WASHINGTON, DC – In written statement sent to the U.S. House of Representatives Committee on Education and the Workforce Subcommittee on Health, Employment, Labor and Pensions, the American Benefits Council underscored the importance of the Employee Retirement Income Security Act of 1974 (ERISA) and its federal preemption standard, which provides the path to higher quality, lower cost care for millions of American workers and their families across the country."
The Council's comments on the U.S. Department of Labor's proposed regulations that would implement the new statutory prohibited transaction exemption under Section 4975 of the Internal Revenue Code
The filing of several class-action lawsuits in federal court appears to signal a new avenue for the plaintiffs' bar to allege fiduciary wrongdoing on the part of employee benefit plans, now related to the selection of an insurer for the purposes of executing a pension risk transfer.
WASHINGTON, DC – In a written response to the U.S. House of Representatives Education and the Workforce Committee on March 14, the American Benefits Council described how ERISA – the landmark Employee Retirement Income Security Act of 1974 – is the bedrock upon which our successful employer-sponsored health and retirement benefits systems are built.
The Government Accountability Office made recommendations to Congress and three federal agencies to help 401(k) plan participants better keep track of their retirement savings.
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.
