U.S. Senate Protects Employer-Sponsored Retirement Benefits

March 30, 2017

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CONTACT:
Kelly Broadway, 202.627.1918, kbroadway@eric.org

For Immediate Release

U.S. Senate Protects Employer-Sponsored Retirement Benefits
Passes Joint Resolution of Disapproval on Local Retirement Plans

Washington, DC  – The following statement should be attributed to Will Hansen, Senior Vice President of Retirement and Compensation Policy, The ERISA Industry Committee (ERIC):

“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.

While ERIC’s members –the nation’s largest employers –support policies that increase access to retirement plans, we feel that the Labor Department rules inappropriately allow localities to impose requirements on employers already offering retirement plans. Mandatory local retirement plans should not over-reach and attempt to regulate employers who provide a plan subject to federal rules.

ERIC strongly encourages the Senate to next pass the resolution repealing the DOL rule on state retirement plans.”

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.