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The United States is facing a number of retirement challenges—a and attempts to expand retirement options for . However, there is one area of the private retirement system that is not just working but also envied globally—the (ERISA). ERISA provides one uniform law throughout the country. Therefore, employers who operate in different states can provide the same retirement plan for all of their employees. Moreover, employees receive the same protections regardless of where they live or work. Now there is an effort to bring an ERISA-style law to the European Union.
The (IORP), which allow for cross border pension plans, which are run by third parties. Following the IORP provides a cheaper option than a company providing its own plan but still requires significant expense in both time and resources. In addition, the IORP system still requires cross-border approvals for legal implementation, which require time and effort. Therefore, having a law in place could remove many of these financial and administrative barriers. is leading the charge in this effort and held its second annual to discuss possibilities for implementing a similar law in the EU. The EU has started down this path with directives from the
Consequently, for businesses that operate in different European countries, implementing a uniform standard for private retirement plans could substantially ease administrative burdens and increase retirement coverage. As such, the EU should follow in the footsteps of the U.S. and create an ERISA-style law to promote retirement savings for businesses and workers operating across European borders.