WASHINGTON, DC – "The solution to America's retirement savings shortcomings is not to turn away from the employer-sponsored retirement system, but to build upon it – including bold measures to strengthen defined benefit benefit plans," said Lynn Dudley, American Benefits Council senior vice president, global retirement and compensation policy.
In a ruling with alarming implications for employer-sponsored retirement plans, the U.S. District Court for the Northern District of Texas has allowed a case to advance alleging fiduciary violations in connection with a company's stated commitment to environmental, social and governance goals (ESG). A detailed summary of the ruling is available for Council members.
Part of the American Benefits Council's drive for health care cost control is the promotion of preventive care, which helps address health challenges before they become chronic and more expensive to treat. A new, bipartisan effort in Congress, supported by the Council, aims to improve the legislative environment for measures that would advance preventive care.
WASHINGTON, DC – "To reach the goal of expanding access to paid leave for all Americans, federal legislative solutions must support and leverage employer-provided paid leave benefits," Ilyse Schuman, the Council's senior vice president, health and paid leave policy, wrote in a letter to Congress on January 30. In turn, "to support and leverage employer-provided paid leave benefits, it is critical that federal legislation promote the harmonization of existing and potential forthcoming state paid leave programs so that multi-state employers can treat their employees equitably across the country."
In a January 26 letter to the Internal Revenue Service (IRS), the American Benefits Council expressed concern that the agency's proposed rules for long-term, part-time (LTPT) employees will limit retirement plan participation opportunities for these employees and could increase costs and administrative burdens for employer plan sponsors.
U.S. Department of Labor Employee Benefits Security Administration , the U.S. Treasury Department and Internal Revenue Service, and the Pension Benefit Guaranty Corporation jointly issued a request for information soliciting public input as the agencies review the current reporting and disclosure requirements for retirement plans under ERISA and the Internal Revenue Code.
The U.S. Department of Labor, in consultation with the Treasury Department and Internal Revenue Service, released a set of frequently asked questions (FAQs) on pension-linked emergency savings accounts.
Summary of the U.S. House of Representatives Financial Services Committee's Subcommittee on Capital Markets hearing, examining the U.S. Department of Labor fiduciary rule's Implications for retirement savings and access
The American Benefits Council has offered feedback on a bipartisan discussion draft of the SECURE 2.0 Technical Corrections Act, legislation to address certain outstanding issues related to the 2022 retirement savings law that is now being implemented.
On January 9, the U.S. Department of Labor's (DOL) Wage and Hour Division published final regulations on employee or independent contractor classification under the Fair Labor Standards Act. Along with the final rule the DOL also published a set of 21 Frequently Asked Questions (FAQs) providing additional insights into the DOL's views on various components of the final rule.
The American Benefits Council offered a detailed critique of the U.S. Department of Labor's proposed "retirement security rule" in written comments to the agency on December 29, arguing that the proposal is "at odds with the direction in which employers are moving and the pressing needs of participants in terms of facilitating employee engagement with their benefit plans."
WASHINGTON, DC – The American Benefits Council praised the 320 members of the U.S. House of Representatives who voted to approve the Lower Costs, More Transparency (LCMT) Act (H.R. 5378) on December 11 and urged the Senate to take up the bill as soon as possible
The American Benefits Council announced that it and eight associations will host the ERISA 50th Anniversary Symposium and Gala on Thursday, September 12, 2024, to mark five decades since the landmark law's passage.
WASHINGTON, DC – The Pension Benefit Guaranty Corporation (PBGC) reported last week that its multiemployer and single-employer insurance programs ended fiscal year 2023 with positive net positions for the third year in a row. "The obvious health of the PBGC should now put policymakers' focus where it belongs: on helping plan sponsors stay in the system," said Lynn Dudley, American Benefits Council senior vice president, global retirement and compensation policy.