For Immediate Release
Washington, DC – The following statement should be attributed to Will Hansen, Senior Vice President of Retirement and Compensation Policy, The ERISA Industry Committee (ERIC):
“The ERISA Industry Committee is disappointed that Oregon lawmakers ignored the Joint Resolution of Disapproval rescinding federal rulemaking that allowed states to create mandatory retirement plans and next week will launch a pilot of OregonSaves, a program that will eventually reach beyond what the federal law allows by imposing a compliance burden on employers who voluntarily provide a retirement plan to their employees. Later in the year, large employers, who already provide a retirement plan to employees in Oregon, will be forced to redirect administrative costs to complete paperwork to exempt them from the Oregon program.
Large employers who operate in multiple states and provide valuable retirement benefits to their employees should not be subject to additional compliance and reporting requirements at the state level for providing this generous benefit – it is counterproductive. ERIC hopes that as other states develop rules for their programs that they avoid making it more complicated for employers who already provide a retirement plan.”