Week ending February 16, 2017
H.J.Res.66 – Every Vote Counts Amendment
Disapproving the rule submitted by the Department of Labor relating to savings arrangements established by States for non-governmental employees.
“Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That Congress disapproves the rule submitted by the Department of Labor relating to “Savings Arrangements Established by States for Non-Governmental Employees” (published at 81 Fed. Reg. 59464 (August 30, 2016)), and such rule shall have no force or effect.”
The rule nullified responds to the conclusion that approximately 39 million employees in the United States do not have access to a retirement savings plan through their employers. Even though such employees could set up and contribute to their own individual retirement accounts or annuities (IRAs), the great majority do not save for retirement. In fact, less than 10 percent of all workers contribute to a plan outside of work.
The final rule largely adopts the proposal’s general structure. Thus,…continues to provide in the final rule that, for purposes of Title I of ERISA, the terms “employee pension benefit plan” and “pension plan” do not include an individual retirement plan …established and maintained pursuant to a state payroll deduction savings program if the program satisfies all of the conditions set forth in the regulation. The rule, then would ‘support state efforts to establish retirement savings plans for workers who do not otherwise have access to a tax free long term savings plan. The rule gives states legal clarity under the Employee Retirement Income Security Act of 1974.
Sponsor: Rep. Walberg, Tim [R-MI-7] (Introduced 02/07/2017)
Status: Passed House /
VOTES and FLOOR ACTION
Motion to recommit:
Text of the motion:
COST AND IMPACT
Cost to the taxpayers: Data not available
Pay-as-you-go requirements: Data not available
Regulatory and Other Impact: Data not available
Dynamic Scoring: Data not available
Tax Complexity: Not applicable to this bill.
Earmark Certification: Data not available
Duplication of programs: Data not available
Direct Rule-Making: Data not available
Advisory Committee Statement: Data not available
Budget Authority: Data not available
Constitutional Authority: Assumed.
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