On Sept. 27, 2016, the American Retirement Association filed a comment letter in response to a proposed regulation promulgated by the Department of Labor that would expand the non-ERISA safe harbor to payroll deduction savings arrangements mandated by the laws of certain political subdivisions within a state.
The comment letter recommends not expanding the safe harbor because of the complexity that would result if political subdivisions were included. The ARA also recommends that time be given for states to move forward under the recently finalized regulation that accorded the safe harbor to certain state-mandated programs.
