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Compliance April 14, 2017
Trump Signature Overturns DOL Rule for Government-Run Auto-IRAs
The president signed a resolution overturning a DOL rule regarding city and municipality retirement plans for private-sector employees.
Reported by Rebecca Moore
President Donald Trump has signed a resolution overturning a Department of Labor (DOL) rule that would allow cities and municipalities of states to offer retirement plans for private-sector employees that would be exempt from Employee Retirement Income Security Act (ERISA) provisions.
Another resolution that would overturn a DOL rule that would allow states to offer retirement plans to private-sector workers that would be exempt from ERISA is pending Senate approval before going before the President.
Following introduction of the two resolutions in the House in February, the resolutions were introduced in the Senate in March.
No cities have yet established such plans, though some, such as New York, have proposed them, but several states have. It the second resolution is signed by Trump, it seems they would have to be subject to ERISA provisions.