Proposed Safe Harbor For States

The DOL announced a proposed safe harbor amendment that would allow states to legislate the establishment of retirement plans, perhaps mandatorily or voluntarily, for generally small businesses.

Document Excerpt

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.

Link

https://www.federalregister.gov/articles/2015/11/18/2015-29426/savings-arrangements-established-by-states-for-non-governmental-employees

http://webapps.dol.gov/FederalRegister/HtmlDisplay.aspx?DocId=28542&AgencyId=8&DocumentType=1

 

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