Employer-Sponsored Retirement Plans Not Subject to State Plan Rule

WASHINGTON, May 18 -- The ERISA Industry Committee issued the following news release:

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

ERIC, the only national association that advocates exclusively for large employers on health, retirement, and compensation public policies at the state, federal, and local levels, previously supported both the House and Senate resolutions, as well as wrote a letter to Labor Secretary Acosta urging him to act to protect employer retirement plans if states attempt to impose burdens on employers voluntarily providing retirement benefits.

"While ERIC recognizes and supports policies that increase access to retirement plans, we were extremely concerned about recent state efforts to override or regulate employers who provide a plan subject to federal rules. Today's act by the President is an important step in allowing employers to continue to provide the best benefits for their specific workforces," said Annette Guarisco Fildes, president and CEO, ERIC. "It also sends a strong message that state law must not interfere with federal law, which is extremely important for employers who do business in multiple states across the country."