Oregon agreed to ease the process for exemption from its state-run retirement savings program to a large employer advocacy group whose members already offer their employees a savings benefit.
The ERISA Industry Committee, known as “ERIC,” filed a complaint against the Oregon Retirement Savings Board in October, alleging federal law bars certain parts of the OregonSaves law. ERIC dropped the lawsuit March 28 after it reached a settlement that employers can verify their exemption from the OregonSaves program with proof of their ERIC membership.
OregonSaves, which took effect in October, requires businesses that don’t offer a retirement savings plan of...
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(Corrected to reflect that the exemption was streamlined for the advocacy group.)