PSCA Executive Reports
April 07, 2017
Senate Approves Resolution Invalidating DOL Rule on City and County Retirement Plans
On March 30, the Senate passed a resolution, H.J. Res. 67, which nullifies a final DOL regulation addressing the application of ERISA to automatic payroll deduction IRAs sponsored by cities and counties. The vote was a narrow one: 50-49. Senator Bob Corker (R-TN) was the only Republican to vote against the resolution, saying, “I do not think the federal government should stand in the way of states seeking to solve very real problems, especially in the midst of a growing retirement security crisis.” The resolution was previously passed by the House on February 15, and President Trump is expected to sign it. The Senate has not yet scheduled a vote on a separate House-passed resolution, H.J. Res. 66, which would nullify the DOL regulation addressing automatic payroll deduction IRAs sponsored by states.