State Sponsored Plans
The West Virginia Senate has passed a measure that would include certain public charter schools under state public retirement system coverage.
Sen. Eric Nelson (R-Kanawah) introduced the bill, SB 449, on Jan. 24. It passed in that chamber on Feb. 9 in a 33-0 vote.
What the Bill Would Do
The bill...
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A bill is before the Maryland House of Delegates that would require the State Board of Trustees of the Maryland Teachers and State Employees Supplemental Retirement Plans to implement an automatic enrollment arrangement for state employees hired on or after Jan. 1, 2024
Del. Tony Bridges (D-...
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It may be winter, but the heat continues for CalSavers. The CalSavers Retirement Savings Board, which administers CalSavers, reports that the program continues to grow. In fact, growth in January outstripped that of December regarding total assets and average funded account balance.
CalSavers,...
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OregonSaves, CalSavers, Illinois Secure Choice…call it what you will, they and their counterparts boil down to one basic thing — a retirement plan sponsored by the state government to provide at least some kind of retirement plan coverage for individuals who lack access to one. In most cases, that...
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Certain tax information could be disclosed to the Maryland Small Business Retirement Savings Board to help in administering the Maryland Small Business Retirement Savings Program and Trust.
Legislation that created the state-run auto-IRA program that businesses can offer went into effect on July...
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The Colorado Department of the Treasury on Jan. 18 announced that the Colorado SecureSavings Program is open for businesses to register with it.
The Centennial State’s state-sponsored retirement savings program for those whose employers do not offer a retirement plan is intended to provide...
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New year, new duties? A Missouri senator has introduced legislation that would modify the duties of fiduciaries serving public employee retirement systems.
Sen. Jill Carter (R-Jasper and Newton) on Jan. 4 introduced the bill, SB 436. It provides that an investment fiduciary would discharge his or...
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The National Tax-Deferred Savings Association (NTSA) and its members find themselves in a position to oppose a Maryland senate bill mandating auto-enrollment for teachers and state employees in supplemental retirement plans.
While the American Retirement Association (ARA) and its related...
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To address the ongoing retirement savings gap, all but three states have initiated or passed legislation to set up a state-sponsored retirement savings plan (SSRP), and while early implementation efforts so far have been successful, a new report suggests there’s room for improvement.
Indeed,...
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The New Jersey Secure Choice Savings Board has appointed Todd Hassler as Executive Director of the New Jersey Secure Choice Savings Program.
Hassler is the first person to hold that position; in that capacity, he will oversee the creation and operation of the program. Hassler most recently served...
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The New Mexico State Treasurer’s Office for the New Mexico Work and Save Board on Dec. 19 issued a request for proposals (RFP) for program administrator services for the New Mexico Work and $ave Voluntary Payroll-Deduction IRA Program.
The RFP solicits sealed proposals to establish a contract...
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As planned, another state-run IRA program for private sector workers has launched—with some good news for early employer adopters.
The announcement notes that while the services are free for businesses, employers that enroll with MarylandSaves by December 1st of this year won’t have to pay the...
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Legislation that would create Massachusetts Secure Choice, a state-run retirement program that would provide coverage for private-sector employees whose employers do not offer a retirement plan, is now before the Rules Committees of both chambers of the Bay State’s legislature.
The legislation was...
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The pilot of the Colorado SecureSavings, the Centennial State’s state-sponsored retirement savings program for those whose employers do not offer a retirement plan, will launch in October.
The pilot will not be broadly open; the Colorado Secure Savings Board is set to work with a select group of...
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Summer heat held in August — not only for California, but also for its state-run retirement plan. The CalSavers Retirement Savings Board, which administers CalSavers, reports that by many measures strong growth remains consistent.
Some of the growth reflects the June 30, 2022 deadline for...
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CalSavers, the state-run program that provides retirement plan coverage to private-sector employees whose employers do not, will cover nearly all such employees in the Golden State. Gov. Gavin Newsom (D) on Aug. 26 signed legislation further expanding the program.
S. 1126 expands the definition...
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It may not be the first in this instance, but the First State has joined its sisters that provide retirement plan coverage to employees whose private-sector employers do not.
Gov. John Carney (D) on Aug. 18 signed into law HB 205, the measure that creates the Delaware Expanding Access for...
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CalSavers was formally launched three years ago. But that doesn’t take place in a vacuum — it necessarily entails interactions with employers as well as individual participants. So how is that going?
Registrations were phased in based on employer size. Employers with more than 100 employees were...
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Expanding the scope of CalSavers is one step closer to happening. The state Assembly has passed a measure that would do so.
S. 1126, a measure that would expand the definition of “eligible employer” for purposes of the CalSavers Retirement Savings Trust Act—the measure that establishes the...
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Employers in California, Illinois and Oregon, three of the first states to launch programs to help private sector workers save for retirement, were still creating new plans in 2020 and were shedding existing plans at rates slower than or largely comparable to the national average, according to a...
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