State Sponsored Plans
The Golden State has modified the legislation regarding its state-run auto-IRA program for private sector workers in place, readying the measure for Gov. Jerry Brown’s (D) expected signature.In the wake of the Trump administration’s removal of the Obama administration’s ERISA safe harbor guidance...
READ MORE
The Oregon Retirement Savings Program (ORSP, or OregonSaves) on June 22 filed a temporary amendment to its program rules with the Oregon Secretary of State’s office. The amendment modifies language related to enrollment in the program. It comes a little more than a week before the July 1 launch of...
READ MORE
The Carolinas share a border, half of their names, and a need to address problems with their state pension plans. But while both must act, their problems are as different as north is from south.The Tar Heel StateNorth Carolina Treasurer Dale Folwell (R) is still new, having taken office just this...
READ MORE
Pennsylvania Gov. Tom Wolf (D) on June 12 signed into law Senate Bill 1, a measure that provides new state employees hired after Jan. 1, 2019, including teachers, with three retirement benefits from which they can choose. The state senate had passed the bill on June 5; three days later the...
READ MORE
OregonSaves, the state-run auto-IRA program for private-sector workers, is not quite launched yet, but the pieces are falling into place.OregonSaves will begin operation in July 2017. The Oregon Retirement Savings Board has provided a report on preliminary work that is being done in preparation for...
READ MORE
The Pennsylvania legislature has passed Senate Bill 1, a measure that seeks to ease the state’s unfunded liability by providing new state employees, including teachers, hired after Jan. 1, 2019 with a choice of one of three retirement benefits. Gov. Tom Wolf (D) is expected to sign the bill into...
READ MORE
That may seem an odd equation. And yet, a speaker at a recent retirement industry conference argues exactly that.A handful of states have put in place plans intended to help make sure that retirement plan coverage and participation expands. But the fact that states are acting to fill the coverage...
READ MORE
Connecticut Gov. Dannel Malloy (D) has unveiled proposals for changes to the state retirement plan that would affect both current and future state employees.Current state employees would contribute more, and the state would contribute less, toward their pensions in fiscal year 2019 under the...
READ MORE
President Trump may have signed legislation pulling back the Obama administration’s ERISA safe harbor guidance for state-run auto IRAs, but California officials say they don’t need it.In a press release, California State Treasurer John Chiang and Senate President Pro Tempore Kevin de León (D-Los...
READ MORE
The Illinois House Personnel and Pensions Committee on May 16 passed bills that would expand retirement plan coverage and change public pension plan funding and how payments are made. The bills are identical. In what is perhaps a demonstration of bipartisan support for the legislation, Rep. Jim...
READ MORE
President Trump has signed legislation that overturns the Obama administration’s ERISA safe harbor rule for state-run auto-IRA programs for private sector workers.He signed the legislation on the last day he could to avoid a pocket veto of the measure. On May 3 the Senate passed H.J. Res. 66 by a...
READ MORE
No sooner had the U.S. Senate voted to unwind the Obama administration’s safe harbor exempting state-run auto-IRA programs from ERISA, than a pair of Senate Democrats introduced legislation designed to restore the exemption. The Preserve Rights of States and Political Subdivisions to Encourage...
READ MORE
The Pennsylvania Independent Fiscal Office has issued an evaluation of a bill that would change the financing of the state retirement plan for school employees. It concludes that the measure would change its financing but would leave benefit provisions intact. The Independent Fiscal Office on May...
READ MORE
With the stroke of his pen, Iowa Gov. Terry Brandstadt (R) has opened the state teachers’ 403(b) plan to greater competition. Brandstadt signed HF 569 into law on May 9.The Iowa legislature wasted no time — the bill was introduced in the state House of Representatives on March 8, and the chamber...
READ MORE
Having moved to unwind the Obama administration’s safe harbor exempting municipalities’ auto-IRA programs from ERISA, it now looks as though the state-run program version will meet the same fate. On May 3 the Senate passed H.J.Res. 66 by a vote of 50-49, echoing action taken by the House of...
READ MORE
Oregon Treasurer Tobias Read has expressed determination to continue pursuing OregonSaves, the state-run auto-IRA program for private sector workers, regardless of the U.S. Senate’s May 3 passage of H.J. Res. 66, a measure that — if President Trump signs the measure, which he is expected to do —...
READ MORE
Colorado’s proposal to create a state-sponsored retirement savings program for private-sector workers fell short in a vote in the state Senate on April 26.The vote to postpone consideration of the measure indefinitely fell along party lines in the GOP-led Senate Committee on State, Veterans, &...
READ MORE
A new study examines what small business owners in Connecticut think about the state’s new retirement plan and how well they grasp it. The Nutmeg State’s system for private-sector employees has been in place since May 27, 2016.With other states putting similar plans in place and still more...
READ MORE
The Beaver State took another step forward this week to implement the “OregonSaves” program, as the Oregon Retirement Savings Board approved the final rules that will govern the operation of the program.Starting Nov. 15, 2017, Oregon employers with 100 or more employees must begin to register with...
READ MORE
The Texas Public Employee Retirement Systems (TEXPERS) has released a report on the results of the strategies its local systems have followed for allocation and investment of assets.“Report on the Asset Allocation and Investment Performance of Texas Public Employee Retirement Systems,” released at...
READ MORE
Pages
Most Popular
