State Sponsored Plans
They may not have very much in common, but the two major party presidential candidates seem to be on the same page when it comes to state-run auto-IRA programs.According to Politico, Diana Furchtgott-Roth, a volunteer adviser to Donald Trump’s campaign, affirmed Trump’s support for the state auto-...
READ MORE
State pension plans’ unfunded liabilities are on track to grow to $1.75 trillion, says Moody’s Investors Service. The rating agency said on Oct. 7 that it expects state public pensions to grow by 40% to that amount through fiscal 2017.By June 30, Moody’s says, the 100 largest U.S. public pension...
READ MORE
New York City Comptroller Scott M. Stringer has unveiled a new city-run retirement plan for private sector workers — including a city-sponsored multiple employer plan (MEP). The underlying rationale for the program? Nearly 60% of private sector workers in New York City lack access to retirement...
READ MORE
Another state-run retirement program for the private sector is now on the books. California Gov. Jerry Brown (D) on Sept. 29 signed into law legislation that will implement the California Secure Choice Retirement Plan. Brown hailed the effort — four years in the making — as helping millions of...
READ MORE
Two bills that would facilitate reform of New Jersey’s public pension plans are now before the state Senate. Senate Bill 2555 and Senate Concurrent Resolution 123 have been filed in the chamber by Sens. Joseph Kyrillos (R-Red Bank) and Steven Oroho (R-Sparta).SB 2555 would create a task force to...
READ MORE
On Sept. 27, 2016, the American Retirement Association Government Affairs Committee (ARA GAC) filed a comment letter in response to a proposed regulation promulgated by the Department of Labor that would expand the non-ERISA safe harbor to payroll deduction savings arrangements mandated by the laws...
READ MORE
In an email to participating RIAs in North Carolina’s Total Retirement Plan 403(b) Program on Sept. 16, the State Treasurer’s office announced that it is terminating its contract with TIAA for record-keeping services. It will instead negotiate with Prudential, which means that Prudential will soon...
READ MORE
A new report finds a nice improvement in public pension plan funding in fiscal 2014 — but cautions that things may have slipped since. The report, by the Pew Charitable Trusts, notes that in fiscal year 2014, the nation’s state-run retirement systems had a $934 billion gap between the pension...
READ MORE
Four years after enactment of the California Secure Choice Retirement Savings and Trust Act (S.B. 1234), the California Assembly passed legislation Aug. 25 approving the program’s implementation beginning Jan. 1, 2017. Gov. Jerry Brown (D) is expected to sign the implementation bill into law.At...
READ MORE
The Department of Labor’s (DOL) final rule outlining the circumstances in which state retirement savings programs would not be treated as creating ERISA-covered pension plans is out.The final rule largely mirrors the proposed rule, while offering some clarifications in response to submitted...
READ MORE
After almost nine years of waiting, finally IRS has issued proposed regulations for 457(f) plans! In MarketBeat, Susan Diehl writes that the new proposed regulations for government and tax-exempt 457(b) and 457(f) plans and for profit-companies’ top-hat plans under Internal Revenue Code Section...
READ MORE
This year has proved to be a more civil one in the Pennsylvania legislature than 2015. The Republican-led General Assembly passed a final budget and Democratic Gov.Tom Wolf allowed it to become law rather than vetoing it like he did last July. However, pension reform legislation is now on hold...
READ MORE
Public pension plans face sobering liabilities, and recently released data provides a look at funding and also where the states stand.Work to DoHalf the states’ pension plans are 70% funded or less, Bloomberg has reported based on data from 2014. The 10 states whose funding woes were the most acute...
READ MORE
State-run retirement programs for the private sector — and those who might be affected by them — could soon get some additional clarity from the Department of Labor (DOL). That would come via the final DOL rule intended to clarify that state savings initiatives would not be subject to ERISA...
READ MORE
State and local governments’ contributions to their pension plans have more than recovered from the effects of the Great Recession. According to a new report by the National Association of State Retirement Administrators (NASRA), their contributions are now at the highest level they have been since...
READ MORE
Could the next state-run retirement program for the private sector emerge from the Great Lakes State?State Representatives Scott Dianda (D) and Robert Wittenberg (D) have introduced House Bill 5776, the Michigan Secure Retirement Savings Program Act. According to a press release, the legislation,...
READ MORE
The Great Recession had a major impact on public pensions, and its effects linger still. But the lessons the recent economic unpleasantness taught may benefit them and last longer, argues a recent National Public Pension Coalition blog entry. “Public pensions would be in a much better place than...
READ MORE
July 1 marks not only the start of a new month — it is also the day on which Maryland became the latest state to activate a program that provides retirement benefits to private-sector employees whose employers do not. California, Connecticut, Illinois and Oregon are the other states that have taken...
READ MORE
A recent forum brought together a group of political heavy hitters in Oregon and other key stakeholders — including Judy Miller of the American Retirement Association — to discuss the current status of the Oregon Retirement Security Program and the issues surrounding the creation and implementation...
READ MORE
“The challenge for the industry is coverage.” To Steve Mitchell, Managing Consultant at BridgePoint Group PPC, that captures the essence of the motivation behind state-sponsored retirement plans. Mitchell made his remarks at a June 21 roundtable discussion at the 2016 SPARK National Conference in...
READ MORE
Pages
Most Popular
