On April 15, the California Secure Choice Retirement Savings Investment Board voted to delay the program’s first enrollment deadline for companies with more than 100 employees from June 30 to September 30, 2020.
ERIC has secured an agreement with California’s “CalSavers” state retirement savings program similar to the Memorandum of Understanding we previously established with Illinois Secure Choice.
The ERISA Industry Committee (“ERIC”) is writing to submit comments regarding proposed bills HB.1075, HB.1076, HB.1103, SB.574, and SB.602 to reinforce the importance of ensuring that the proposed state retirement savings program conforms with the preemption protection afforded by federal law—the Employee Retirement Income Security Act of 1974 (“ERISA”) —and does not impose benefit, reporting, or administrative requirements on employers already sponsoring a retirement plan.
ERIC testified before the Committee addressing the preservation of ERISA preemption and suggesting changes to the legislation to completely exempt employers that offer ERISA plans.
Over the last couple of weeks there have been several updates on the nomination of the Secretary of Labor and with state/local retirement plans for private workers.
ERIC teamed with several other business groups to filed an amicus brief with the United States Supreme Court in the case Sulyma v. Intel Corporation Investment Policy Committee.