The ERISA Industry Committee (ERIC) has settled its lawsuit against the Oregon Retirement Savings Board (OSRB).
In the lawsuit, ERIC argued that the Employee Retirement Income Security Act (ERISA) pre-empts the reporting requirements in the OregonSaves state-run retirement program for private-sector workers. The state law requires large employers that already provide a retirement plan to formally request an exemption, completing paperwork every three years to retain the exemption from the state mandate. But reporting on plan activities is a core ERISA function governed exclusively by federal law, ERIC said.
ERIC requested an injunction against the reporting requirement OregonSaves imposes on employers that provide a retirement plan, but notes in an announcement that the request was only against this employer reporting requirement, and not the OregonSaves program, citing the important void that the program fills for individuals who don’t have access to an employer-provided retirement plan.“As a result of a settlement with Oregon, ERIC dismissed its lawsuit against the ORSB. Under the terms of the settlement, ERIC members may inform the State, if it asks, that they are ERIC members, and the State will verify their membership with ERIC to confirm their exemption from OregonSaves. In the meantime, ERIC will continue to work with the appropriate federal regulatory agencies to seek changes to existing reporting forms required under ERISA that can provide Oregon and other states the information they desire,” said Annette Guarisco Fildes, president and CEO, The ERISA Industry Committee, in the announcement.