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H.J.Res. 67 (115th): Disapproving the rule submitted by the Department of Labor relating to savings arrangements established by qualified State political subdivisions for non-governmental employees.


The text of the resolution below is as of Mar 30, 2017 (Passed Congress).

Summary of this resolution

Source: Republican Policy Committee

H.J.Res. 67 disapproves and nullifies the rule issued by the Department of Labor on August 30, 2016, establishing a “safe harbor” from the Employee Retirement Income Security Act for government-run IRAs managed by states and certain political subdivisions for private sector workers.

Under the final rule, cities and large political subdivisions will not have to comply with the fiduciary oversight and other protections of ERISA that ensure that workers’ savings are available to provide a secure retirement. In addition, the rule will result in overlapping and inconsistent requirements for employers operating in multiple jurisdictions, even within a state, disregarding ERISA’s statutory preemption of state and local laws ...


IA

One Hundred Fifteenth Congress of the United States of America

At the First Session

H. J. RES. 67

JOINT RESOLUTION

Disapproving the rule submitted by the Department of Labor relating to savings arrangements established by qualified State political subdivisions for non-governmental employees.

That Congress disapproves the rule submitted by the Department of Labor relating to Savings Arrangements Established by Qualified State Political Subdivisions for Non-Governmental Employees (published at 81 Fed. Reg. 92639 (December 20, 2016)), and such rule shall have no force or effect.

Speaker of the House of Representatives.

Vice President of the United States and President of the Senate.