National Association of Insurance and Financial Advisors

NAIFA Take 3 Video: Upcoming Senate Vote on Exemption for State-Run Retirement Plans

The Senate later this week is likely to consider H.J. Res. 66, a bill that would prevent the Department of Labor from exempting state-run retirement plans from worker protections under the Employee Retirement Income Security Act (ERISA). These protections apply to private market plans, and there is no compelling reason they should not equally apply to retirement plans offered by state governments. 
A new NAIFA Take 3 video provides an overview of this important issue.
In it, NAIFA Vice President of Government Relations Gary Sanders explains:
  1. That access to retirement plans is not an issue. A wide variety of plans are available on the private market that can accommodate the needs of anyone preparing for retirement.
  2. A similar law preventing ERISA exemptions for city-run retirement plans has already passed Congress and the president has signed it into law.
  3. It is important for the Senate to pass H.J. Res. 66 to ensure any state-run retirement plans provide the same worker protections as city-run and private-market plans.
NAIFA has been a very active advocate on this issue for our members and your clients. We have sent letters to all 535 lawmakers and activated a grassroots campaign to engage with decision makers. NAIFA key contacts have made personal phone calls to important congressional offices, while NAIFA representatives have met with members of Congress and their staff.
We believe that these coordinated efforts will result in another NAIFA success story, protecting your business and the clients you serve.

  • Posted May 1, 2017 IN

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