State Sponsored Plans

Virginia appears to be poised to become the next state to offer a state-run retirement plan for employees whose employers do not offer one. Legislation that would create one in the Old Dominion is headed for the desk of Gov. Ralph Northam (D), who has indicated that he will sign it into law.   The... READ MORE

The Oklahoma legislature is considering a measure that would make the Sooner State one of the next states to provide a state-run retirement plan for employees whose employers do not offer one.  The Oklahoma Prosperity Act was introduced in both chambers on Feb. 1. The House of Representatives... READ MORE

If the recommendations of the Wisconsin Retirement Security Task Force are followed, the Dairy State could join others that have implemented a state-run plan to provide coverage for workers whose employers do not offer a retirement plan.  The task force, headed by Wisconsin State Treasurer Sarah... READ MORE

Another state legislature is moving forward with a state-run retirement savings program for private sector employees.  The Virginia House of Delegates on Jan. 26 voted 56-44 to approve House Bill 2174, establishing the “VirginiaSaves” retirement savings program to allow private sector employees... READ MORE

As 2020 ended, Illinois Secure Choice—the state-run retirement program for private-sector employees whose employers do not offer a retirement plan—had growing assets and an opt-out rate that was roughly steady. These results are similar to those the CalSavers Retirement Savings Board reported... READ MORE

Employee opt outs from CalSavers and Illinois Secure Choice, the programs California and Illinois run that provide retirement plan coverage for employees whose employers do not offer a retirement plan, are down as December starts.  Both plans allow employees to opt out of participating if they... READ MORE

Illinois State Treasurer Michael Frerichs has reported on the status of Illinois Secure Choice, the state-sponsored retirement program that provides a Roth IRA to employees who do not have access to a retirement savings plan through their employers. According to Frerichs, as of November 2020, more... READ MORE

Illinois employers that have failed to register for the Secure Choice program and don’t offer their own retirement plan should take note that the Prairie State plans to step up enforcement of the program’s mandates next year.  “We are planning to begin enforcement next year for our employers who... READ MORE

A bill pending in the Maine legislature would create a public-private partnership to promote individual retirement savings accounts. State Senator Eloise Vitelli (D-Sagadahoc) introduced LD 594 on Feb. 5, 2019. It was referred to the Senate Committee on Health Coverage, Insurance and Financial... READ MORE