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.
We are pleased to announce a Memorandum of Understanding with the Office of the Illinois State Treasurer providing relief to ERIC members from reporting obligations that otherwise apply under the Illinois Secure Choice Retirement Savings Program.
The ERISA Industry Committee is writing regarding Oklahoma Senate Bill 934 (“SB 934”) to urge the legislators to acknowledge the preemption provisions under federal law—The Employee Retirement Income Security Act of 1974 (“ERISA”)—by exempting employers that already provide access to a retirement savings plan from the requirements of SB 934