U.S. Senators urge administration to clarify federal treatment of state retirement security initiatives
May 20, 2015
On May 18, 2015, Twenty-six U.S. Senators wrote to President Obama in support of state-based efforts to expand access to retirement savings. They urged the President to ask the Departments of Labor & Treasury to remove any potential uncertainty with respect to the application of federal law to the state-based reform initiatives, including clarifying they are not preempted by ERISA and that they will receive favorable tax treatment under federal law. This effort by Senators could help the Secure Choice Pension proposal become the preferred state iniatitve to address retirement insecurity in the private sector.