Joint Resolution Nullifies DOL Rule on State Savings Programs | Practical Law
On May 3, 2017, the Senate approved a Congressional Review Act (CRA) resolution, H.J. Res. 66, to nullify the Department of Labor (DOL) August 2016 final regulation on state-based savings programs (SSPs) for private sector employees (SSPs regulation). The regulation would have established a safe harbor for certain SSPs established pursuant to state payroll deduction programs so that these SSPs are not considered pension plans under ERISA. While the SSPs regulation arguably provided an simpler environment in which SSPs could operate by reducing uncertainty about the application of ERISA to these programs, H.J. Res 66 does not preclude states or their political subdivisions from operating SSPs.