(This measure has not been amended since it was introduced. The summary of that version is repeated here.)
This joint resolution nullifies a rule submitted by the Department of Labor's Employee Benefits Security Administration regarding savings arrangements established by states for non-governmental employees.
(The rule describes circumstances in which state payroll deduction savings programs with automatic enrollment would not give rise to the establishment of employee pension benefit plans under the Employee Retirement Income Security Act of 1974 [ERISA]. It provides guidance to states designing the programs to reduce the risk of ERISA preemption of state laws and private-sector employers that may be covered by the state laws.)
the third day of January, two thousand and seventeen
Disapproving the rule submitted by the Department of Labor relating to savings arrangements established by States for non-governmental employees.
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That Congress disapproves the rule submitted by the Department of Labor relating to “Savings Arrangements Established by States for Non-Governmental Employees” (published at 81 Fed. Reg. 59464 (August 30, 2016)), and such rule shall have no force or effect.