A group of Democratic senators are urging President Barack Obama to act “as soon as possible” to provide clarity to states interested in sponsoring private-sector retirement plans.
Some states, including California and Illinois, are waiting for clarification from the Department of Labor and the Treasury Department on whether their efforts will conflict with federal tax and benefit laws. States want assurance their programs will not be subject to or pre-empted by the Employee Retirement Income Security Act.
“We ask you to make providing guidance to the states a priority,” the senators said in a letter sent this week by the minority members of the Senate Health, Education, Labor and Pensions Committee.
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