On May 27, 2016, Connecticut became the latest state to enact a retirement program for private sector workers. It joins Maryland (2016), 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.
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.
- 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.”
- 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.
- DOL’s Summary Fact Sheet: State Savings Programs for Non-Government Employees
CRI’s Executive Director reviews the 2016 Outlook for State Initiatives. Watch the video below!