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State Sponsored Plans

Any retirement fund invests its funds in some way to help them grow, and that includes those run by states. A look at how CalSavers handles the investment of its funds sheds some light on how one of the largest state-run retirement plans fosters growth of their funds.  Assets CalSavers had assets... READ MORE
CalSavers has expanded the range of services for which it is seeking professional assistance.  On Sept. 5, CalSavers issued an RFP (request for proposals) announcing that it is seeking a contractor to provide investment consulting services. CalSavers, the state-run program that provides retirement... READ MORE
Starting a state-run program could result in private-sector employers dropping their existing retirement benefit plans, warned some soothsayers. Not so, says an industry expert.  Kim Olson, Senior Officer of the Pew Charitable Trusts’ Retirement Savings Project took issue with such doom and gloom... READ MORE
The month of August has come and gone. This may be one of the slower months of the year when it comes to legislative activities: there are currently only eight states whose legislatures are in session and Congress is on recess for the month. BUT—that didn’t stop us from moving some things forward... READ MORE
The Maine Retirement Savings Program is getting closer to implementation. The Maine Retirement Savings Board has proposed a rule that would set the nuts and bolts of program operation. ​ Gov. Janet Mills (D) signed the Act To Promote Individual Retirement Savings through a Public-Private... READ MORE
The typically hot inland areas of the Golden State may have been torrid this summer, but one thing at least has been cooling: CalSavers employer registrations and contribution levels.  Registrations had been steadily growing since 2019. But employer registrations dropped from May 31, 2023 to June... READ MORE
The first half of 2023 brought slow—but relentless—growth in assets and registrants for CalSavers, the state-run program that provides retirement plan coverage for private-sector employees whose employers do not. So reports the CalSavers Retirement Savings Board, which administers the program.... READ MORE
They may be on almost completely opposite ends of the country, but Colorado and Maine are cooperating in offering retirement plan coverage to their citizens.  Colorado Secure Savings program and the Maine Retirement Investment Trust (MERIT) on Aug. 11 established a partnership to provide... READ MORE
The club of states adopting retirement plans that provide coverage for private-sector employees whose employers do not is becoming increasingly less exclusive. A recent study takes a look at how employers are responding.  In the National Bureau of Economic Research (NBER) paper “How Do Firms... READ MORE
July is a good time to take stock of where things stand with respect to the multitude of state laws and programs to address the retirement plan coverage gap in the private sector workforce. By the time July rolls around on the calendar all but a handful of state legislatures have completed their... READ MORE
Today (July 25) I am writing from a conference in Washington, DC where we are hearing from the Securities and Exchange Commission, the Department of Labor, the Department of Treasury and  many other federal offices.  On Capitol Hill  We will also have an opportunity to be on Capitol Hill to... READ MORE
By now, almost every state has at least considered legislation that would establish a state-run retirement plan, and this year alone almost half the state legislatures have considered legislation about one. A panel of key players in the plans established in some states offer an insider’s look. ... READ MORE
Two states are taking action in seeking leadership to head their state-run retirement plan programs. Hawaii has just begun its search for an executive director; California has just named theirs.  Hawaii Retirement Savings Board Seeks Exec. Director   Hawaii is seeking an executive director for... READ MORE
Delaware is pursuing an interstate collaboration for the Delaware Expanding Access for Retirement and Necessary Savings (EARNS) Program. It launched the program in 2022.  According to the office of State Treasurer Colleen Davis, the EARNS Program board on July 13 voted unanimously to authorize her... READ MORE
State programs to provide coverage to private-sector employees whose employers do not provide a retirement plan are in motion, and there is a little more traffic on the road. RetirePath Virginia Hits the Road RetirePath Virginia, the state-run program that will provide retirement plan coverage to... READ MORE
As most of the state legislative sessions have adjourned, the amount of bills the NTSA reviews daily has decreased. This has given us an opportunity to reenergize projects that were put on the back burner during the intense legislative calendar.  But First: Illinois Success! We have wonderful... READ MORE
The nuts and bolts of running a state program to provide retirement plan coverage to private-sector employees whose employers do not is occupying state governments' time lately.  Fine-Tuning the Retirement Savings Program Down East   The government of Maine has enacted a measure that adjusts its... READ MORE
Nevada private-sector employees whose employers do not provide retirement plans have struck gold: the Silver State has joined those that are providing such programs. The comparable plan provided by neighboring Oregon, the first state to put one in place, now counts more than $200 million in its... READ MORE
A big piece of fixing Alaska’s problem with teacher staffing is addressing retirement plan issues, says none other than the Majority Leader of the State Senate.  Cathy Giessel (R-Anchorage), the Majority Leader of the Alaska Senate, made her comments as a panelist in the June 12 National Institute... READ MORE
Nevada is poised to become another state with a state-run retirement savings program for private-sector employees.  The Nevada Assembly passed the bill, SB305, on June 4 by a vote of 35-7. Senate Chief Majority Whip Dallas Harris (D-Las Vegas) introduced the bill on March 16; it was referred to... READ MORE