State Sponsored Plans
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...
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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...
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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...
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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...
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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...
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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....
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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...
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There are a surprising number of “yes” answers to this question, but not necessarily for the reasons you might think.
The LIMRA Secure Retirement Institute recently followed up on a 2016 survey that found that more than half (55%) of plan sponsors said they would be “very” or “somewhat” likely to...
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A group of Senate Democrats have introduced a bill “designed to help more working families and middle-class Americans save for retirement” – and it brings back MyRA.
The legislation – the Encouraging Americans to Save Act (EASA) – enhances retirement savings incentives by:
restructuring the...
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CalSavers, the state-run retirement plan for private-sector employees whose employers do not offer a retirement plan, is set to launch a pilot on Nov. 19, Calpensions has announced.
The pilot is expected to start with about 20 diverse employers and grow to 50 or more. The first contributions to...
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The Oregon State Treasury has announced that OregonSaves, the state-run auto-IRA program for private-sector workers in Oregon, has been expanded to allow individual Oregonians, such as self-employed or gig economy workers, to join the program.
Certain individuals can choose from a simple menu of...
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The California Secure Choice Retirement Savings Investment Board has announced that it is proposing the adoption of emergency regulations to implement, interpret and make specific the rules, policies and procedures dictating the operation of the California Secure Choice (CalSavers) Retirement...
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The Oregon Retirement Savings Board (ORSB) on Oct. 9 will consider proposed changes to the rules for OregonSaves, the state-run retirement savings program for private-sector workers in the Beaver State.
The proposed rule changes were drafted with the assistance of a rulemaking advisory committee...
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A measure creating a voluntary statewide defined contribuition plan in Illinois is now on the books. Gov. Bruce Rauner (R) signed HB 5137 into law on Aug. 10; Public Act 100-0769 went into effect immediately.The new law amends the Downstate Teacher Article and the State Universities Article of the...
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What happens in Washington and in the states affects not only retirement plans collectively, but also the plans central to the work of the NTSA and its members and those whom they serve. In the NTSA Summer 2018 Advocacy Update, broadcast on July 11, American Retirement Association Government...
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A lot has been happening in Washington and the state capitals. And the NTSA has been actively involved in representing your interests and those of the clients and participants you serve. Now in the NTSA Summer 2018 Advocacy Update, you will hear about these recent developments.Date: Wednesday, July...
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State Legislative Update is an occasional feature that provides the status of bills before state legislatures relevant to NTSA members.
Pension Reform
Colorado. SB 18-200 would allow new employees to choose between the Public Employees’ Retirement Association (PERA) defined contribution plan and...
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State of the State Houses is an occasional feature that provides the status of legislation before state legislatures relevant to NTSA members.Open Provider AccessOklahoma. Companion bills OK HB 1339 and SB 1056 would modify the Oklahoma Teachers’ Retirement System by authorizing the system to...
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In May 2017, Iowa Gov. Terry Brandstadt (R) signed HF 569 into law opening up the Iowa teachers’ 403(b) plan to greater competition. The bill requires the Iowa Department of Administrative Services (DAS) to include up to 30 insurance and investment companies in the 403(b) plan. The Iowa Insurance...
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State House Update is an occasional feature that provides the status of legislation before state legislatures relevant to NTSA members.Pension ReformKentucky. Kentucky Senate Bill 1 would create a hybrid cash balance plan for teachers and cuts teachers’ cost of living adjustment among other...
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