The letter offered broad support for many of the provisions in the three bills composing ‘SECURE 2.0’ and provided recommendations for the final legislation.
The DOL has proposed that QPAMs would be disqualified for 10 years for foreign convictions and for entering into non-prosecution agreements with the DOJ. They also proposed new contractual requirements for QPAMs.
In addition to asking for exemption from the program for employers already providing an ERISA-compliant retirement plan, ERIC asked the city council to change the program eligibility criteria.
In the lawsuit, ERIC argued that the Employee Retirement Income Security Act (ERISA) pre-empts the reporting requirements in the OregonSaves state-run retirement program for private-sector workers.