(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 qualified state political subdivisions for non-governmental employees.
(The rule amends a final regulation that describes how states may design and operate payroll deduction savings programs for private-sector employees, including programs that use automatic enrollment, without causing the states or private-sector employers to have established employee pension benefit plans under the Employee Retirement Income Security Act of 1974 [ERISA]. The amendment expands the regulation beyond states to cover qualified state political subdivisions and their programs that otherwise comply with the regulation.)
the third day of January, two thousand and seventeen
Disapproving the rule submitted by the Department of Labor relating to savings arrangements established by qualified State political subdivisions 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 Qualified State Political Subdivisions for Non-Governmental Employees” (published at 81 Fed. Reg. 92639 (December 20, 2016)), and such rule shall have no force or effect.