President Donald Trump on Thursday undid the Department of Labor’s Obama-era rule intended to help municipalities develop payroll deduction IRA plans that don’t run afoul of the Employee Retirement Income Security Act.
The rule he signed, H.J.Res 67, nullifies Labor’s rule on Savings Arrangements Established by Qualified State Political Subdivisions for Non-Governmental Employees. It specifically stops municipalities and cities from starting up auto-enrollment retirement plans.
Hatch argued that the regulations, as proposed, “break over 42 years of precedent and allow states to forgo protecting the savings of employees in the private sector and instead encourage states to require businesses to enroll employees in state-run plans.”
The Senate voted to block the plans on March 30.