State Sponsored Plans
The New Mexico State Treasurer’s Office has announced that it is developing protocols by which financial service providers will be approved to offer retirement savings plans to individuals, small businesses and employees through the Work and $ave Retirement Plan Marketplace.
It is doing so on...
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A new study looks at the impact of the first state-sponsored auto IRA program on those who previously lacked access to a plan.
In Auto-Enrollment Retirement Plans in OregonSaves, authors John Chalmers with the University of Oregon, Olivia S. Mitchell of the University of Pennsylvania, Jonathan...
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Another state-run IRA program for private sector workers is in the making.
Pennsylvania’s Keystone Saves program will be phased in over four years; the first two years are set aside for Treasury to set up the program, including an RFP process, and to implement a voluntary pilot.
Employers with...
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On the heels of its announcement that it plans to acquire Sumday, a subsidiary of BNY Mellon that manages and administers state-sponsored savings programs, Vestwell has announced that Sumday will administer plans in Oregon, Connecticut and Maryland.
The collaboration between the Vestwell,...
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The staff of the CalSavers Retirement Savings Board and its investment consultant have suggested that the Board readopt the existing investment policy statement (IPS).
The Board is required under California law review its IPS annually during a public meeting. At its Dec. 13, 2021 meeting, the...
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CalSavers reports that the program the state of California provides for employees whose employers do not offer a retirement plan showed growth in the number of participating employers last month.
The CalSavers Retirement Savings Board reports that the number of employer registrations increased by...
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According to an announcement by the program’s board, MarylandSaves will begin offering its new automatic workplace retirement and emergency savings program starting next summer.
Created by legislation that went into effect on July 1, 2016, MarylandSaves is a state-sponsored program that seeks to...
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While it’s the celebration following a successful harvest held by the Pilgrims and members of the Wampanoag tribe in 1621 that provides most of the imagery around the holiday, Thanksgiving didn’t become a national observance until much later.
Incredibly it wasn’t marked as a national observance...
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Americans give state-facilitated retirement programs an enthusiastic nod, a recent study has found.
In the National Institute on Retirement Security (NIRS) study “Americans’ Views of State-Facilitated Retirement Programs,” NIRS Executive Director Dan Doonan and Kelly Kenneally, who has provided...
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Under a new law, employers in California are responsible for CalPERS overpayments under certain circumstances.
SB 278, enacted on Sept. 27, 2021, is intended to ensure that a retired CalPERS member is protected from a retroactive clawback of their benefits when alleged misapplication or...
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Colorado and neighboring New Mexico plan to form a partnership regarding the state-run retirement saving programs each operates.
The Colorado Department of the Treasury announced in Nov. 9 that the Colorado Secure Savings Program and the New Mexico Work and $ave programs signed a Memorandum of...
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The nation’s highest court appears to be considering a review of a challenge to the CalSavers program.
At least that’s implied by the request (Howard Jarvis Taxpayers Ass’n v. Cal. Secure Choice Ret. Savings Program, U.S., No. 21-558, request for response 11/2/21) by the U.S. Supreme Court that...
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October may be the month of ghosts and hobgoblins, but in 2021 it was anything but scary—at least for CalSavers. The program the state of California provides for employees whose employers do not offer a retirement plan showed strong growth in some respects during the month.
The CalSavers...
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The CalSavers Retirement Savings Board has issued a Notification of Proposed Emergency Regulation Action to readopt regulations that took effect earlier in 2021.
The Board adopted those emergency regulations to:
amend the default investment option;
reduce the minimum contribution amounts for...
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Gov. Kathy Hochul (D) has signed into law legislation that would convert New York State’s voluntary participation state-run IRA program to mandatory for employers that do not offer a retirement plan and employ 10 or more employees.
The legislation had been passed by the State Senate back in June,...
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It’s said that if at first you don’t succeed, try, try again—and that’s just what one plaintiff is doing in its attempt to do away with the CalSavers program.
Actually, it’s multiple plaintiffs—the Howard Jarvis Taxpayers Association, Jonathan M. Coupal, and Debra A. Desrosiers—who have petitioned...
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Most employers in the Beaver State that do not offer a retirement plan must register with OregonSaves, the state-run retirement program. So how do things stand with the program in the last year?
Registrations and Assets
The program’s phased-in registration deadlines were Nov. 15, 2017 for...
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Nearly 8 in 10 employers did not report any out-of-pocket (OOP) costs associated with participating in the program.
Of course, one of the selling points of OregonSaves, the state-run retirement program for employees whose employers do not offer one, is that it spares employers the administrative...
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Slowly but surely, states are adopting programs to provide retirement plan coverage to people whose employers do not. The plans that are in place are growing in participation and assets, but what does an industry insider think?
To provide an idea of what a private-sector retirement plan service...
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The Connecticut Retirement Security Authority (CRSA) has announced the launch of a pilot of MyCTSavings, the state-run retirement savings program intended to provide coverage for private-sector employees whose employers do not offer them a plan. The pilot is slated to begin in September.
The CRSA...
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