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State Sponsored Plans

Members of the Senate Finance Committee expressed hope May 14 that Congress would move quickly to approve the long-pending Retirement Enhancement and Savings Act (RESA) before moving to the next round of broader retirement savings reforms.  “I’m hoping that the House will send its version of RESA... READ MORE
A measure that would create a board to study appropriate approaches to increase retirement savings by private-sector workers in Colorado reached the desk of Gov. Jared Polis (D) on May 13 and awaits his signature.Senate Bill 19-173 calls for the creation of a Colorado Secure Savings Plan Board that... READ MORE
A bipartisan task force in Pennsylvania is recommending the establishment of a state-run auto-IRA program to help workers who don’t have access to a private-sector retirement plan.  The task force, which was established in September 2017 by State Treasurer Joe Torsella, released a report March 27 ... READ MORE
The Oregon Retirement Savings Board (ORSB) on April 2 reviewed a proposal to change the rules and amend OregonSaves to allow a presumption of employer exemption. The Oregon Treasury filed the proposal on Feb. 16. It held a public hearing on the proposal on March 19 and accepted public comments... READ MORE
While noting that the case “presents novel legal questions concerning state-mandated retirement savings accounts,” and “implicates a significant body of judicial and regulatory interpretations of ERISA,” a federal judge has ruled – for the moment – that California’s state-run auto IRA retirement... READ MORE
New Jersey Gov. Phil Murphy (D) has signed legislation establishing a state-run retirement savings plan for private-sector employees whose employers do not offer a retirement plan. Murphy signed the bill establishing the New Jersey Secure Choice Savings Program into law on March 28. The state... READ MORE
The Pacific Rim, a place where it’s a bit less unusual than others for new land to explode into existence, is adding to the state-sponsored retirement plans earthquake. Add Hawaii and Washington to the states whose legislatures have or are considering legislation that would create state-sponsored... READ MORE
The California Secure Choice Retirement Savings Investment Board has proposed regulations that would directly address questions of eligibility, processes and duties, as well as further define terms and clarify sections of the law that created the CalSavers Retirement Savings Program. The board... READ MORE
All that stands between a bill establishing the New Jersey Secure Choice Savings Program and its becoming law is the signature of New Jersey Gov. Phil Murphy (D). The state Assembly passed the bill, which calls for the establishment of a state-run retirement savings plan for private-sector... READ MORE
The Oregon Treasury on Feb. 16 filed a notice of proposed rulemaking, including a statement of need and fiscal impact, for a rule that would amend OregonSaves to allow a presumption of employer exemption.  The proposed amendments would:  Allow OregonSaves officials to use the federal Form 5500 to... READ MORE
Bills before the Oregon Senate would create a statutory responsibility for employers to indicate that they are exempt from participating in OregonSaves, and a penalty for not participating if they are eligible to do so. SB 165 would direct employers to indicate on annual state tax withholding... READ MORE
The Oregon State Treasury reports that OregonSaves, the state-run auto-IRA program for private-sector employees whose employers do not offer a retirement plan, continues to grow in registrations and assets. According to the Treasury, the number of employers registered with OregonSaves  and the... READ MORE
Legislation has been introduced in the Bay State that would expand the Commonwealth’s auto-IRA program for private sector workers and establish a 401(k) parallel, with an employer mandate. The first bill, SD 1902, introduced by state senator Patricia D. Jehlen, establishes the Massachusetts Secure... READ MORE
Legislation is before the Virginia House of Delegates that would establish the My Virginia Plan Program, a state-based retirement plan. The bills were prefiled by Del. Luke Torian (D-Dumfries), who introduced them before the new session of the state’s General Assembly began on Jan. 9. H.B. 2431 H... READ MORE
The Oregon State Treasury has announced that OregonSaves, the state-run auto-IRA program for private-sector workers in Oregon, continues to gain new participants and to grow in the balances set aside through the program. The Treasury says that by the end of 2018, OregonSaves membership and savings... READ MORE
The Garden State is one step closer to becoming the latest to create a state-run employment plan for private-sector employees whose employers do not offer a retirement plan. The New Jersey Assembly on Dec. 17 passed a bill that would establish such a system. In a 52-24 vote, the Assembly approved... READ MORE
OregonSaves, the first of the state-run IRA programs for private sector workers, is getting ready to take things up another notch. Specifically, the contribution rates for OregonSaves participants will, beginning Jan. 1, automatically increase 1% on the first day of each year, until they reach 10%... READ MORE
The Labor Committee of the New Jersey Senate will hold a hearing Dec. 3 on legislation that would create the New Jersey Secure Choice Savings Program, a state-run retirement plan for private-sector employees whose employers do not offer a retirement plan. Under the proposed plan, those employees... READ MORE
California has joined neighboring Oregon in offering a functioning state-run retirement plan for private-sector employees whose employers do not offer a retirement plan. The pilot for CalSavers formally launched on Nov. 19. Calpensions had announced recently that the launch was impending.... READ MORE
In response to a federal court request, Golden State officials have elaborated on why CalSavers – the state’s state-run automatic IRA program for private sector workers – isn’t preempted by ERISA. The comments came in a brief (Howard Jarvis Taxpayers Ass’n v. Calif. Secure Choice Ret. Savings... READ MORE

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