For Immediate Release
Washington, DC – The following statement should be attributed to Will Hansen, Senior Vice President of Retirement Policy, The ERISA Industry Committee (ERIC):
“The ERISA Industry Committee (ERIC) strongly disagrees with the recommendations made by U.S. Government Accountability Office’s (GAO) regarding 401(k) plans. ERIC is the only national association that advocates exclusively for large employers on health, retirement, and compensation public policies at the federal, state, and local levels. We are actively educating policymakers on the importance of maintaining flexibility in the voluntary retirement system.
The GAO’s recent survey contains recommendations regarding retirement savings that are severely flawed. While we appreciate the GAO focusing on retirement policy, the recommendations fail to take into account that a retirement plan is just one piece of the compensation package for an employee and that eligibility, vesting, and company contribution rules are in place to provide an employer flexibility in its ability to recruit, retain, and reward employees.”