CEO DATELINE - Association settles lawsuit on Oregon retirement program
CEO DATELINE - Association settles lawsuit on Oregon retirement program
- March 30, 2018 |
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Walt Williams
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The ERISA Industry Committee has settled its lawsuit against an Oregon regulation requiring businesses to certify to the state that they offer retirement plans to employees.
OregonSaves is a state-sponsored retirement savings program launched in 2017 that automatically enrolls employees who work at businesses within the state. Employers can opt out of the program, but they must demonstrate every three years that they offer their own retirement plans to workers.
ERIC sued Oregon last year on the reporting requirement, arguing that federal ERISA law preempted OregonSaves. The association recently announced the two sides had reached a settlement in which Oregon will waive the reporting requirement if businesses are ERIC members.
"In the meantime, ERIC will continue to work with the appropriate federal regulatory agencies to seek changes to existing reporting forms required under ERISA that can provide Oregon and other states the information they desire," ERIC CEO Annette Guarisco Fildes said.
ERIC emphasized the group's issue was with the reporting requirement and not OregonSaves itself. The program fills a void for individuals who do not have access to employer-sponsored retirement plans, the association said. http://bit.ly/2pS7qIB
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