ERIC’s policy agenda is focused on improving employee wellbeing and financial security; increasing flexibility and opportunity; reducing costs and administrative burdens; and helping large employers continue to deliver uniform benefits. ERIC advocates for measures that ensure continued tax preferences for employer-sponsored benefits and exclusive federal regulation of nationwide benefits plans through ERISA preemption.
Protecting ERISA and Working to Ensure National Uniformity
Large employers operating in multiple states need the consistency and certainty provided by ERISA to ensure that they can offer uniform, national benefits to their employees, families, and retirees. ERISA protects employers from state mandates by keeping regulation at the federal level so that benefits plans can be administered fairly and uniformly across the country. And ERISA provides employer plan sponsors with the flexibility and autonomy to create the right benefits plans for their workforce.
ERIC lobbies to preserve and reinforce ERISA preemption and defend plan sponsors’ ability to design benefits that drive value. And we oppose any state attempt to mandate reporting or other obligations on companies that offer federally regulated plans.
Provide employers procedural certainty regarding the provisions permitting employers to make retirement plan matching contributions for workers as if their student loan payments were salary reduction contributions, and permitting employers to create emergency savings “side car” accounts.
Simplify reporting and disclosure requirements by shaping regulatory provisions to eliminate redundant and unnecessary disclosures and reducing complexity.
Minimize the complexity of the new catch-up rules.
Clarify the recoupment and self-correction rules.
Establish a workable Retirement Savings Lost and Found.
Clarify that the new automatic enrollment mandate does not apply to existing plans.
Ensure the law works as intended.
Expand safe harbor plan designs.
Retirement and Compensation: Challenges and Priorities
Challenge – Improving Flexibility, Reducing Costs and Administrative Burdens
