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|DOL Secretary Describes Upcoming Regs Governing State-Sponsored Retirement Plans for Private Employers|
U.S. Department of Labor [DOL] Blog
Sept. 18, 2015
"[As] states explore their options, they are going to have questions for the [DOL] about how they can avoid running afoul of [ERISA]. At the president's direction, we have developed a proposed rule, which has been sent to [OMB] for their review. We can't get into the specifics of the proposal until it is published for public comment, but we can say that it will set forth circumstances in which states can administer auto-enrollment IRA savings programs, funded with payroll deductions, without requiring employers to create ERISA-covered plans. We also plan to issue guidance at the same time about how states might pursue an alternative approach that would promote the creation of ERISA-covered plans, which would be fully subject to ERISA's rights and protections."
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