Kelly Broadway, 202.627.1918, email@example.com
For Immediate Release
Treasury Issues Final Mortality Table Rule
Washington, DC – The ERISA Industry Committee (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.
As the only national association that advocates exclusively for large employers on health, retirement, and compensation public policies at the federal, state, and local levels, ERIC members provide comprehensive retirement benefits to tens of millions of active and retired workers and their families.
Last month, ERIC met with representatives from the Internal Revenue Service, Dept. of Treasury, and Office of Information and Regulatory Affairs, as well as submitted comments, asking the agency to take the entire 90 days permitted under Executive Order 12866 to ensure that the proposed rule is considered carefully and delay the rule’s implementation to January 1, 2020. ERIC previously submitted comments in April of this year, asking for additional review of the proposed rule, including a thorough economic analysis.
“The ERISA Industry Committee is pleased our concerns with the proposed rule were taken into consideration and that some of our substantive proposed changes were adopted, but also that the Department of Treasury provided flexibility to plan sponsors to delay implementation of the new mortality tables for one year,” said Will Hansen, Senior Vice President of Retirement and Compensation Policy, ERIC. “We will continue to work closely with Treasury in ensuring a smooth implementation of this final rule and the new mortality tables, while continuing to advocate for public policies that will decrease the compliance burden and cost to operate a pension plan on plan sponsors.”
About the ERISA Industry Committee
The ERISA Industry Committee (ERIC) is the only national association that advocates exclusively for large employers on health, retirement, and compensation public policies at the state, federal, and local levels. Learn more at eric.org.