Employer-Sponsored Retirement Plans Not Subject to State Plan Rule

For Immediate Release

Washington, DC – The ERISA Industry Committee (ERIC) thanks President Trump for protecting employer-sponsored retirement plans by fully repealing the Department of Labor rule that allowed state governments to enact mandatory retirement plans that do not comply with the Employee Retirement Income Security Act.

ERIC, the only national association that advocates exclusively for large employers on health, retirement, and compensation public policies at the state, federal, and local levels, previously supported both the House and Senate resolutions, as well as wrote a letter to Labor Secretary Acosta urging him to act to protect employer retirement plans if states attempt to impose burdens on employers voluntarily providing retirement benefits.

“While ERIC recognizes and supports policies that increase access to retirement plans, we were extremely concerned about recent state efforts to override or regulate employers who provide a plan subject to federal rules. Today’s act by the President is an important step in allowing employers to continue to provide the best benefits for their specific workforces,” said Annette Guarisco Fildes, president and CEO, ERIC. “It also sends a strong message that state law must not interfere with federal law, which is extremely important for employers who do business in multiple states across the country.”

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All media inquiries to The ERISA Industry Committee should be directed to:

Kelly Broadway, 202.627.1918, kbroadway@eric.org

About the ERISA Industry Committee
ERIC helps America’s largest employers stay ahead of employee benefit policy. ERIC member companies are leaders in every sector of the economy, and we represent them in their capacity as sponsors of employee benefit plans for their own workforce. Only ERIC provides the combination of intel, expertise, collaboration, and lobbying that exclusively serves the interests of large employers who provide health, retirement, and compensation benefits to their nationwide workforce.