DOL Issues Rules on State-Based Savings Programs | Practical Law
The Department of Labor (DOL) issued final regulations establishing a safe harbor for certain state-based savings programs (SSPs) established pursuant to state payroll deduction programs so that these SSPs are not considered employee pension benefit plans under the Employee Retirement Income Security Act of 1974 (ERISA). The DOL also issued proposed regulations that would permit a limited number of cities and other local governments to establish SSPs.