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.