ERIC Files Lawsuit Over OregonSaves Reporting Requirement
The ERISA Industry Committee (ERIC) filed a lawsuit Oct. 12 against the Oregon Retirement Savings Board, saying that a provision of the state’s OregonSaves retirement program for private-sector employees obstructs ERISA.
, filed in the U.S. District Court for the District of Oregon, requests an injunction against the reporting requirement that OregonSaves imposes on employers that already provide a retirement plan. ERIC argues that ERISA preempts the requirement.
The state law establishing the program requires large employers that already provide a retirement plan to formally request an exemption from OregonSaves, completing paperwork every three years to qualify to be exempt from the state mandate. The complaint notes that reporting on plan activities is a core ERISA function governed exclusively by federal law.
“Oregon is reaching beyond what the federal law allows by imposing a compliance burden on employers who voluntarily provide a retirement plan to their employees,” said Annette Guarisco Fildes, ERIC’s president and CEO. “This approach not only violates federal law but is counterproductive as it will add unnecessary costs and burdens on employers who are doing exactly what policymakers across the country want them to do — helping their employees save for retirement with an employer-sponsored retirement plan.”