Minnesota’s Retirement Savings Crisis
MinnPost Panel, April 7, 2017
In 2014, the Minnesota Legislature passed the Women’s Economic Security Act, directing the Minnesota Management and Budget to report on potential options for establishing a state-sponsored plan. The report was presented on March 24, 2017. On March 31, 2017, the Legislature introduced HF 2570 and SF 2303, the Minnesota Secure Choice Retirement Act to establish a public-private partnership model to provide a way for Minnesotans without access to employer-sponsored retirement savings plans to save for retirement.
On April 7, 2017, CRI’s Executive Director Angela Antonelli participated in a forum held in St. Paul, Minnesota, to discuss the retirement savings crisis in Minnesota and ways that a state-administered savings plan could help Minnesotans without access to employer-sponsored retirement savings plans. Also featured were: Doug Loon, President, Minnesota Chamber of Commerce; Emily Piper, Commissioner, Minnesota Department of Human Services; and Teresa Rasmussen, President, Thrivent Financial. A video of the event may be viewed here.
DOL Rules: Options, Opportunities, and Challenges
A CRI Panel Discussion
September 12, 2016
Washington Court Hotel
Eight states – California, Connecticut, Illinois, Maryland, Massachusetts, New Jersey, Oregon, and Washington – have passed legislation to establish retirement savings arrangements for private sectors workers who currently lack access to plans through their employers. On August 25, 2016, the White House and the U.S. Department of Labor (DOL) announced a final rule to allow states to create their own programs and issued a new proposed rule that would allow some larger cities to also establish such programs.
On September 12, CRI hosted the event DOL Rules: Options, Opportunities and Challenges, which featured two panelist discussions: Expanding Access: A Discussion of the Path Forward and Perspectives on Options, Opportunities and Challenges. The first panel included: The Honorable Phyllis Borzi, Assistant Secretary, Employee Benefits Security Administration, U.S. Department of Labor and was moderated by Michael Kreps, Principal, Groom Law Group. The second panel featured: Kathleen Kennedy Townsend, Former Lt. Governor of Maryland and Member of the Maryland Commission on Retirement Security and Savings; John Adler, Director, Mayor’s Office of Pensions and Investments, New York City; Julian Federle, Chief Policy and Programs Officer, Office of the State Treasurer, Illinois; Steve Hill, Director of Retirement Security Campaigns, Service Employees International Union; Richard Mourdock, Former Treasurer, State of Indiana; and moderated by Angela Antonelli, Executive Director, Georgetown University Center for Retirement Initiative. A video of the event may be viewed here or below.
CRI Roundtable: States & Stakeholders Discussion on DOL’s Proposed Rule and Guidance
On December 10, 2015, the CRI hosted a roundtable states and stakeholders discussion about Department of Labor’s Notice of Proposed Rulemaking and Interpretive Bulletin related to state retirement savings arrangements, issued on November 18, 2015. The objective of the roundtable was to discuss the interpretation of the DOL’s policies and how they would work with states’ retirement security initiatives. The Center hosted state staff representing California, Illinois, Oregon, Washington, Connecticut, Maryland, and New York City. We appreciate their time and participation in this roundtable session hosted at Georgetown University. Special thanks goes to David Morse of K&L Gates and Michael Kreps of Groom Law Group, as well as representatives from AFSCME, AFT, AARP, Aspen Institute, Brookings Institution, CFED, Pension Rights Center, New America, NIRS, SEIU, The Pew Charitable Trusts, and WISER for their participation. Click here to view photos from the event.