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Compliance April 14, 2017
DOL Rule on City-Run Retirement Plans Overturned
President Trump signed a resolution passed by the House and Senate overturning the DOL rule about city- and municipality-run retirement plans for private-sector workers.
Reported by Rebecca Moore
President Donald Trump has signed a resolution overturning a Department of Labor (DOL) rule that would allow cities and municipalities of states to offer retirement plans for private-sector employees that would be exempt from Employee Retirement Income Security Act (ERISA) provisions.
Another resolution that would overturn a DOL rule that would allow states to offer retirement plans to private-sector workers that would be exempt from ERISA is pending Senate approval before going before the President.
Following introduction of the two resolutions in the House in February, the resolutions were introduced in the Senate in March.
No cities have yet established such plans, though some, such as New York, have proposed them, but several states have. It the second resolution is signed by Trump, it seems they would have to be subject to ERISA provisions.You Might Also Like:
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NAPA Head Warns of 401(k) Revenue Grab by Policymakers
Plan adviser association kicks off its national conference with discussion of Congressional threats to tax-deferred retirement plans amid 2025 negotiations...
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DOL’s Fiduciary Rule Faces Uncertain Future
Although regulators are motivated to finalize the rule, it will likely face litigation, according to Capital Group’s senior counsel.
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House Bills Aim to Increase Use, Contribution Amounts For HSAs
Bipartisan legislation looks to address “outdated bureaucratic barriers and red tape” regarding the tax-advantaged health savings accounts.
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