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City-Run Retirement Plans

A Department of Labor (DOL) rule allowing cities and municipalities of states to offer retirement plans exempt from ERISA provisions for private-sector employees has been overturned by President Trump. There is another resolution to overturn this DOL rule which is pending Senate approval before going to the President.

To date, there are no cities that have established these plans, although there are some that have proposed them. There are, however, states that have in fact established them. If the second resolution is signed by the President, such plans would seemingly be subject to ERISA provisions after all.

www.planadviser.com; April 14, 2017.