ERIC has developed a series of proposals to modernize defined contribution plans. The ideas included in this paper build and improve upon measures that were under consideration in previous Congresses, but also includes many new proposals designed to improve defined contribution plans to make them more predictable, less complicated, and ultimately more beneficial for employers and workers alike.
ERIC joined with 90 other presidents, chief executive officers, and chairs in signing a letter sent to Majority Leader McConnell and Minority Leader Schumer urging quick action on the SECURE Act of 2019.
The ERISA Industry Committee (“ERIC”) is writing to submit comments regarding proposed bills HB.1075, HB.1076, HB.1103, SB.574, and SB.602 to reinforce the importance of ensuring that the proposed state retirement savings program conforms with the preemption protection afforded by federal law—the Employee Retirement Income Security Act of 1974 (“ERISA”) —and does not impose benefit, reporting, or administrative requirements on employers already sponsoring a retirement plan.
The ERISA Industry Committee is pleased Eugene Scalia has been confirmed as the next Secretary of Labor.
ERIC testified before the Committee addressing the preservation of ERISA preemption and suggesting changes to the legislation to completely exempt employers that offer ERISA plans.
ERIC testified before the New York City Council regarding a proposed bill, that would establish a state-run retirement savings program for private-sector employees.
Over the last couple of weeks there have been several updates on the nomination of the Secretary of Labor and with state/local retirement plans for private workers.