The Senate nixed an Obama-era regulation Wednesday that made it easier for states to create retirement plans for some workers.

Senators voted 50-49 on the House-passed resolution, rolling back a rule meant to encourage states to create retirement plans for private-sector workers who do not have access to an employer-based retirement plan.

The Obama-era rule, implemented in October 2016, would exempt the state-created plans from the Employee Retirement Income Security Act, or ERISA, a law that outlines rules for workplace savings.

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Congress eliminated a similar regulation last month that targeted a state's "political subdivisions" such as cities and counties.

Republicans argue the Labor Department rules are another example of executive overreach under the Obama administration and are overly burdensome for businesses.

But Democrats and outside groups urged their GOP counterparts to buck the resolution, warning that the state-started plans could help prevent a "retirement crisis" for low-income workers.

"We strongly urge the President to veto the bill if it is passed by the Senate today, which would show he really did mean it when he said he understood the plight of the American worker. If President Trump vetoes this misguided bill, Democrats in Congress will stand by him and ensure the veto is sustained," they said.

The AARP also sent a letter to senators this week urging them to keep the Obama-era rule, noting that tens of millions of Americans don't have access to a workplace savings account.