the government for the rest of the current fiscal year, which began on October 1.… 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 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

protected content Analysis of Health-Related Proposals in Obama Administration’s FY 2014 Budget

As promised, President Obama formally released his budget yesterday for Fiscal Year 2014 (which starts October 1, 2013 and runs through September 30, 2014.) Although the really earth-shaking developments are mostly on the retirement side, there were nonetheless some interesting developments on the health front … More

More Legislative Documents

Letters to Congress

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

ERIC Joins Others in Supporting Section 127 of Internal Revenue Code

In response to Senate Finance Committee Chairman Orrin Hatch's request for submissions on tax reform, ERIC signed onto a letter that was sent to Sen. Hatch and the Committee's Ranking Member, Senator Ron Wyden… 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 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

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

Tax Reform Can Both Improve the Economy and Protect Employer-Sponsored Benefits

The ERISA Industry Committee is pleased with President Trump’s tax reform framework, which avoids imposing dangerous taxes on employer-sponsored health and retirement benefits… 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 Urges Senate Finance Committee and Congress to Use Caution when Considering Changes to Employer-Sponsored Retirement Systems

The ERISA Industry Committee (ERIC) today submitted comments to the Senate Finance Committee on retirement tax incentives in the context of comprehensive tax reform. The national trade association, focused solely on advocating for the employee benefits and compensation interests of large employers, encouraged the Committee and Congress to proceed with caution when considering any possible major changes to the very successful employer-sponsored retirement system.… 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 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

protected content IRS Provides Special Procedures for DOMA Refund Claims

The IRS issued Notice 2013-61, which provides special procedures for requesting refunds or adjustments for overpayments of FICA taxes and… 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 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