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State Sponsored Plans

The next deadline for registering with CalSavers, the state-run retirement plan for employees in California whose employers do not offer a retirement plan, is less than two months away. Employers with 50 or more employees have until June 30, 2021 to register. “As the California economy recovers... READ MORE
The implementation deadline for the Land of Enchantment’s retirement plan marketplace and the state’s Work and Save IRA program has been extended to July 1, 2024.  Background On Feb. 26, 2020, Gov. Michelle Lujan Grisham (D) signed the New Mexico Work and Save Act into law, creating the New... READ MORE
The pending legislation would make Virginia the next state to offer a state-run retirement plan for workers who do not have access to a plan through their employer.   The VirginiaSaves bill was passed by the Virginia General Assembly in late February and sent to Gov. Ralph Northam (D) in March.... READ MORE
CalSavers, the retirement plan the state of California provides for employees whose employers do not provide one, showed growth in many areas in February.  The CalSavers Retirement Savings Board reports that the number of funded saver accounts, total saver assets, employer registrations and the... READ MORE
Virginia appears to be poised to become the next state to offer a state-run retirement plan for employees whose employers do not offer one. Legislation that would create one in the Old Dominion is headed for the desk of Gov. Ralph Northam (D), who has indicated that he will sign it into law.   The... READ MORE
Several states have programs up and running to make retirement plan coverage available to those whose employers do not offer it. So where do they stand? A recent report provides a look.  The Center for Retirement Initiatives at Georgetown University’s McCourt School of Public Policy in a Monthly... READ MORE
The Oklahoma legislature is considering a measure that would make the Sooner State one of the next states to provide a state-run retirement plan for employees whose employers do not offer one.  The Oklahoma Prosperity Act was introduced in both chambers on Feb. 1. The House of Representatives... READ MORE
Five years after it was first introduced, the initiative to create a state-based retirement program for the private workforce in the Commonwealth of Virginia has taken a major leap forward—with a key change pushed by the American Retirement Association. On Feb. 16 the Virginia Senate Finance and... READ MORE
If the recommendations of the Wisconsin Retirement Security Task Force are followed, the Dairy State could join others that have implemented a state-run plan to provide coverage for workers whose employers do not offer a retirement plan.  The task force, headed by Wisconsin State Treasurer Sarah... READ MORE
CalSavers, the state-run retirement program for employees whose employers do not offer a retirement plan, grew in January while the opt-out rate held steady, according to the CalSavers Retirement Savings Board. This marks a continuation of the trends that the board reported in the 4th quarter of... READ MORE
Another state legislature is moving forward with a state-run retirement savings program for private sector employees.  The Virginia House of Delegates on Jan. 26 voted 56-44 to approve House Bill 2174, establishing the “VirginiaSaves” retirement savings program to allow private sector employees... READ MORE
As 2020 ended, OregonSaves—the state-run retirement program for private-sector employees whose employers do not offer a retirement plan—had growing assets and an opt-out rate that was roughly steady. These results are similar to those reported by the CalSavers Retirement Savings Board reported and... READ MORE
As 2020 ended, Illinois Secure Choice—the state-run retirement program for private-sector employees whose employers do not offer a retirement plan—had growing assets and an opt-out rate that was roughly steady. These results are similar to those the CalSavers Retirement Savings Board reported... READ MORE
CalSavers, the state-run retirement program for employees whose employers do not offer a retirement plan, grew in the fourth quarter of 2020 while the opt-out rate held steady, according to the CalSavers Retirement Savings Board.  Growth  The board reports growth in registrations, accounts and... READ MORE
Employee opt outs from CalSavers and Illinois Secure Choice, the programs California and Illinois run that provide retirement plan coverage for employees whose employers do not offer a retirement plan, are down as December starts.  Both plans allow employees to opt out of participating if they... READ MORE
At a Nov. 10 meeting of the Oregon Retirement Savings Board (ORSB), the board voted to enter into termination negotiations with Ascensus to end the arrangement under which the firm has been the service provider for OregonSaves.  In an email to the NTSA Advisor, Michael Parker, Executive Director... READ MORE
Illinois State Treasurer Michael Frerichs has reported on the status of Illinois Secure Choice, the state-sponsored retirement program that provides a Roth IRA to employees who do not have access to a retirement savings plan through their employers. According to Frerichs, as of November 2020, more... READ MORE
The CalSavers Retirement Savings Board reports that employer registrations and employee participation have increased in CalSavers, the state-run program that provides retirement plan coverage to employees whose employers do not offer a plan.  The numbers reflect the passing of the new deadline by... READ MORE
Illinois employers that have failed to register for the Secure Choice program and don’t offer their own retirement plan should take note that the Prairie State plans to step up enforcement of the program’s mandates next year.  “We are planning to begin enforcement next year for our employers who... READ MORE
The deadline by which large employers in California are to register with CalSavers—the state-sponsored retirement plan for employees whose employers do not offer a plan—is fast approaching.  Employers in the Golden State with 100 or more employees have until Sept. 30 to register. The original... READ MORE

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