EUGENE, Ore. — An Oregon program designed to help workers whose employers don’t offer retirement plans to save money is under fire as a national lobbying group filed a lawsuit against it.
The Register-Guard reports that the industry committee on the Employee Retirement Income Security Act filed the suit on Thursday in federal court, seeking to block a reporting requirement that OregonSaves imposes on businesses that already offer retirement plans to employees.
Committee officials say the compliance reporting requirement is a burden on employers and the state is reaching beyond what federal law allows.
State Treasurer Tobias Read says Oregon has worked with companies to ensure the program “is simple, smart and works well for everybody, because the bottom line is that we want to make it easy to save.”
Information from: The Register-Guard, http://www.registerguard.com