Lee Polk Quoted in “New Automatic IRA Program in Illinois Must Withstand DOL Review Before Launch”Bloomberg BNA Daily Labor Report January 26, 2015
Lee T. Polk, Of Counsel to Epstein Becker Green in the Employee Benefits practice, in the firm’s Chicago office, was quoted in Bloomberg BNA Daily Labor Report,in “New Automatic IRA Program in Illinois Must Withstand DOL Review Before Launch.”
Following is an excerpt:
“But Polk said the DOL's review of Secure Choice would require a much more complicated analysis than the myRA example. He said the agency would also have to consider its response to Illinois against the possibility of dozens of new state laws establishing varying vehicles for retirement saving.
Both scenarios, Polk said, could derail Secure Choice or trigger significant delays.
It is not a “slam dunk” that the DOL would conclude this is not an ERISA plan, Polk said. “But even if it were not an ERISA plan in Illinois, there are 49 other states that might have their own little widget or mouse trap,” he said. “So now the federal regulators are wondering: are we going to have to review every one of these that come our way, or are we going to have to set out some kind of foolproof parameters to address these state initiatives?”
In light of these uncertainties, Polk advised employers to closely monitor the DOL's response to Secure Choice and the state's implementation efforts.”