401(k) Plans

Updates

ERIC Submits Comments on Proposed New York City Retirement Program

ERIC submitted comments with the New York City Council regarding proposed bill Int. 0888-2018, that would establish a retirement savings program for private-sector employees. ERIC supports proposals and programs run by states and localities designed to promote and facilitate retirement saving by those employed by an employer that does not provide a retirement plan, but has concerns about how the proposed program overlaps and connects with the Employee Retirement Income Security Act of 1974 (ERISA), the federal law that already governs the administration of private-sector retirement plans … More

ERIC Offers Guidance on Missing Plan Participants

ERIC sent a letter to Assistant Secretary of Labor Preston Rutledge encouraging the Department of Labor (DOL) to focus its efforts on developing guidance related to the challenge of employers locating missing retirement plan participants. The letter also asks that until guidance is provided, the DOL should stop issuing letters that allege an employer has committed a breach of fiduciary duty with respect to the practices utilized to locate missing retirement plan participants… More

protected content IRS Final Rule; New Legislation; Tidbits of Info

On Tuesday, a group of four Senators (two Republicans and two Democrats) introduced 4 bills that focus on retirement and emergency savings. The primary bill that impacts large employers would be the first one listed below – The Strengthening Financial Security Through Short-Term Savings Act… More

protected content Family Leave, Lifetime Income, Rothification

The Senate Finance Committee has scheduled a hearing to discuss Paid Family Leave. The hearing will be before the Subcommittee on Social Security, Pensions, and Family Policy… More

protected content Alert: State & Local Retirement Program Updates

I would like to take a minute to provide a few updates on retirement programs and proposals across the country, at both the state and local levels. Below you will find information on a newly proposed local plan, two regulatory updates for states' secure choice programs, and a reminder on how to gain exemption from OregonSaves… More

See All Updates

Amicus Briefs

protected content Update on Oregon Litigation

On Monday, we shared an important and positive development in ERIC’s lawsuit against the mandate imposed by the OregonSaves state retirement program that impacts your company’s requirement to file for an exemption by November 15, 2017. We are providing the following clarifying information in response to questions raised from the prior communication… More

protected content Important Update on Requirement to File in OregonSaves Program

I am sharing an important and positive development in ERIC’s lawsuit against the mandate imposed by the OregonSaves state retirement program that impacts your company’s requirement to file for an exemption by November 15… More

Employer Groups File Amicus Brief in Meiners v. Wells Fargo & Company

The ERISA Industry Committee (ERIC) and the American Benefits Council (ABC), have filed an amicus brief with the U.S. Court of Appeals for the Eighth Circuit in Meiners v. Wells Fargo & Company, et al in support of the District Court’s ruling that dismissed the allegations against Wells Fargo & Company… More

protected content Tax Reform, Student Loan, Amicus Brief

The House passed a budget resolution which completes the steps necessary to provide both the House and Senate with reconciliation instructions to complete tax reform. The main reason behind the “reconciliation” route is that it enables legislation to be passed out of the Senate with a simple majority instead of the standard 60-vote threshold… More

Meiners v. Wells Fargo & Company

The ERISA Industry Committee (ERIC), the American Benefits Council (ABC), and the U.S. Chamber of Commerce have filed an amicus brief with the U.S. Court of Appeals for the Eighth Circuit in Meiners v. Wells Fargo & Company, et al in support of the District Court’s ruling that dismissed the allegations against Wells Fargo & Company… More

More Amicus Briefs

ERIC Surveys

protected content Determination Letter Follow-Up Survey

This survey was intended as a follow-up to the prior survey as well as a way to receive feedback from members on the direction of the comment letter we planned to file with the IRS in response to the recent Notice… More

protected content 2018 Member Policy Priorities Surveys

ERIC surveyed members on their federal health and retirement policy priorities, as well as their state policy priorities for 2018… More

More ERIC Surveys

Judicial Documents

The ERISA Industry Committee Files Lawsuit Against Oregon

ERIC has filed a complaint in the United States District Court for the District of Oregon against the Oregon Retirement Savings Board for obstructing federal law. In the complaint, ERIC is requesting an injunction against only the reporting requirement OregonSaves imposes on employers that already provide a retirement plan… More

ERIC’s Legal Complaint about OregonSaves State Retirement Plan: What You Need to Know

OregonSaves is the State of Oregon’s state-run retirement program. Signed into law in June 2015, the Oregon Retirement Savings Board was implemented and tasked with creating a defined contribution retirement plan for private-sector employees… More

More Judicial Documents

Letters to Agencies

ERIC Submits Comments on Proposed New York City Retirement Program

ERIC submitted comments with the New York City Council regarding proposed bill Int. 0888-2018, that would establish a retirement savings program for private-sector employees. ERIC supports proposals and programs run by states and localities designed to promote and facilitate retirement saving by those employed by an employer that does not provide a retirement plan, but has concerns about how the proposed program overlaps and connects with the Employee Retirement Income Security Act of 1974 (ERISA), the federal law that already governs the administration of private-sector retirement plans … More

ERIC Offers Guidance on Missing Plan Participants

ERIC sent a letter to Assistant Secretary of Labor Preston Rutledge encouraging the Department of Labor (DOL) to focus its efforts on developing guidance related to the challenge of employers locating missing retirement plan participants. The letter also asks that until guidance is provided, the DOL should stop issuing letters that allege an employer has committed a breach of fiduciary duty with respect to the practices utilized to locate missing retirement plan participants… More

ERIC Sends Comment Letter on the Determination Letter Program to the IRS

The ERISA Industry Committee (“ERIC”) and the In-House Benefits Counsel Network (the “IBCN”) are pleased to respond to the request of the U.S. Treasury Department and the Internal Revenue Service (collectively, the “Agencies”) for comments regarding Notice 2018-24, relating to their “Request for Comments on Scope of Determination Letter Program for Individually Designed Plans during Calendar Year 2019” (the “Notice”)… More

California State Retirement Plan Has Opportunity to Protect Employer-Sponsored Plans

The ERISA Industry Committee (ERIC) today submitted comments to the California Secure Choice Retirement Investment Savings Board regarding the state’s Secure Choice Program’s reporting requirements included in the draft emergency regulations… More

ERIC Comments to AICPA

The ERISA Industry Committee (ERIC) and the U.S. Chamber of Commerce (Chamber) are pleased to respond to the request by the American Institute of Certified Public Accountants (AICPA) for comments regarding the Proposed Statement on Auditing Standards, Forming an Opinion and Reporting on Financial Statements of Employee Benefits Plans Subject to ERISA (Proposal)… More

ERIC Comments on Nevada Fiduciary Rule

The ERISA Industry Committee (“ERIC”) is pleased to submit comments to the Nevada Securities Division on Senate Bill 383 (“S.B. 383”), the law imposing a statutory fiduciary duty on brokers- dealers and investment advisers, and the effect proposed regulations, if adopted, would have on small business as defined under Nevada law… More

U.S. Senate Protects Employer-Sponsored Retirement Benefits

The ERISA Industry Committee (ERIC) is pleased that the United States Senate has passed a resolution fully repealing the Department of Labor rules that have allowed state governments to enact mandatory retirement plans that do not comply with the Employee Retirement Income Security Act… More

ERIC’s Letter to Sec. Acosta Asking to Protect Emoployer-Sponsored Retirement Plans

The ERISA Industry Committee (“ERIC”) writes to share our concerns about potential state activity that interferes with the ability of employers to provide voluntary retirement benefits under the Employee Retirement Income Security Act of 1974 (“ERISA”), and urges your support to protect plan sponsors and the retirement security of millions of Americans… More

protected content Hardship Update and Minimum Present Value Comment Letter

ERIC successfully filed three comment letters on your behalf this week! In addition, below is an overview of changes to hardship distribution audit procedures. This information is hot off the presses – just released within the past hour… More

ERIC Comments on Oregon Retirement Savings Plan

The ERISA Industry Committee (“ERIC”) is pleased to respond to the request of the Oregon State Treasury for comments regarding rules on the Oregon State Retirement Savings Plan (“Proposed Rule”)… More

protected content Two Comment Letters Filed - PEP & Oregon

It has been a busy few days with the filing of two comment letters - and one more to file tomorrow… More

ERIC Submits Comments to IRS and Treasury on Pension Equity Plans

The ERISA Industry Committee (“ERIC”) is pleased to respond to the request of the U.S. Treasury Department and the Internal Revenue Service (collectively, the “Agencies”) for comments regarding Notice 2016-67 (the “Notice”), which addresses the applicability of Code § 411(b)(5)(B)(i) to “implicit interest” pension equity plans… More

protected content ERIC Files Letter with IRS Regarding Hardship Distributions

ERIC has filed a letter with the IRS in response to a request for input on hardship distributions… More

More Letters to Agencies

Letters to Congress

Legislative Proposal to Expand SCP

ERIC, along with other organizations, sent a letter to Senators Orrin Hatch and Ron Wyden with a proposal to restructure IRS operations. The proposal would direct the IRS to expand the self-correction program within the IRS’s Employee Plan Compliance Resolution System, to enable businesses with retirement plans to more easily correct common mistakes… More

Joint Association Letter Regarding Missing and Unresponsive Participants

On behalf of the undersigned organizations, we thank you for the meeting we had with your senior staff on May 16 regarding the issue of missing and unresponsive participants and beneficiaries. While we were sorry you could not attend, we had a productive dialogue with staff from the Department of Labor’s Employee Benefits Security Administration (EBSA)… More

ERIC Letter to Chairman Hatch on Tax Reform Legislation

The ERISA Industry Committee applauds your efforts to develop tax reform legislation without adversely impacting the ability of workers and families to save for retirement. We look forward to working with you to advance retirement savings measures in future legislation… More

Letter to Chairman Hatch on Tax Reform

Today, ERIC sent a letter to Chairman Hatch regarding provisions in the Senate tax reform mark… More

Letter to House Ways and Means Chairman Brady About Elimination of Section 127

The Coalition to Preserve Employer Provided Education Assistance, of which ERIC is a member, sent a letter on behalf of the Coalition urging Chairman Brady to reconsider the elimination of Section 127, employer provided education assistance, in H.R. 1, the tax reform bill… More

Coalition to Protect Retirement Sends Letter to Senators Hatch and Wyden

Today, ERIC signed onto a letter sent to Senator Hatch and Senator Wyden on behalf of the Coalition to Protect Retirement, of which ERIC is a founding member. This coalition is comprised of trade associations that represent retirement plan sponsors, administrators, service providers, and related financial institutions… More

ERIC Joins Others in Supporting Section 127 of Internal Revenue Code

In response to Senate Finance Committee Chairman Orrin Hatch's request for submissions on tax reform, ERIC signed onto a letter that was sent to Sen. Hatch and the Committee's Ranking Member, Senator Ron Wyden… More

ERIC Raises Concerns About Lifetime Income Disclosure Act

We are writing to you today in regards to the re-introduction of the Lifetime Income Disclosure Act in the 115th Congress. We applaud your efforts on putting forth policy proposals that focus on the importance of retirement savings for American workers. With respect to the legislation, we remain concerned that the mandate on employers to include the annuitized amount on retirement plan participant statements will only increase the cost to operate a plan and lead to mass confusion among participants… More

ERIC Supports Senate Resolutions of Disapproval for State & Local Retirement Plans

The ERISA Industry Committee (ERIC) is pleased to support S.J. Res. 32 & 33, resolutions of disapproval under the Congressional Review Act (CRA) for the repeal of the Department of Labor’s Rules on Savings Arrangements Established by States for Non-Governmental Employees and Savings Arrangements Established by Qualified State Political Subdivisions for Non-Governmental Employees… More

Letter to House Leadership on Resolution of Disapproval Under the Congressional Review Act (CRA)

The ERISA Industry Committee (ERIC) is pleased to support a resolution of disapproval under the Congressional Review Act (CRA) for the repeal of the Department of Labor’s Rules on Savings Arrangements Established by States for Non-Governmental Employees and Savings Arrangements Established by Qualified State Political Subdivisions for Non-Governmental Employees… More

protected content ERIC Sends Letter to Congress Opposing the Lifetime Income Disclosure Act

ERIC sent a letter to Congress in opposition of the Lifetime Income Disclosure Act, S. 1317 (“LIDA”). The measure was approved by the Senate Finance Committee along with several other retirement related provisions and included as Section 203 of S. 3471… More

More Letters to Congress

Press Releases

ERIC Submits Comments on Proposed New York City Retirement Program

ERIC submitted comments with the New York City Council regarding proposed bill Int. 0888-2018, that would establish a retirement savings program for private-sector employees. ERIC supports proposals and programs run by states and localities designed to promote and facilitate retirement saving by those employed by an employer that does not provide a retirement plan, but has concerns about how the proposed program overlaps and connects with the Employee Retirement Income Security Act of 1974 (ERISA), the federal law that already governs the administration of private-sector retirement plans … More

ERIC Offers Guidance on Missing Plan Participants

ERIC sent a letter to Assistant Secretary of Labor Preston Rutledge encouraging the Department of Labor (DOL) to focus its efforts on developing guidance related to the challenge of employers locating missing retirement plan participants. The letter also asks that until guidance is provided, the DOL should stop issuing letters that allege an employer has committed a breach of fiduciary duty with respect to the practices utilized to locate missing retirement plan participants… More

ERIC Provides Guidance on Determination Letter Program

ERIC continues to provide guidance to the U.S. Department of the Treasury and Internal Revenue Service on the determination letter program… More

ERIC Settles Lawsuit Against Oregon Retirement Savings Board, Secures Exemption for ERIC Members

ERIC has settled its lawsuit against the Oregon Retirement Savings Board (OSRB). ERIC sued the OSRB last October for violating the Employee Retirement Income Security Act of 1974 with the employer reporting requirement imposed by its state-run mandatory retirement plan, OregonSaves… More

ERIC Supports the Retirement Savings Lost and Found Act

ERIC supports Senator Elizabeth Warren’s (D-MA) introduction of the “Retirement Savings Lost and Found Act,” which would create a central database allowing current and soon-to-be retirees to view the location of their retirement funds. It also provides needed guidance to employers on the steps that must be taken to locate former employees who are still vested in the company’s retirement plan… More

ERIC Looks Forward to Working with DOL to Combat Regulatory Burdens

As we begin 2018, The ERISA Industry Committee looks forward to working with leadership at the Department of Labor (DOL), including newly confirmed Assistant Secretary of Labor for the Employee Benefits Security Administration (EBSA), Preston Rutledge, to combat the regulatory burdens imposed on companies that sponsor employee benefit plans… More

California State Retirement Plan Has Opportunity to Protect Employer-Sponsored Plans

The ERISA Industry Committee (ERIC) today submitted comments to the California Secure Choice Retirement Investment Savings Board regarding the state’s Secure Choice Program’s reporting requirements included in the draft emergency regulations… More

ERIC Calls Upon Senate HELP Committee to Approve Preston Rutledge as Assistant Secretary of EBSA

The ERISA Industry Committee urges the Senate Health, Education, Labor, and Pensions (HELP) Committee to move swiftly to advance the nomination of Preston Rutledge to be the Assistant Secretary of Labor for the Employee Benefits Security Administration (EBSA) at the Department of Labor… More

Senate GOP Tax Reform Plan Protects Retirement Savings

The ERISA Industry Committee (ERIC) is pleased that the Republican’s Senate tax reform plan protects the pre-tax contribution limit employees can contribute to their 401(k) plans and we will continue to advocate against any decrease in the incentive to save for retirement on a pre-tax basis… More

GOP Tax Reform Plan Leaves Retirement Savings Intact

The ERISA Industry Committee (ERIC) is pleased the Republican’s House tax reform plan does not decrease the pre-tax contribution limit for retirement plans that an individual may contribute on an annual basis… More

Employer Groups File Amicus Brief in Meiners v. Wells Fargo & Company

The ERISA Industry Committee (ERIC) and the American Benefits Council (ABC), have filed an amicus brief with the U.S. Court of Appeals for the Eighth Circuit in Meiners v. Wells Fargo & Company, et al in support of the District Court’s ruling that dismissed the allegations against Wells Fargo & Company… More

The ERISA Industry Committee Files Lawsuit Against Oregon

ERIC has filed a complaint in the United States District Court for the District of Oregon against the Oregon Retirement Savings Board for obstructing federal law. In the complaint, ERIC is requesting an injunction against only the reporting requirement OregonSaves imposes on employers that already provide a retirement plan… More

Treasury Issues Final Mortality Table Rule

ERIC is pleased the Department of Treasury took into account a number of the requested changes listed in our comment letters, including flexibility for the plan sponsor to potentially delay for one year the use of the new mortality tables for purposes of satisfying minimum funding standards… More

Tax Reform Must Preserve Employer-Sponsored Benefits

ERIC appreciates that the Republicans’ United Framework for Tax Reform encourages retirement security and is hopeful that as lawmakers move forward crafting legislation, they will preserve the pre-tax treatment of employer-sponsored benefits… More

OregonSaves will Force Large Employers to Redirect Costs

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… More

The DOL Must Modernize: How Old Rules Are Hurting Benefit Plans & Participants

The ERISA Industry Committee (ERIC) today testified before the Department of Labor’s (DOL) ERISA Advisory Council on Employee Welfare and Pension Benefit Plans about streamlining and eliminating unnecessary disclosure requirements placed on health and retirement plan sponsors… More

Employer-Sponsored Retirement Plans Not Subject to State Plan Rule

The ERISA Industry Committee thanks President Trump for protecting employer-sponsored retirement plans by fully repealing the Department of Labor rules that allowed state governments to enact mandatory retirement plans that do not comply with the Employee Retirement Income Security Act… More

U.S. Senate Protects Employer-Sponsored Retirement Benefits

The ERISA Industry Committee (ERIC) is pleased that the United States Senate has passed a resolution fully repealing the Department of Labor rules that have allowed state governments to enact mandatory retirement plans that do not comply with the Employee Retirement Income Security Act… More

Tax Reform Can Both Improve the Economy and Protect Employer-Sponsored Benefits

The ERISA Industry Committee is pleased with President Trump’s tax reform framework, which avoids imposing dangerous taxes on employer-sponsored health and retirement benefits… More

Oregon’s State Retirement Savings Plan Infringes on ERISA

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.… More

ERIC Asks Treasury and OMB for Additional Review of Mortality Table Regulations

The ERISA Industry Committee (ERIC) today submitted a letter to the U.S. Department of Treasury and Office of Management and Budget urging the agencies to deem the defined benefit mortality table proposed regulations subject to Executive Orders 12866 and 13771, causing the regulations to receive additional review, including a thorough economic analysis… More

U.S. Senate Protects Employer-Sponsored Retirement Benefits

The ERISA Industry Committee (ERIC) is pleased that the United States Senate adopted resolution 67 fully repealing the Department of Labor rules that allowed local governments to enact mandatory retirement plans that do not comply with the Employee Retirement Income Security Act. These rules were overly broad and enabled local governments to infringe on retirement plans already offered by employers… More

ERIC’s Statement on Passage of Joint Resolutions of Disapproval on State and Local Retirement Plans

The ERISA Industry Committee (ERIC) is pleased the House passed resolutions repealing the Department of Labor rules that have allowed state and local governments to enact mandatory retirement plans… More

ERIC Welcomes the Opportunity to Work with President Trump and His Administration

The ERISA Industry Committee (ERIC) welcomes the opportunity to work with President Trump and his administration. ERIC, the only national association that advocates exclusively for large employers on health, retirement, and compensation public policies at the federal, state, and local levels, will work with the Trump Administration to protect and support the employer-sponsored benefits system … More

ERIC Works to Alleviate Burden for Large Employers after Loss of Determination Letter Program

The ERISA Industry Committee (ERIC) is working with the U.S. Department of the Treasury and Internal Revenue Service (IRS) to assist in enhancing avenues for plan document compliance in the wake of the discontinuance of the IRS determination letter program for on-going individually designed plans… More

ERIC Responds to GAO Survey on Retirement Savings

The ERISA Industry Committee (ERIC) strongly disagrees with the recommendations made by U.S. Government Accountability Office’s (GAO) regarding 401(k) plans… More

More Press Releases

Testimony

The DOL Must Modernize: How Old Rules Are Hurting Benefit Plans & Participants

The ERISA Industry Committee (ERIC) today testified before the Department of Labor’s (DOL) ERISA Advisory Council on Employee Welfare and Pension Benefit Plans about streamlining and eliminating unnecessary disclosure requirements placed on health and retirement plan sponsors… More

Testimony on Regulatory Barriers Facing Workers and Families Saving for Retirement

The ERISA Industry Committee (ERIC) testified before the Subcommittee on Health, Employment, Labor & Pensions of the Education and the Workforce Committee in the U.S. House of Representatives as part of a panel concerning “Regulatory Barriers Facing Workers and Families Saving for Retirement"… More

More Testimony