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Text of Letter from Senators to President Obama Requesting Clarification on Application of ERISA to State-Based Retirement Savings Programs (PDF)
26 U.S. Senators Link to more items from this source
May 22, 2015
"We respectfully request that you ask the [DOL] and the Department of the Treasury to ... clarify that: [1] California's and Illinois' Secure Choice Retirement Savings Programs, and similar IRA-based programs enacted in the future, are not preempted by ERISA; [2] the retirement savings vehicles created by those laws, and similar IRA-based vehicles created by the laws of other states in the future, are not 'plans' subject to ERISA; and [3] contributions to the savings vehicles created by those laws, and similar IRA-based vehicles created by the laws of other states in the future, are tax-preferred at the federal level. Furthermore, please provide specific guidance on what other types of state-based IRA vehicles are not to be subject to ERISA, including information on the program features that could be adopted without triggering ERISA."

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