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

This was a vote to agree to H.J.Res. 67 in the Senate.

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 affecting employee benefit plans.

Source: Republican Policy Committee

Totals Republicans Democrats Independents
Yea 50
 
 
 
50%
50
 
0
 
0
 
Nay 49
 
 
 
49%
1
 
46
 
2
 
Not Voting 1
 
 
 
1%
1
 
0
 
0
 
Date:
Mar 30, 2017
Question:
On the Joint Resolution in the Senate
Required:
Simple Majority
Result:
Joint Resolution Passed
Source:
senate.gov

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