States as Innovators
On May 10, 2016, Maryland became the latest state to enact a retirement program for private sector workers. It joins New Jersey (2016), Oregon (2015), Washington (2015), Illinois (2015), Massachusetts (2012) and California (2012) already implementing their own programs. Since 2012, at least 30 states have considered proposals to study or establish state sponsored plans.
DOL AUTO-IRA NOTICE OF PROPOSED RULEMAKING (NPRM) PUBLIC COMMENTS
The comment period for the DOL NPRM creating a safe harbor for state laws that require employers to facilitate enrollment in state-administered payroll deduction individual retirement accounts (IRAs) closed on January 19, 2016. All of the public comments submitted can be viewed here.
1. Auto-IRA Notice of Proposed Rulemaking “describing a safe-harbor for state laws that require employers to facilitate enrollment in state-administered payroll deduction individual retirement accounts (IRAs). Under the terms of the safe-harbor, state programs that mandate auto-enrollment in IRAs in accordance with the safe-harbor would not be treated as ERISA-covered plans.” View summary overview.
2. Interpretive Bulletin 2015-02 “regarding certain state laws designed to expand the retirement savings options available to their private sector workers through ERISA-covered retirement plans.” This bulletin was effective on November 18, 2015. View summary overview.
3. DOL’s Summary Fact Sheet: State Savings Programs for Non-Government Employees
Building Effective Retirement Savings Programs for Uncovered Workers: Lessons from the UK Experience
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Comparison of Retirement Plan Design Features, by State: California, Illinois, Massachusetts, Oregon and Washington