State Sponsored Plans
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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The Oregon Retirement Savings Board (ORSB) now may partner with other states in providing services similar to those offered by OregonSaves, the Beaver State’s the state-run auto-IRA program for private-sector employees whose employers do not offer a retirement plan. On June 27, Gov. Kate Brown (D)...
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CalSavers, the state-run retirement plan for private-sector employees in the Golden State whose employers do not offer a retirement plan, was formally launched on July 1. State Treasurer Fiona Ma and former Sen. Kevin de León (D) launched CalSavers at a ceremony at the State Treasurer’s Office. De...
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July 1 is the registration deadline for the next wave of employers for the Illinois Secure Choice Savings Program, a retirement savings vehicle for private sector employees in Illinois who do not have access to an employer-sponsored plan. Employers with 100-499 employees must register with the...
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Oregon employers that do not comply with the rules of OregonSaves — the Beaver State’s state-sponsored retirement program — will face penalties starting next year.
Gov. Kate Brown (D) has signed into law SB 164, a measure which provides that an employer found not to be in compliance will face...
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Absolute security is never assured. But one can take steps to increase the odds in one’s favor, and that includes retirement plans and preparing for a financially secure retirement.
Jack VanDerhei, Research Director at the Employee Benefit Research Institute (EBRA), speaking at the recent Plan...
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Members of the Senate Finance Committee expressed hope May 14 that Congress would move quickly to approve the long-pending Retirement Enhancement and Savings Act (RESA) before moving to the next round of broader retirement savings reforms.
“I’m hoping that the House will send its version of RESA...
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A measure that would create a board to study appropriate approaches to increase retirement savings by private-sector workers in Colorado reached the desk of Gov. Jared Polis (D) on May 13 and awaits his signature.
Senate Bill 19-173 calls for the creation of a Colorado Secure Savings Plan Board...
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A bipartisan task force in Pennsylvania is recommending the establishment of a state-run auto-IRA program to help workers who don’t have access to a private-sector retirement plan.
The task force, which was established in September 2017 by State Treasurer Joe Torsella, released a report March 27 ...
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The Oregon Retirement Savings Board (ORSB) on April 2 reviewed a proposal to change the rules and amend OregonSaves to allow a presumption of employer exemption.
The Oregon Treasury filed the proposal on Feb. 16. It held a public hearing on the proposal on March 19 and accepted public comments...
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While noting that the case “presents novel legal questions concerning state-mandated retirement savings accounts,” and “implicates a significant body of judicial and regulatory interpretations of ERISA,” a federal judge has ruled – for the moment – that California’s state-run auto IRA retirement...
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New Jersey Gov. Phil Murphy (D) has signed legislation establishing a state-run retirement savings plan for private-sector employees whose employers do not offer a retirement plan.
Murphy signed the bill establishing the New Jersey Secure Choice Savings Program into law on March 28. The state...
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The Pacific Rim, a place where it’s a bit less unusual than others for new land to explode into existence, is adding to the state-sponsored retirement plans earthquake. Add Hawaii and Washington to the states whose legislatures have or are considering legislation that would create state-sponsored...
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The California Secure Choice Retirement Savings Investment Board has proposed regulations that would directly address questions of eligibility, processes and duties, as well as further define terms and clarify sections of the law that created the CalSavers Retirement Savings Program.
The board...
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All that stands between a bill establishing the New Jersey Secure Choice Savings Program and its becoming law is the signature of New Jersey Gov. Phil Murphy (D).
The state Assembly passed the bill, which calls for the establishment of a state-run retirement savings plan for private-sector...
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The Oregon Treasury on Feb. 16 filed a notice of proposed rulemaking, including a statement of need and fiscal impact, for a rule that would amend OregonSaves to allow a presumption of employer exemption.
The proposed amendments would:
Allow OregonSaves officials to use the federal Form 5500...
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Bills before the Oregon Senate would create a statutory responsibility for employers to indicate that they are exempt from participating in OregonSaves, and a penalty for not participating if they are eligible to do so.
SB 165 would direct employers to indicate on annual state tax withholding...
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The Oregon State Treasury reports that OregonSaves, the state-run auto-IRA program for private-sector employees whose employers do not offer a retirement plan, continues to grow in registrations and assets.
According to the Treasury, the number of employers registered with OregonSaves and the...
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Legislation has been introduced in the Bay State that would expand the Commonwealth’s auto-IRA program for private sector workers and establish a 401(k) parallel, with an employer mandate.
The first bill, SD 1902, introduced by state senator Patricia D. Jehlen, establishes the Massachusetts Secure...
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