Yesterday, ERIC submitted a statement for the record and a joint letter on single-employer funding relief to the House Ways and Means Subcommittee on Select Revenue Measures for a hearing titled “Tax Relief to Support Workers and Families during the COVID-19 Recession.” Anticipating that there would be little discussion of retirement security, our statement highlighted the necessity to include employers, and the benefits they provide, in the conversation as they are providing jobs and benefits that sustain workers, retirees, and their families.
In the hearing, the witnesses focused on general tax relief pertaining primarily to individuals such as refundable tax credits and additional direct payments. The Subcommittee members were split in focus. Democrats focused on providing relief by temporarily expanding the earned income tax credit and increasing the child tax credit, as well as another round of stimulus checks. Republicans discussed ways to support businesses in getting employees back to work by providing funds for personal protective equipment and cleaning supplies, so workers feel safe returning. Rep. John Larson (D-CT) was the only member that noted the importance of retirement benefits and encouraged further support for retirement issues related to the pandemic.
In our statement, we addressed the HEROES Act provisions that we support, as well as additional legislative recommendations and the need for multiemployer pension reform. We also requested assistance from the Committee in securing guidance from the Treasury and IRS on several regulatory issues.
You can read the statement in its entirety here.
Article by Aliya Robinson, Senior Vice President of Retirement and Compensation Policy