Savings Arrangements Established by States for Non-Governmental Employees

2 organizations filed 2 public comments on Savings Arrangements Established by States for Non-Governmental Employees, at the Employee Benefits Security Administration. The comment window closed 3843d ago.

Abstract

This document contains a proposed regulation under the Employee Retirement Income Security Act of 1974 (ERISA) setting forth a safe harbor describing circumstances in which a payroll deduction savings program, including one with automatic enrollment, would not give rise to an employee pension benefit plan under ERISA. A program described in this proposal would be established and maintained by a state government, and state law would require certain private-sector employers to make the program available to their employees. Several states are considering or have adopted measures to increase access to payroll deduction savings for individuals employed or residing in their jurisdictions. By making clear that state payroll deduction savings programs with automatic enrollment that conform to the safe harbor in this proposal do not establish ERISA plans, the objective of the safe harbor is to reduce the risk of such state programs being preempted if they were ever challenged. If adopted, this rule would affect individuals and employers subject to such laws.

Commenters (2)

• National Federation of Independent Businesstrade assoc.

  1 filing · confidence 97%
• U.S. Chamber of Commerce

  1 filing · confidence 97%