State Sponsored Plans
The CalSavers Retirement Savings Program is being challenged in court—and now the Labor Department has weighed in.
It’s not the first time the Administration has weighed in on the legality of the program, specifically its preemption under ERISA,[1] or that it has expressed issues with the...
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Legislation now before the Ohio House of Representatives would create a defined benefit plan for employees of private sector employers. It is believed to be the first such state proposal utilizing a DB plan rather than a defined contribution plan.
HB 645, introduced May 19 by Reps. Stephanie...
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Colorado is poised to join the states with a state-sponsored retirement savings plan for private sector workers—including a mandate for employers (with more than five employees) that do not currently offer a retirement plan. The state Senate is considering a bill that would create an IRA-based...
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The California Secure Choice Retirement Savings Investment Board has issued a request for proposals (RFP) for program consulting services for CalSavers, the state-sponsored program for employees whose employers do not offer a retirement plan.
The Board intends Request for Proposals No....
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New Mexico has joined the list of states that provide a state-run retirement plan safety net. But while the legislation creating the New Mexico Work and Save program has been enacted, the state body that will implement it has some time to get it up and running.
Gov. Michelle Lujan Grisham (D)...
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The California Secure Choice Retirement Savings Investment Board on April 15 decided to extend the deadline for employers with 100 or more employees to register with CalSavers, the state-run retirement program for employees whose employers do not offer a retirement plan.
The extension will give...
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An ERISA preemption challenge to the CalSavers Retirement Savings Program is gearing up for another go at it.
The Howard Jarvis Taxpayers Association has filed a notice in Howard Jarvis Taxpayers Ass’n. v. Calif. Secure Choice Ret. Sav. Program, E.D. Cal., No. 2:18-cv-01584, notice of appeal 4...
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The Oregon Retirement Savings Board (ORSB) has issued an updated proposal for making a temporary extension of two deadlines related to OregonSaves permanent. The ORSB had issued the proposal on March 9.
In an April 2 letter to Oregon State Treasury Rules Coordinator Kevin Willingham, Oregon...
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In 2019, the Hawaii State Department of Education (HIDOE) began a project with National Benefit Services (NBS) to strengthen retirement plan education in the state. This project was started with many circumstances in mind, one of which was the decline in participation in the HIDOE’s 403(b) plan...
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The lag between registration in OregonSaves and submission of payroll deductions was longer than originally anticipated, but the rollout is accelerating, says a new study. OregonSaves is the state-run retirement plan for employees whose employers do not offer a retirement plan.
In “Auto-IRA...
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The Oregon Retirement Savings Board is proposing that a temporary extension of two deadlines related to OregonSaves be made permanent.
In October 2019, the board, which administers the state-run plan that offers a way to save for retirement for employees whose employers do not offer a retirement...
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California’s auto-IRA program for private sector workers has prevailed against claims that it runs afoul of ERISA’s preemption.
The suit, filed in the U.S. District Court for the Eastern District of California in 2018 by the Howard Jarvis Taxpayers Association, Jonathan Coupal and Debra Desrosiers...
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The Maryland Small Business Retirement Savings Program (MSBRSP) is seeking proposals for program administration and investment management services. It seeks them to assist in the development of Maryland$aves, a state-sponsored, payroll-deduction IRA retirement savings program.
The MSBRSP will...
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OregonSaves, the retirement plan run by the state of Oregon for employees whose employers do not offer retirement benefits, has been in operation for two and a half years. Some data has been coming in regarding participation and its impact, but a recently released paper asserts that it’s too soon...
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The California Secure Choice Retirement Savings Board has released a report on the first six months of the Golden State’s retirement savings program for those whose employers do not offer a retirement plan.
Under the program, California employers with five or more employees that don’t offer a...
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A lawsuit challenging California’s auto-IRA program for private sector workers just got the backing of the federal government.
Last month the Department of Justice asked a federal court to hold off ruling on a suit challenging California’s auto-IRA program for private sector workers.
The Case at...
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OregonSaves, the state-sponsored retirement plan for private-sector workers, has been open to participation since July 1, 2017. Since then, it has been made available to those workers gradually in waves based on employer size and late in 2018 was expanded to allow individual Oregonians, such as...
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The Dog Days of August are here. But that does not necessarily mean doldrums — like the mercury, the heat is on. American Retirement Association Chief Government Affairs Officer Will Hansen in an Aug. 15 webinar provided a look at legislative and regulatory developments in Washington, DC and the...
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The Department of Justice has asked a federal court to hold off ruling on a suit challenging California’s auto-IRA program for private sector workers.
The suit in question is a challenge by the Howard Jarvis Taxpayers Association, claiming that the California Secure Choice Retirement Savings Trust...
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A court challenge to California’s CalSavers program has reemerged, claiming the state-run mandatory auto IRA program for private sector workers poses a significant financial risk to taxpayers.
The filing (titled somewhat unwieldly, “Plaintiffs’ opposition to Defendants’ motion to dismiss first...
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