IRI APPLAUDS SENATE PASSAGE OF CONGRESSIONAL REVIEW ACT RESOLUTIONS

Posted on March 30, 2017

IRI APPLAUDS SENATE PASSAGE OF CONGRESSIONAL REVIEW ACT RESOLUTION

IRI calls for quick action by President Trump

Washington, DC – The Insured Retirement Institute (IRI) today issued a statement from IRI President and CEO Cathy Weatherford in response to the Senate’s passage of H. J. Res. 67. 

“The Insured Retirement Institute has always supported expanded access to workplace retirement plans to help Americans save and prepare for retirement, including the increased use of automatic savings features. However, the Department of Labor rule that the Senate nullified today when it passed H.J. Res. 67 would not have accomplished this goal.  In taking this action, the Senate has ensured that the high level of ERISA protections workers receive when they participate in a workplace retirement savings plan, including those sponsored by municipal governments, as well as private employer-sponsored plans, will be maintained.  The Senate’s action also removed the unfair competitive advantage this rule created for municipal-run plans to use automatic savings features, which private-sector employers are currently prohibited from using for their plan participants.  IRI strongly urges President Trump to act quickly and sign this resolution into law so that employer choice, competition, and ERISA protections on retirement plan options are preserved."

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For a PDF version of this release, click here.