Trump Administration Endorses Congressional Resolutions To Nullify DOL Savings Arrangement Rules

The White House endorsed Congressional resolutions of disapproval that would nullify two Department of Labor ("DOL") rules ("Savings Arrangements Established by States for Non-Governmental Employees" and "Savings Arrangements Established by Qualified State Political Subdivisions for Non-Governmental Employees"). The two DOL rules set forth requirements by which states could establish state payroll deduction savings programs for private-sector employees without causing the states or private-sector employers to establish "employee pension benefit plans" or "pension plans" under ERISA. The White House's statement indicated that the DOL rules allowed a "new type of State-based retirement plan that would lack important Federal protections, and they would give a competitive advantage to these public plans."