For Immediate Release
Washington, DC – The Oregon Retirement Savings Board today approved final rules that apply to the operation of OregonSaves, the state-run mandatory retirement plan. Oregon is the first state, of the seven other states that have passed legislation to implement these plans, to provide regulatory guidance.
The following statement should be attributed to Will Hansen, Senior Vice President of Retirement and Compensation Policy, The ERISA Industry Committee (ERIC):
“We are disappointed that Oregon is expanding its reach beyond what the federal law allows by imposing a compliance burden on employers who voluntarily provide a retirement plan to their employees. Oregon will require large employers who already provide a retirement plan to complete paperwork every three years to be exempt from the state mandate. Large employers who operate in multiple states and provide valuable retirement benefits to their employees should not be subject to additional compliance tasks for providing a benefit that the state programs are attempting to mandate – it is counterproductive. We hope other states, as they develop rules for their programs, avoid making it more complicated for employers who already provide a retirement plan. Future rulemaking at the state level should not impose any burden on employers who are already satisfying the intent behind these state laws.”
ERIC’s previously submitted comments to the Oregon Treasury asking that large employers be exempt from filing an application.
Click here to read ERIC’s comments.