Washington, D.C., March 17, 2025 – The ERISA Industry Committee (ERIC) recently submitted comments on two separate proposed rulemakings in connection with the SECURE 2.0 Act of 2022 (SECURE 2.0) – one on retirement plan “catch-up contributions” and the other on the mandate for newly-established plans to automatically enroll participants. An ERIC statement can be found below and is attributable to Andy Banducci, Senior Vice President, Retirement and Compensation Policy for ERIC.
“ERIC supported the SECURE 2.0 legislation because it aimed to improve retirement security for workers, enhance plan design flexibility, and simplify administrative processes for employers. While the new requirements are complex, both of these proposed regulations incorporate recommendations ERIC has made to regulators. As the Treasury Department, the IRS, and other regulators continue to work to operationalize the law, ERIC urges policymakers to make the rules simpler and more flexible. Doing so will reduce complexity and provide the certainty employers need to design and voluntarily offer plans that meet the needs of their employees.”
The comment letter on catch-up contributions can be found here.
The comment letter on automatic enrollment can be found here.