WASHINGTON, October 24, 2023 – The ERISA Industry Committee (ERIC) today submitted comments on Notice 2023-62, “Guidance on Section 603 of the SECURE 2.0 Act with Respect to Catch-Up Contributions,” released by the Internal Revenue Service (IRS) on August 25, 2023.
Miscellaneous Archives:
The ERISA Industry Committee Criticizes Proposed New York State Regulations Covering Pharmacy Benefit Managers
WASHINGTON, October 18, 2023 – The ERISA Industry Committee (ERIC) submitted public comments this week expressing deep concerns with regulations proposed by the New York State Department of Financial Services in “Proposed Consolidated Rulemaking for Insurance Regulations 219, 224, and 226-229,” which would implement a state statute enacted in 2021 covering pharmacy benefit managers (PBMs) and their network practices.
The ERISA Industry Committee Submits Critical Comments on Mental Health Parity and Addiction Equity Act
WASHINGTON, October 17, 2023 – The ERISA Industry Committee (ERIC) today submitted comments to the U.S. Departments of Labor, Health and Human Services, and the Treasury in response to the Proposed Rules on the Mental Health Parity and Addiction Equity Act (“MHPAEA”). ERIC’s review of the enormous volume of complex new policy proposals, many of which reflect an overreach of agency authority under the statute, found that the rules, if finalized, would be overly burdensome to employer-sponsored health benefit plans; confusing, costly, and impossible to comply with; and subject millions of employees and their families to higher health care costs and changes to their benefit designs.
The ERISA Industry Committee Responds to House Health Care Task Force RFI With Recommendations to Reduce Health Care Spending and Address Long-Term Costs
WASHINGTON, October 16, 2023 – The ERISA Industry Committee (ERIC) yesterday submitted a letter to the Health Care Task Force of the U.S. House Budget Committee, in response to its request for information (RFI) soliciting feedback to identify policy solutions that improve health outcomes for workers and families while reducing health care spending.
The ERISA Industry Committee Urges Labor Department to Carefully Implement SECURE 2.0 Disclosure Mandates
WASHINGTON, October 10, 2023 – The ERISA Industry Committee (ERIC) today provided comments to the U.S. Department of Labor (DOL) in response to its Request for Information regarding implementation of notice and disclosure provisions in the SECURE 2.0 Act.
The ERISA Industry Committee Asks SEC to Withdraw Proposed Rule on Financial Technologies
WASHINGTON, October 9, 2023 – The ERISA Industry Committee (ERIC) today submitted a letter to the U.S. Securities and Exchange Commission (SEC) requesting the withdrawal of a proposed rule, “Conflicts of Interest Associated With the Use of Predictive Data Analytics by Broker-Dealers and Investment Advisors” (published August 9, 2023 in the Federal Register) because of the increased costs and uncertainty it will impose on employer-sponsored savings plans, as well as millions of employees who rely on those plans to save for retirement.
The ERISA Industry Committee Urges House Ways and Means Committee to Pass Critical Bipartisan HSA Legislation
WASHINGTON, September 28, 2023 – The U.S. House of Representatives Committee on Ways and Means will hold a markup today on two pieces of legislation to improve health savings accounts (HSAs): the Bipartisan HSA Improvement Act of 2023 (H.R. 5688) and the HSA Modernization Act of 2023 (H.R. 5687).
The ERISA Industry Committee and Large Employers Urge the Senate to Pass PBM Legislation
EmployersRx, a coalition of the nation’s largest employers dedicated to bringing more transparency and accountability to health care for employers and their employees, calls on the Senate to enact meaningful pharmacy benefit manager (PBM) reform legislation.
ERIC, Coalition Allies File Amicus Brief Supporting AT&T Appeal Effort in Recordkeeping Claims Case
WASHINGTON, September 11, 2023 – The ERISA Industry Committee (ERIC) today filed a coalition amicus brief together with other groups representing sponsors and service providers of employee benefit plans in Bugielski et. al. v. AT&T, arguing that the decision by the United States Court of Appeals for the Ninth Circuit will have far-reaching negative consequences for plan participants, sponsors, and fiduciaries.
ERISA Industry Committee Says Access to Mental Health Care, Pharmacy Costs, and Health Care Transparency Top Concerns of Large Employers
WASHINGTON, August 28, 2023 – The ERISA Industry Committee (ERIC) today said the results of the 2024 Large Employer Health Care Strategy Survey released by the Business Group on Health (BGH) last week underscores three of the most significant concerns of ERIC members: access to quality mental health services by their employees; out-of-control pharmacy costs; and the need for greater transparency regarding health plan data and quality and cost-effective health care services.