Business Roundtable is an association of chief executive officers of leading U.S. companies working to promote a thriving economy and expanded opportunity for all Americans through sound public policy.
An affordable, innovative and efficient health care system is an essential factor in ensuring a better quality of life for all Americans and a more productive and competitive U.S. workforce. Likewise, stable and predictable policies that promote retirement security and economic growth help ensure a reasonable standard of living for most Americans in retirement and make the United States a more attractive location for skilled workers and businesses. Business Roundtable supports policies that will improve the affordability and quality of U.S. health care and strengthen retirement security.
Recent Activities in Health & Retirement
The broad application of the 40 percent excise tax means that, over time, the health benefit plans of all major U.S. employers will be subject to the tax. The impact of the eventual tax liability resulting from this provision is staggering and will distort the employer-sponsored health care marketplace, leading to dramatic changes in the benefits offered to employees.
Financial professionals should be required to act in the best interests of employee benefit plan participants when providing investment advice to a retirement plan or its participants. While we appreciate the EBSA addressing this issue, we urge the EBSA to reconsider some elements of its proposed definition of fiduciary and the related proposed prohibited transaction exemptions.
The Supreme Court’s ruling avoids disruption in the health care marketplace. Moving forward, we believe Congress and the Administration should address the problems that still accompany the Affordable Care Act.
I am writing on behalf of the Business Roundtable in response to the Equal Employment Opportunity Commission (EEOC) proposed rule on the Application of the Americans with Disabilities Act (ADA) to Employer Wellness Programs.
We strongly believe that the impact of this tax will have broader implications than first anticipated by the Joint Tax Committee (JTC) and have been provided information that as many as 25 percent of employers’ plans may be subject to the tax.