State Sponsored Plans
Bills before the Massachusetts House and Senate that would expand the Massachusetts Defined Contribution CORE Plan are moving again.
The legislation, introduced early in 2023, has been largely dormant since summer; however, committees in both chambers have given the measures a nod.
About the...
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The Delaware EARNS Program Board is considering cooperation with other state-run retirement plans serving private-sector employees, Ted Griffith, Program Director of Delaware EARNS, confirmed with the NTSA Advisor on Nov. 6. Elizabeth Bordowitz, Executive Director of the Maine Retirement Investment...
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RetireReadyNJ, the state-run retirement savings program that provides coverage for private-sector employes whose employers do not, has issued a request for quotes (RFQ) for investment advisor services. The New Jersey Secure Choice Savings Program Board issued the RFQ on Oct. 18.
The purpose of...
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The Michigan House has passed a bill that would amend the law governing the default option for newly hired public school employees.
Rep. Matt Koleszar (D-Wayne) introduced House Bill 5021 on Sept. 20, 2023. The House acted fast, and passed it on Oct. 12, but by a narrow margin—by a 56-54 vote. ...
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A hearing has been set concerning legislation that would make Massachusetts the next state to institute a state-run retirement program that would provide coverage for private-sector employees whose employers do not.
The Joint Committee on Financial Services of the Massachusetts legislature will...
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Analysis of the first state-sponsored retirement plan for uncovered workers—OregonSaves—supports earlier findings that auto-IRAs do, in fact, close the coverage gap.
More specifically, a new paper examined Oregon’s program, started in 2017, which requires employers who did not offer any workplace...
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In 2023, CalSavers was beset by the summer doldrums. The CalSavers Retirement Savings Board reports that this last summer, the program grew by some measures, but remained stable or even shrank slightly by others.
Employer registrations were lower at the end of summer than they were at its start;...
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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...
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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...
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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...
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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...
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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...
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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...
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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....
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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...
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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...
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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...
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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...
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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. ...
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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...
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