All States

2016 Implementation States

  • California

    IMPLEMENTATION UPDATE: The California Secure Choice Retirement Investment Savings Board has been established and has been meeting monthly since September 2013.

    On January 11, 2016, the Board held its first meeting of the New Year, where Overture Financial provided a Project Status Update and a review of investment options. A proposed calendar of meetings for the Board in 2016 was presented, and a draft of the Board letter to the U.S. Department of Labor on the Proposed Rule (NPRM) related to State Savings Arrangements Established by States for Non-Governmental Entities was considered and adopted with amendment.

    On January 29, 2016, Overture Financial submitted a final report to the Board which included the market analysis, feasibility study, and program design for the California Secure Choice program. The report was subsequently amended on February 9, 2016 and on March 17, 2016 by Overture Financial. Public comments submitted to the Board about the final report can be viewed here.

    The Board held public hearings in Los Angeles on March 1, 2016 and in Oakland on March 3, 2016 to hear testimony from stakeholders on the program design recommendations.

    On March 28, 2016, the Board heard a presentation of a summary of findings from the market analysis, program design, and financial feasibility study of the California Secure Choice Retirement Savings Program, as well as the legal analysis of the Overture Financial Final Report.

    The Board sent letters addressed to Senate President pro Tempore Kevin de Leon, Speaker of the Assembly Anthony Rendon, the Assembly Committee on Labor and Employment, the Assembly Committee on Public Employees, Retirement, and Social Security, the Senate Committee on Labor and Industrial Relations and the Senate Committee on Public Employment and Retirement. The letter recommended that Senate Bill 1234 allow the Board to:

    • Establish managed accounts that would be invested in U.S. Treasuries for the first three years of the program while developing investment options that address risk-sharing and smoothing of market losses and gain at inception
    • Conduct an annual peer review to compare the California Secure Choice funds with similar funds on performance and fees
    • Seek to minimize participant fees
    • Implement program features that provide maximum possible income replacement in an IRA based environment, including establishing an automatic default contribution rate of between 2% and 5%, with possible auto-escalation up to 10% of salary with flexibility for employees
    • Include quasi-private workers to be enrolled if found legally permissible
    • Develop a communication and education campaign for both employers and employees
    • Determine default payout method to retirees
    • Clarify “ministerial duties” expected of employers in the implementation of the program
    • Determine necessary administrative costs including those associated with outreach, customer service, enforcement, staffing and consultant costs
    • Structure the Program to ensure that the state is prohibited from incurring liabilities

    The Board voted unanimously to recommend going forward with the program. If approved by lawmakers and governor this year, the program could become law by January 2017. Read the press release by Treasurer Chiang including a video clip of a press conference following the Board’s vote here.

    On May 4, 2016, Treasurer Chiang wrote an op-ed for AARP California urging for the passage of the California Secure Choice Savings Program. Read it here.

    On June 20, 2016, the Board held a meeting and heard the acting Executive Director’s report, a legislative update and an update from Richard Ludlow, Executive Director of MyRA.

    The Board has a tentative meeting schedule for the remainder of 2016, and will only meet if necessary. Last updated 9/29/2016.

    View the public comments on the DOL NPRM submitted by the following:

    California Secure Choice Investment Savings Board
    Treasurer John Chiang
    Members of the California State Legislature
    CalPERS

    VIEW 2016 LEGISLATIVE PROPOSALS

    VIEW 2015 ARCHIVE

    LEGISLATIVE HISTORY:  SB 1234, the California Secure Choice Retirement Savings Trust Act, was sponsored by Senator Kevin de León and signed into law by the Governor on September 28, 2012.

    This legislation established the California Secure Choice Retirement Savings Investment Board, which will administer the California Secure Choice Retirement Savings Program. The program will be a mandatory (penalties for noncompliance) state-sponsored payroll deduction IRA for private sector workers at employers with five or more employees that do not offer a retirement plan. An automatic three percent (minimum) payroll deduction will be made into individual retirement accounts; however, individuals may opt-out of the program at any time. To protect the value of the retirement accounts, a funding mechanism (e.g. insurance) is required. Assets will be pooled and professionally managed, with a privately-underwritten guarantee, and the state or employer will not be responsible for any liabilities. The program will only be established if the board can find that the system will be self-sustaining, qualifies for favorable federal tax treatment, and is not considered an employment benefit plan under the Employee Retirement Income Security Act of 1974 (ERISA). Funding for legal and market analysis studies is restricted to private and nonprofit sources. Last updated 11/10/2015.

    2016 Legislative Session Dates: January 4, 2016 – August 31, 2016

    Visit the official website for the California State Legislature.

    Source: Georgetown University’s Center for Retirement Initiatives

  • Connecticut

    Governor Malloy signed into Public Act No. 16-29 into law on May 27, 2016.

    HB 5591 was introduced by the Labor and Public Employees Committee on March 3, 2016. The bill would establish the Connecticut Retirement Security Exchange which would be administered by the Connecticut Retirement Security Authority and its fifteen (15) member Board. The Authority will be tasked with establishing and maintaining Roth IRAs. The program would be a mandatory (penalties for noncompliance) state-sponsored payroll deduction IRA for private sector workers at employers with five or more employees that do not currently offer a retirement plan. An automatic default three percent payroll deduction would be made into individual retirement accounts unless an employee chooses another amount or opts out of the program at any time. The program would be designed to provide for lifetime income, including investing at least 50 percent of a participant’s account balance at retirement age into a lifetime income investment.  The Board will conduct a study of the interest of participants and potential participants of the Program in investing in a traditional IRA option. The Board will submit a report no later than January 1, 2019 to the joint standing committee of the General Assembly. The Program would only be established if the Authority can ensure that the system will be self-sustaining, qualifies for favorable federal tax treatment and is not considered an employment benefit plan under the Employee Retirement Income Security Act of 1974 (ERISA). Not later than January 1, 2018, each qualified employer shall provide each of its covered employees with information about the program provided by the Authority.  Not later than 60 days after such material is provided, the employer shall enroll each of its covered employees in the program. Last updated 9/29/2016.

    View the public comments on the DOL NPRM submitted by the following:
    Connecticut Retirement Security Board

    VIEW 2016 LEGISLATIVE PROPOSAL

    VIEW 2016 STUDY COMMISSION UPDATE

    VIEW 2015 ARCHIVE 

    2016 Legislative Session Dates: February 3, 2016 – May 4, 2016

    Visit the official website for the Connecticut State Legislature.

    Source: Georgetown University’s Center for Retirement Initiatives

  • Illinois

    IMPLEMENTATION UPDATE: The Illinois Secure Choice Savings Board has been established and meeting monthly since August 2015.

    On March 4, 2016, the Board held its first meeting of the New Year and held discussions on the Secure Choice legislation and administrative rules, as well as on engaging an investment advisor and next steps.  

    On March 29, 2016, a Board investment sub-committee meeting was held where discussions were held on investment principles and framework, the Illinois State Board of Investment’s research and an RFP for an investment consultant.  

    The Board held a meeting on April 15, 2016, where the Board held discussions with the Illinois State Board of Investment (ISBI) and discussed next steps regarding engaging an investment advisor. It also heard a report from the investment subcommittee to approve investment principles, which called for the Board to establish investment options for the Illinois Secure Choice Savings Program that are: low cost to account holders, administered to consistently track market performance, and are constructed in a manner that is clear and easily understood to maximize participation and savings.

    The Board held a meeting on May 23, 2016, where it heard staff updates on SB 2420, a bill that would amend the Secure Choice Program, including allowing data sharing with other state agencies to support program implementation. The Board also heard a presentation on 529 College Savings Programs, a review of the next steps of program design and work plans, including the creation of a program design subcommittee and an outreach subcommittee as well as initiating a market analysis.

    On June 30, 2016, the Board’s Program Design Subcommittee held a meeting where it discussed developing a market analysis RFP along with discussing program design features such as: identification of employers; program start date; definitions; role of employers; role of employees; and plan structures.  

    At the July 20, 2016 Board meeting, Treasurer Frerichs reported that all Board members have been confirmed.  In addition, the Board reviewed the status of program appropriations for fiscal year 2017 which is pending, approved the issuance of an RFP for market analysis and heard presentations from recordkeepers Ascensus, BNY Mellon, Honest Dollar, and Ubiquity on what it would take to support the implementation of the program.   

    On July 26, 2016, the Treasurer’s office issued an RFP for market analysis for the Illinois Secure Choice Savings Program with a close date of September 6, 2016. The contract will be for an initial term of six months, and the Treasurer may elect to extend the agreement for up to two years. On August 19, 2016, the Treasurer’s office released an addendum of answers to questions received by the office. On August 30, 3016, a second addendum amended the RFP.

    At its August 22, 2016 meeting, the Board heard status updates, discussed program design features, and reviewed the program implementation timeline.

    On September 21, 2016 the Program Design and Investment subcommittees held meetings. The program design subcommittee discussed program design elements and materials for the webpage and the investment subcommittee discussed the development of an investment and administrative consultant RFP and heard an update on the myRA fund option. Last updated 9/29/2016.

    View the public comments on the DOL NPRM submitted by the following:

    Illinois Secure Choice Savings Board

    Illinois State Treasurer Michael Frerichs

    VIEW 2016 LEGISLATIVE PROPOSAL

    VIEW 2015 ARCHIVE

    LEGISLATIVE HISTORYSB 2758 was introduced by Senator Daniel Biss in January 2014 and was signed into law on January 4, 2015.

    This bill establishes the Illinois Secure Choice Savings Board to administer the Illinois Secure Choice Retirement Savings Program Fund. The program would be a mandatory (penalties for noncompliance) state-sponsored payroll deduction IRA for private sector workers at employers with twenty-five or more employees that do not offer a retirement plan. An automatic default three percent (minimum) payroll deduction would be made into individual retirement accounts unless an employee chooses another amount or opts-out of the program at any time. Assets would be pooled and professionally managed, with a privately-underwritten guarantee, and the state or employer will not be responsible for any liabilities. The law must be implemented within 24 months after the effective date of the Act with an additional delay permitted if the Board does not obtain adequate funds to implement the program and the Board is also required to request an ERISA opinion from the U.S. Department of Labor. The program would only be established if the board can find that the system will be self-sustaining, qualifies for favorable federal tax treatment, and is not considered an employment benefit plan under the Employee Retirement Income Security Act of 1974 (ERISA).

    2016 Legislative Session Dates: January 13, 2016 – *

    Visit the official website for the Illinois General Assembly.

    Source: Georgetown University’s Center for Retirement Initiatives

  • Maryland

    Governor Larry Hogan signed Chapter 324 into law on May 10, 2016. 

    HB 1378 was introduced by Delegate C. William Frick on February 12, 2016. The Senate companion bill, SB 1007, was introduced by Senator Douglas J.J. Peters on February 15, 2016.  The new law establishes the Maryland Small Business Retirement Savings and Program Trust, a new retirement savings program for uncovered private sector workers. The program would be a mandatory state-sponsored payroll deposit IRA for private sector workers at employers that pay employees through a payroll system or service. Employers who participate in the program, or otherwise offer a retirement savings arrangement to their employees as specified in the bill, are exempt from the state’s $300 annual filing fee for corporations and business entities. The bill establishes the Maryland Small Business Retirement Savings Board with eleven (11) members and an elected chair from among the members to manage the program, including establishing the investment policy (the Board may arrange for the collective, common and pooled investment of the assets of the program) as well as the risk management and oversight programs.  The program shall include one or more payroll deposit IRA arrangements as determined by the Board. The program would only be established if the Board can find that the system will be self-sustaining, qualifies for favorable federal tax treatment and is not considered an employment benefit plan under the Employee Retirement Income Security Act of 1974 (ERISA). The law is effective July 1, 2016. Last updated 9/29/2016. 

    View the public comments on the DOL NPRM submitted by the following:
    Maryland Commission on Retirement Security and Savings

    VIEW 2016 STUDY COMMISSION UPDATE

    VIEW 2016 LEGISLATIVE PROPOSALS

    VIEW 2015 ARCHIVE 

    2016 Legislative Session Dates: January 13, 2016 – April 11, 2016

    Visit the official website for the Maryland General Assembly.

    Source: Georgetown University’s Center for Retirement Initiatives

  • Massachusetts

    IMPLEMENTATION UPDATE: H 3754, An Act to Provide Retirement Options for Non-Profit Organizations, was introduced by Representative Garrett Bredley on October 17, 2011 and was enacted on March 22, 2012.

    This bill establishes a state-sponsored 401(k) for non-profits with twenty employees or less, to be administered by the State Treasurer. A not-for-profit defined contribution committee will also be created to provide technical assistance to the treasurer regarding the plan. The treasurer will conduct a study on retirement programs available to nonprofits and may sponsor a qualified defined contribution plan. Participation among nonprofits is voluntary. Current plan features include an automatic six percent payroll deduction into a 401(k) account (employer can opt for a four percent initial automatic payroll deduction with an escalation of up to ten percent); projected retirement income on all balances; and a Retirement Income Control Panel to allow for account access and other retirement planning resources. Hardship withdrawals will be allowed, but specific guidelines have not been set. The plan will fall under the jurisdiction of the Employee Retirement Income Security Act of 1974 (ERISA).

    In June 2014, the IRS ruled favorably on this proposal and is in the process of reviewing the group trust that the 401(k) will be pooled with for investment efficiencies. The Massachusetts Treasurer’s Office will formally work on rolling out the plan dependent on the latter ruling. Last updated 9/29/2016.

    View the public comments on the DOL NPRM submitted by the following:

    Office of the State Treasurer 

    VIEW 2016 LEGISLATIVE PROPOSALS

    VIEW 2015 ARCHIVE

    2016 Legislative Session Dates: January 6, 2016 – *

    Visit the official website for the Massachusetts General Court.

    Source: Georgetown University’s Center for Retirement Initiatives

  • New Jersey

    Governor Chris Christie signed Pamphlet Law 2015, Chapter 298 into law on January 19, 2016.

    This law establishes a state-run retirement plan with a voluntary small business retirement marketplace modeled after Washington State. The marketplace will be administered under the State Treasurer’s office. The marketplace will connect eligible employer with qualifying plans. Only those who are sole proprietors or employers with fewer than one hundred employees are eligible to participate in the marketplace. Participation in the marketplace is completely voluntary.

    The marketplace must approve at least two types of plans: (1) a SIMPLE IRA type plan that provides for employer contributions to participating enrollee accounts (2) a payroll deduction individual retirement account type plan or workplace-based individual retirement accounts open to all workers in which the employer does not contribute to the employees’ account. The financial services firms participating in the marketplace will offer a minimum of two product options: (1) target date or other similar fund, with asset allocations and maturities designed to coincide with the expected date of retirement (2) a balanced fund. The marketplace will offer myRA in addition to any other approved plan. These plans are subject to the Employee Income Security Retirement Act of 1974 (ERISA) but do not expose the State of New Jersey to ERISA liability.

    The program must design and operate an Internet website that includes information on how eligible employers can voluntarily participate in the marketplace. The program will contract with private sector entities to identify and promote existing federal and state tax credits and benefits to encourage retirement savings or participation in retirement plans. Last updated 9/29/2016.

    VIEW 2016 LEGISLATIVE PROPOSALS

    VIEW 2015 ARCHIVE

    2016 Legislative Session Dates: January 12, 2016 – *

    Visit the official website for the New Jersey State Legislature.

    Source: Georgetown University’s Center for Retirement Initiatives

  • Oregon

    IMPLEMENTATION UPDATE: The Oregon Retirement Savings Board has been meeting monthly since November 2015 to establish the Oregon Retirement Savings Plan, scheduled to launch on July 2017.

    On January 4, 2016, the Treasurer’s Office issued an RFP for Market Analysis, Program Design and Financial Feasibility Services with a close date of January 19, 2016.

    On January 5, 2016, the Oregon Retirement Savings Board held its first meeting of the New Year, where the Board developed a detailed implementation timeline for action through 2017, addressing engagement and outreach; market, project and financial analysis; rulemakings for program and plan design; and investment policy and management.

    At the February 2, 2016 Board meeting, the Board heard presentations on the 529 Oregon College Savings Plan, as well as the Market Analysis RFP update and a working group update from Executive Director Lisa Massena.

    On March 1, 2016, a working group meeting was held to discuss plan design framework.

    At the March 15, 2016 Board meeting, the Board heard plan, workgroup, and legislative updates, and heard proposals from consultants from Boston College on market analysis research and Segal Consulting and Bridgepoint on program design features.

    On March 15, 2016, Treasurer Ted Wheeler discussed the importance of the Oregon Retirement Savings Plan in providing a path for workers and employers to allow every Oregon worker to start saving. Read the press release here.

    At the May 3, 2016 Board meeting, the Board heard interim reports on market analysis, program design, and financial feasibility from the working groups on plan design, program design, and financial literacy and a report on outreach planning from Executive Director Lisa Massena. The Board also reviewed the rulemaking process and heard an update on federal policies and initiatives related to state administered retirement plans.

    On June 2, 2016, the Treasurer’s Office issued an RFP for investment consulting services for the Oregon Retirement Savings Plan with a close date of June 27, 2016. On June 14, 2016, the Treasurer’s Office released a list of questions and answers received during the optional Pre-Proposal Tele-Conference held on June 9, 2016. On June 15, 2016, the office released a final set of questions and the answers for this RFP.

    At the June 7, 2016 Board meeting, the Board reviewed the proposed ORSP rulemaking process and timeline. It also heard an update on the market analysis and data to support plan design and received an interim report on market analysis from the Center for Retirement Research at Boston College. The Center for Retirement Research also submitted two memos to the Board, one memo recommending the Roth IRA model for Oregon and another memo discussing initial contribution rates and automatic escalation. The Board also heard the interim report on program design from Segal Group.  Cory Streisinger led a Board discussion on a Plan Design Straw Model.

    At the July 19, 2016 Board meeting,  the Board heard program updates from Executive Director Lisa Massena including on rulemaking, as well as working group updates, and presentations on program design recommendations and analysis from Segal Company and BridgePoint. The Board reviewed drafts of the market analysis and financial feasibility by Boston College Center for Retirement Research. The Board also reviewed a draft of the plan design proposal and endorsed several details about how the plan would work, which includes:

    • A simple, flexible, and easy to administer plan for employers and the state
    • Investment in the form of Roth IRAs, which are funded with after-tax dollars, grow tax-free and qualified withdrawals are tax-tree
    • A default savings rate of 5 percent of wages, unless workers choose otherwise
    • Annual auto-escalation to start at a later date
    • The plan will be open to employees 18 and older
    • Default investment in age-based funds unless investors choose otherwise, with additional options for investors to choose a stable value or stock index growth option
    • Larger employers will be the first to start saving at the time of launch in July 2017, with smaller employers phased in over several years

    The Board selected Segal RogersCasey as a general investment consultant to help evaluate the plan provider and to recommend and monitor the menu of funds that will be available to program participants. Read the Treasurer’s press release regarding the details of the approved plan framework here.

    On August 24, 2016, the Board held a conference call meeting to discuss the procurement process for marketing services in support of the ORSP’s needs. The ORSP staff recommended that the Board authorize the Executive Director to proceed with the procurement and retention of a Marketing Service Provider.

    On August 25, 2016, the Treasurer’s office issued a notice of upcoming solicitation for the Oregon Retirement Savings Plan. A Request for Proposal for Third Party Data Collection, Record Keeping, and Plan Administration Services for the ORSP will be issued on September 20, 2016.

    On September 14, 2016, the Board held an education session to better understand best practices and focus areas suggested for State-Administered Retirement Plans, primarily from the perspective of the plan service provider/record-keeper. The agenda included panel presentations from PAI, Paychex, and Ubiquity. The Board held a second meeting on September 15, 2016, with panelists from Ascensus, BNY Mellon, Empower-Retirement, Nationwide, Voya Financial, and Gregory Seller Consulting.

    On the September 20, 2016 Board meeting, the Board reviewed the RFP for a plan service provider, heard updates on the DOL Safe Harbor rule, and reviewed the investment policy statements for: the Oregon 529 Savings Network; the Illinois Secure Choice Savings Program; the Oregon Deferred Compensation Fund; the Oregon Deferred Compensation Investment Program; as well as a NAGDCA note outlining a blueprint for monitoring and managing plan investments. The Board also reviewed progress reports on ORSP rulemaking and a draft of recommendations for its financial literacy initiative.

    On September 21, 2016, the Treasurer’s Office issued an RFP for services for plan administration and management including performing third party services for data collection, record keeping, plan administration, and management services for the Oregon Retirement Savings Plan. The close date is October 26, 2016.

    A Rulemaking Advisory Committee has been formed and held its first meeting on August 11, 2016. The Committee reviewed the progress and status of the ORSP and received an overview of the rulemaking process, which included reviewing the bill establishing the ORSP, the plan design which had been approved by the Board, and the Auto-IRA proposed rulemaking from the U.S. Department of Labor.  The Committee also spent time reviewing in detail the rules, focusing on definitions of the employer and employee and also on the topic of eligibility.

    On September 16, 2016, the Advisory Committee held a second meeting where undertook a detailed review of the rules and reviewed a timeline for the rulemaking process.

    The Board established several work groups focusing on various aspects of the ORSP:

    • The workgroups on plan design and program design held a joint meeting on June 23, 2016, where they reviewed the proposed plan and program designs.
    • The workgroup on financial literacy held a meeting on June 21, 2016, where the group discussed additional recommendations and legislative report.
    • The workgroup on outreach held a meeting on July 28, 2016, where the group discussed execution planning. 

    The next full Board meeting is scheduled for October 18, 2016. 

    Last updated 9/29/2016.

    View the public comments on the DOL NPRM submitted by the following:

    Oregon Retirement Savings Board

    VIEW 2015 ARCHIVE.

    LEGISLATIVE HISTORY: SB 615 was introduced by Senators Lee Beyer, Arnie Roblan, and Diane Rosenbaum and Representatives Jennifer Williamson and Tobias Read on February 10, 2015, and the companion billHB 2960, was introduced on February 11, 2015.

    This bill would establish the seven-member Oregon Retirement Savings Board in the office of the State Treasurer to administer the Oregon Retirement Savings Plan. The board would develop a defined contribution retirement plan that would be pooled and professionally managed for those employed in Oregon. Employers would be required to offer their employees the opportunity to contribute to the plan through payroll deduction unless they offer an alternative retirement plan. The plan must provide for automatic enrollment with a default contribution level, as well as allow employees to opt out of the plan. Account owners would be able to maintain the accounts regardless of their place of employment and could roll over funds into other retirement accounts. Contributions to the plan should begin no later than July 1, 2017.

    Before the plan can be established, the board must conduct a legal and market analysis to assess the feasibility of the plan. The board must also obtain legal advice regarding the applicability of the Employee Income Security Act of 1974 (ERISA). If the board determines the plan qualifies under ERISA, the board will not establish the plan.

    The Oregon Retirement Savings Board would be required to report to a committee or interim committee of the Legislative Assembly related to retirement investments on or before December 31, 2016 regarding the results of the market analysis, the findings of the legal advice, an analysis of potential costs to employers, a draft of the request for proposals to solicit bids from plan administrators; a timeline for implementation, an overview of any contracts entered into by the Board, and the recommendations to the Legislative Assembly regarding ways to increase financial literacy in the state.

    2016 Legislative Session Dates: February 1, 2016 – March 3, 2016

    Visit the official website for the Oregon State Legislature.

    Source: Georgetown University’s Center for Retirement Initiatives

  • Washington

    IMPLEMENTATION UPDATE: The Department of Commerce has established a Small Business Marketplace information page on its website.

    The Department of Commerce issued a competitive solicitation Request for Proposals (RFP) on February 11, 2016 that closed on March 14, 2016.  There are two major Scope of Work elements of this solicitation: First is the development of a web-based portal to connect Washington small business owners and their employees with verified financial services firms and retirement plans. Second is development of the Marketplace brand, identity, and marketing materials. The maximum budget for this project is $175,000 for a contract period of approximately 14 months beginning on approximately May 11, 2016.

    Washington State agencies involved with establishing the marketplace have completed several rulemakings that can be found on the Small Business Marketplace information page.

    • The Department of Commerce issued a proposed rulemaking to define terms, establish eligibility guidelines, and make other provisions for the effective operation of the marketplace. A public hearing was held on March 16, 2016 and the deadline for comments was March 17, 2016. The date of intended adoption was March 25, 2016. On May 23, 2016, the Department of Commerce filed final rules with the Office of the Code Reviser. A summary of changes from the proposed rules is available, as well as the final rules.
    • The Department of Financial Institutions adopted rules related to the verification process for financial services firms intending to offer plans on the Marketplace. The Department held a hearing on the proposed rules on March 1, 2016. The final rules are available here.
    • In addition, the Office of Insurance Commissioner issued verification instructions for insurance carriers intending to offer plans on the Marketplace.

    On March 31, 2016, the Department of Commerce issued a Request for Qualifications and Quotations. The Department is looking for a financial services consultant who is a subject matter expert in the field of retirement plans and investments products offered by the financial services and insurance industries. This consultant would assist with the development of Washington’s Small Business Retirement Marketplace. The expected time period of this contract is from May 2, 2016 to October 31, 2016. This RFQQ closed on Monday, April 18, 2016. 

    On July 7, 2016, the Department of Commerce issued a Request for Information regarding financial services provision. The purpose of the RFI would be for gathering industry input to inform Marketplace business rules and procedures. The RFI would also help the Department of Commerce to determine potential information to be required when a firm applies to offer plans on the Marketplace and gather industry input on criteria and thresholds for key elements of the plans to be offered on the Marketplace. The RFI closes on July 27, 2016 at noon. Last updated 9/29/2016.

    View the public comments on the DOL NPRM submitted by the following:

    WA State Senator Mark Mullet
    WA State Department of Commerce 

    VIEW 2015 ARCHIVE.

    LEGISLATIVE HISTORY: SB 5826 was introduced by Senators Mark Mullet and Don Benton on February 4, 2015, and passed on May 18, 2015 with an effective date July 24, 2015.

    This bill would establish the Washington small business retirement marketplace in the state Department of Commerce. The marketplace would educate small employers on plan availability and promote participation in low-cost, low-burden retirement savings plans. The director of the marketplace would work with the private sector to establish a program that connects eligible employers with qualifying plans. Only those who are self-employed, sole proprietors, or employers with fewer than one hundred employees are eligible to participate in the marketplace. Participation in the marketplace is completely voluntary.

    The marketplace must approve three types of plans: 1) a simple IRA-type target mutual fund; 2) a simple IRA-type balanced mutual fund; and 3) myRA, the retirement plan backed by the US Department of Treasury. The marketplace must offer a minimum of two product options for the target date mutual fund and two product options for the balanced mutual fund. The options must include: 1) a simple IRA type or other IRS approved employer plan that provides for employer contributions to participating enrollee accounts and 2) a payroll deduction individual retirement account type program or workplace based individual retirement accounts open to all workers in which the employer does not contribute to the employees’ accounts. The plans must include the option to roll over contributions to different retirement accounts. These plans are subject to the Employee Income Security Retirement Act of 1974 (ERISA) but do not expose the State of Washington to ERISA liability.

    The program must:

    • Establish a protocol for reviewing and approving qualifications of private sector financial services firms seeking to participate in the marketplace;
    • Design and operate an internet website that includes information about how eligible employers can participate in the marketplace;
    • Develop marketing materials about the marketplace that can be distributed electronically, posted on various agency websites, and inserted in agency mailers;
    • Identify and promote existing federal and state tax credits and benefits for employers and employees that are related to encouraging retirement savings or participating in retirement plans; and
    • Promote the benefits of retirement savings and financial literacy.

    The state operating budget appropriated $256,000 for fiscal year 2016 and $268,000 for fiscal year 2017 for the implementation of the Marketplace.

    2016 Legislative Session Dates: January 11, 2016 – March 10, 2016

    Visit the official website for the Washington State Legislature.

    Source: Georgetown University’s Center for Retirement Initiatives

2016 Legislative Proposals

  • Arizona

    SB 1332 was introduced by Senator Martin J. Quezada, Representatives Mark A. Cardenas, Ceci Velasquez and Charlene R. Fernandez on Jan 26, 2016.

    This bill establishes the Arizona Secure Choice Retirement Savings Trust to promote greater retirement savings for private employees in the state. The program would be a mandatory (penalties for noncompliance) state-sponsored payroll deduction IRA for private sector workers at employers with five or more employees that do not offer a retirement plan, with phased enrollment based on firm size. An automatic default three percent payroll deduction would be made into individual retirement accounts unless an employee chooses another amount or opts out of the program. A seven (7) member board will be created to administer the trust and will be in charge of program design and implementation. Assets will be pooled and professionally managed, and the state or employer will not be responsible for any liabilities. The Board may not implement the program if the IRA arrangements fail to qualify for the favorable federal income tax treatment or if it is determined that the program is an employee benefit plan under the Employee Retirement Income Security Act of 1974 (ERISA).

    On January 27, 2016, the bill was referred to several committees after the first reading including Senate Finance, Senate Financial Institutions, Senate Commerce and Workforce Development and Senate Rules. After a second reading on January 28, 2016, the bill was referred to the Senate Financial Institutions Committee and a hearing was held on February 17, 2016, where the committee voted to refer the bill to the Senate Finance Committee.

    No further action was taken on this bill before the end of the legislative session. Last updated 6/30/2016.

    VIEW 2014 ARCHIVE

    2016 Legislative Session Dates: January 11, 2016 – May 7, 2016

    Visit the official website for the Arizona State Legislature.

    Source: Georgetown University’s Center for Retirement Initiatives

  • California

    SB 1234 was introduced by Senator Kevin de León on February 18, 2016. This bill provides legislative approval for the California Secure Choice Retirement Savings Program. This bill incorporates the findings and recommendations from the Board’s market analysis authorized in SB 1234 of 2012. Changes include: eliminating language limiting the Board’s options as to which asset categories it may consider in its investment policy; eliminating language requiring the Board to annually adopt a stated rate of return for the following program year; and eliminating the requirement for the Board to conduct an initial market analysis and to present findings to the Legislature.

    This bill also changes the timeframe for employer enrollment from nine months to three years based on firm size. It also allows the Board to set the initial employee contribution between two to five percent. The program will be implemented from January 1, 2017, and the Board is to design and implement it considering certain parameters, which include:

    • The Board may establish managed accounts invested in U.S. Treasuries or similarly safe investments for up to three years during which time the Board may develop investment options that address risk-sharing and smoothing market gains and losses
    • The Board will minimize participant fees and provide maximum income replacement
    • The Board will determine default payout method for retirees
    • The Board will structure the program to ensure that the state is free from all liability
    • The Board will partner with employer representatives to create an administrative structure to address employer needs
    • The Board will include comprehensive worker education and outreach and may collaborate with other entities to develop education and outreach

    The bill was referred to the Senate Committee on Public Employment and Retirement on March 3, 2016.

    On March 6, 2016, State Treasurer John Chiang included SB 1234 on his list of bills that were at the top of his legislative priorities in 2016. See the press release here.

    On April 5, 2016, the bill was amended by the author and re-referred to the Senate Committee on Public Employment and Retirement.

    A hearing was held on April 11, 2016, at which time the Senate Committee voted to pass the bill on the condition that it was first referred to the Senate Appropriations Committee. The hearing in the Committee on April 25, 2016 was postponed to May 2, 2016. The Senate Appropriations Committee voted to place the bill on suspense file at its hearing on May 2, 2016. Bill analyses are available reviewing bill details and amendments. On May 27, 2016, an Appropriations Committee hearing was held and the bill passed out of committee as amended. On June 2, 2016 the bill was read for the third time and passed the Senate, and was ordered to the Assembly, where it was read for the first time and held at the desk.

    On June 13, 2016, the bill was referred to the Assembly Committee on Labor and Employment. On June 15, 2016, the bill was amended and re-referred to the Committee on Labor and Employment. On June 22, 2016, the bill passed the Committee on Labor and Employment and was referred to the Assembly Committee on Appropriations. On August 3, 2016, the Committee held a hearing and the bill was placed on the Committee on Appropriations’ suspense file. On August 12, 2016, the bill passed from the Committee with amendments.

    On August 15, 2016, the bill was read for the second time in the Assembly and amended. The amended bill was read for the second time on August 16, 2016. On August 18, 2016, the bill was read a third time and amended. On August 25, 2016, the Assembly passed SB 1234 on a 47-23 vote. On August 31, 2016, the Senate approved the bill with a 27-12 vote. Read the press release from Senate President Pro Tempore Kevin De Leon.

    On September 9, 2016, the bill was enrolled and presented to the Governor.

    On September 29, 2016, Governor approved the Secure Choice Retirement Plan. The new law will go into effect on January 1, 2017. Read Treasurer Chiang’s press release here. Last updated 9/29/2016

    VIEW 2016 IMPLEMENTATION UPDATE

    VIEW 2015 ARCHIVE

    2016 Legislative Session Dates: January 4, 2016 – August 31, 2016

    Visit the official website for the California State Legislature.

    Source: Georgetown University’s Center for Retirement Initiatives

  • Colorado

    HB 1403 was introduced by Representatives Brittany Pettersen and John Buckner and State Senators Nancy Todd and Kerry Donovan on March 24, 2016.

    The bill establishes the Colorado Secure Choice Savings Plan, a retirement savings plan for private-sector employees in the form of an automatic enrollment payroll deduction individual retirement account with an opt-out for employees. The default contribution level is set at 5 percent.  Employers with a specified number of employees in the state would be required to participate in the plan but any employer may choose to participate in the plan.  Employer participation is phased in over 3 years based on firm size.  The Board shall set penalties for noncompliance but cannot exceed $250 per employee per year.

    The plan would be overseen by a nine (9) member board of trustees. The Board would be tasked with the design of a plan that maximizes simplicity, makes use of pooled investment funds, ensures the portability of benefits, and provides for the deaccumulation of enrollee assets in a manner that maximizes financial security in retirement. The state and employers would not have any duty or liability to any party for the payments of any retirement savings benefits accrued by any individual through the plan. The plan could not be implemented if the IRA arrangement does not quality for favorable income tax treatment or would be determined to be an ERISA covered employee benefit plan.

    HB 1403 was assigned to the House Finance Committee. On May 3, 2016, the Committee voted to postpone the bill indefinitely. Last updated 6/30/2016.

    VIEW 2015 ARCHIVE.

    2016 Legislative Session Dates: January 13, 2016 – May 11, 2016

    Visit the official website for the Colorado General Assembly.

    Source: Georgetown University’s Center for Retirement Initiatives

  • Georgia

    SR 736 was introduced by Senator Charlie Bethel on January 21, 2016. The bill was referred to Senate Committee on Retirement after the first reading on January 22, 2016. The Committee favorably reported the bill on February 10, 2016. There was a second reading in Senate on February 11, 2016.

    This bill would create the Senate Work and Save Study Committee, consisting of five members of the Senate. The committee will study the conditions, needs, issues, and problems related to the issue of retirement preparedness in the state. Topics include, but are not limited to: determining the number and types of employees in the state not currently participating in an employer sponsored retirement savings plan or arrangement; determining the availability of plans offered by employers; performing an analysis to determine how the state can encourage individuals to best prepare for retirement; determining the feasibility of developing a public-private partnership Work and Save plan for Georgia residents without access to an employer sponsored plan; performing an analysis to determine the best model for such a plan; developing the criteria for participation by employees and employers; determining the long-term financial impact to the state’s social safety net programs if the state fails to improve citizens’ access to retirement savings opportunities at work; study actions the state can take to encourage participation by employer and employees in employer sponsored retirement savings plans. The committee will report any findings or recommendations and/or be abolished by December 1, 2016.

    No further action was taken on the bill before the end of the legislative session. Last updated 6/30/2016.

    2016 Legislative Session Dates: January 11, 2016 – March 25, 2016

    Visit the official website for the Georgia General Assembly.

    Source: Georgetown University’s Center for Retirement Initiatives

  • Hawaii

    On March 3, 2016, HR 20 and HCR 53 were introduced by Representative Gregg Takayama. The resolutions request the Department of Budget and Finance to convene a Work and Save Working Group to investigate the feasibility and impact of establishing a retirement savings trust fund for private-sector employees in the state. The Working Group would be requested to prepare recommendations for an investment policy for the trust that preserves the safety of principal and provides a stable and low-risk rate of return and a risk management and oversight plan to monitor the risk levels of the investment portfolio and ensure that the risks taken are prudent and properly managed. The group would need to report its findings and recommendations to the Legislature no later than twenty days prior to the start of the 2017 legislative session (legislative sessions convene annually on the third Wednesday of January).

    SR 53 and SCR 82 are Senate companion resolutions that were introduced on March 10, 2016. They were referred to the Senate Committee on Commerce, Consumer Protection, and Health, the Committee on Judiciary and Labor, and the Committee on Ways and Means on March 16, 2016.

    HR 20 and HCR 53 were referred to the House Committees on Consumer Protection and Commerce and Finance on March 3, 2016. On March 16, 2016, the Committee on Consumer Protection and Commerce voted that the measures be passed unamended. On March 24, 2016, they were referred to the Committee on Finance. On April 5, 2016, the Committee on Finance passed them unamended. On April 7, 2016, the House voted to adopt the resolutions. HCR 53 was transmitted to the Senate on April 7, 2016. On April 8, 2016, HCR 53 was received by the Senate and referred to Judiciary & Labor and Ways & Means. A public hearing was scheduled for HCR 53 on April 18, 2016, where the Committee on Judiciary & Labor deferred the measure.

    No further action was taken on SR 53 or SCR 82 before the end of the legislative session. Last updated 6/30/2016.

    2016 Legislative Session Dates: January 20, 2016 – May 5, 2016 

    Visit the official website for the Hawaii State Legislature.

    Source: Georgetown University’s Center for Retirement Initiatives

  • Illinois

    SB 2420 was filed by Senator Daniel Biss on February 9, 2016.

    This bill amends the Illinois Secure Choice Savings Program Act to provide that the total annual expenses, as opposed to annual administrative expenses, will not exceed 0.75% of the total trust balance. It removes the requirement that the Board prepare a statement of investment policy annually, but adds that the investment policy and any changes to it will be published on the Board’s or State Treasurer’s website. It also provides that small employers’ use of automatic enrollment is subject to federal rules, and utilization of automatic enrollment by small employers may be allowed only if it does not create employer liability under ERISA. This bill would be effective immediately.

    After it was read for the first time, it was referred to the Senate Assignments Committee. On February 17, 2016 it was assigned to the Senate Executive Committee. The Committee voted to pass the bill on March 2, 2016. An amendment to the bill was filed by Senator Daniel Biss on April 12, 2016, which included provisions allowing the Director to exchange information with the Treasurer’s office and the Department of Employment Security for the purposes of implementing, administering, and enforcing the Illinois Secure Choice Savings Program Act.  The amendment was referred to the Assignments Committee, then the Executive Committee. The Executive Committee voted to adopt the amendments on April 14, 2016. The amended bill was read for the third time on April 19, 2016, where it passed in the Senate.

    On April 20, 2016, the bill arrived in the House, where it was read for the first time and referred to the House Rules Committee. On April 26, 2016, the bill was assigned to the House Revenue & Finance Committee. On April 27, 2016, the bill was assigned to the Income Tax Subcommittee. A hearing was held on May 5, 2016, where the Subcommittee voted to pass the bill. The bill passed both Houses on May 11, 2016 and was sent to the Governor on June 9, 2016. On July 15, 2016, Public Act 99-0571 was signed by Governor Rauner. Last updated 9/29/2016.

    VIEW 2016 IMPLEMENTATION UPDATE

    VIEW 2015 ARCHIVE

    2016 Legislative Session Dates: January 13, 2016 – *

    Visit the official website for the Illinois General Assembly.

    Source: Georgetown University’s Center for Retirement Initiatives

  • Indiana

    HB 1349 was introduced by Representative Sean Eberhart and co-authored by Representative Matthew Lehman on January 12, 2016.

    The bill establishes the Hoosier employee retirement options portal and a seven-member board responsible for designing and operating the portal. Financial services firms will provide retirement plans through the portal and the board may contract private sector firms for design, implementation, and operation. Employee and employer participation is voluntary, with the default contribution rate set at 3 percent. An employee must have the option of waiving participation or increasing or decreasing contribution percentage. The employee’s account must be able to rollover to an IRA or other eligible plan if the employee ceases participation. The board must submit biennial reports to the Assembly regarding the performance of the portal. The state does not have liability under ERISA. After the first reading, the bill was referred to the House committee on Employment, Labor and Pensions.

    On February 24, 2016, Representative Eberhart issued HR 30 which urged the legislative council to assign the appropriate study committee the topic of employee access to and participation in retirement savings programs. No further action was taken on HB 1349 before the end of the legislative session. Last updated 3/18/2016.

    VIEW 2015 ARCHIVE.

    2016 Legislative Session Dates: January 5, 2016 – March 10, 2016 

    Visit the official website for the Indiana General Assembly.

    Source: Georgetown University’s Center for Retirement Initiatives

  • Iowa

    SSB 3164 was introduced by Treasurer Michael Fitzgerald on February 16, 2016. The bill would establish a Retirement Savings Plan Trust under the Office of the Treasurer. The trust will be operated so that it meets the requirements of a retirement plan under the Internal Revenue code. The Treasurer is the trustee of the trust and has all the powers necessary to carry out and effectuate the purposes, objectives and provisions of the trust, including, for example, procuring any necessary services through contracts; conducting studies and projections; investing moneys; making distributions and refunds to participants; and establishing administrative fees. The treasurer will submit an annual audited financial report. The trust, Treasurer, and State may not guarantee any rate of return on any contributions and will not be liable for any loss incurred as a result of participating in the trust. The bill will appropriate $1.5 million for the purposes of establishing the retirement savings plan trust.  The effective date would be no earlier than July 1, 2017.

    HF 2417, the House companion bill, was introduced on February 24, 2016.

    SSB 3164 was referred to the Senate Ways and Means Committee on February 16, 2016. On February 22, 2016, it was assigned to a subcommittee chaired by Senator Janet Petersen and a subcommittee meeting was held on February 29, 2016.

    HF 2417 has been referred to the House Commerce Committee.  

    No further action was taken on either bills before the end of the legislative session. Last updated 6/30/2016.

    2016 Legislative Session Dates: January 11, 2016 – April 29, 2016

    Visit the official website for the Iowa Legislature.

    Source: Georgetown University’s Center for Retirement Initiatives

  • Louisiana

    SB 53 was prefiled on February 29, 2016 by Senator Troy E. Brown and provisionally referred to the Committee on Labor and Industrial Relations. It creates the Louisiana Secure Choice Savings Plan, a retirement savings plan for certain private sector employees, for the purpose of providing portable retirement and death benefits. A five-member Board will be established to manage the funds of the plan. The plan will be mandatory (penalties for non-compliance) for employers with twenty-five or more employees that do not currently offer a retirement plan. An automatic three percent deduction will be made unless the employee chooses to opt out. The state is not liable for and does not guarantee the funds or benefits of the plan. This bill will become effective upon signature by the governor or lapse of time for gubernatorial action.

    On March 14, 2016, it was introduced in the Senate and after a second reading was referred to the Committee on Labor and Industrial Relations. No further action was taken on the bill before the end of the legislative session. Last updated 6/30/2016.

    VIEW 2014 ARCHIVE.

    2016 Legislative Session Dates: March 14, 2016 – June 6, 2016

    Visit the official website for the Louisiana State Legislature.

    Source: Georgetown University’s Center for Retirement Initiatives

  • Maine

    LD 1318 was introduced by Representative Henry Beck on April 9, 2015.

    This bill establishes the Maine Small Business Marketplace, and requires employers of more than 10 employees that have not offered their employees a qualified retirement plan in the preceding 2 years to offer a payroll deposit retirement savings arrangement to their employees to allow contributions to an individual retirement account. The bill also allows small employers with fewer than 10 employees to voluntarily participate in the marketplace.

    On April 14, 2015, this bill was referred to the Joint Committee on Insurance and Financial Services. On June 30, 2015, the bill was carried over to the 2016 legislative session and a work session was held on Jan 12, 2016 and the action was tabled. At the work session on February 23, 2016, the Committee voted to submit a divided report to the Legislature, meaning that the Committee will submit multiple reports due to disagreement on recommended action. On March 11, 2016, the bill was reported out of the Committee with the majority voting ought not to pass and the minority voting ought to pass as amended.

    Amendments to the bill provided employers with fewer than 100 employees an opportunity to offer retirement plans that were approved by the marketplace to their employees on a voluntary basis. The amendment also allowed sole proprietors and self-employed individuals to voluntarily participate in the marketplace. The amendment required that the marketplace provide at least two types of retirement plans to eligible employers, an individual retirement account plan that allows an employer to make contributions to participating employees’ accounts and a payroll deposit retirement savings arrangement in which an employer does not contribute to an employee’s account, and a minimum of two plans available to individual employees, a myRA and a life insurance plan. The amendment required the Treasurer of State to administer and oversee the marketplace. The amendment added an appropriations and allocations section.

    On March 28, 2016, the Joint Committee’s majority recommendation of ought not to pass was accepted. Last updated 6/30/2016.

    VIEW 2015 ARCHIVE

    2016 Legislative Session Dates: January 6, 2016 – April 16, 2016 

    Visit the official website for the Maine State Legislature.

    Source: Georgetown Center for Retirement Initiatives

  • Massachusetts

    S 1637, An Act Providing Retirement Options for Private Sector Employees, was introduced on April 15, 2015. The bill permits the state Treasurer to conduct research regarding the current state of retirement programs available to private sector employees in the state and allows the Treasurer and Receiver General to sponsor a qualified defined contribution plan that may be adopted by private sector employers for their employees. The Treasurer must obtain approval from the IRS with respect to the plan and must ensure that the plan is in compliance with federal and state laws, including ERISA. A private sector employer must execute a participation agreement and agree to the terms of the plan and operate the plan in compliance with the IRS code and ERISA in order to participate in the plan. The Treasurer will appoint a director to oversee the enrollment of private sector employees into the state retirement system, and an eleven-member advisory committee chaired by the Treasurer will be established to facilitate the expansion of the state retirement system to private sector employees.

    The bill was referred to the Joint Committee on State Administration and Regulatory Oversight on April 15, 2016.

    On July 5, 2016, it was accompanied by study order S 2386, which was introduced by the Joint Committee on State Administration and Regulatory Oversight and called for the Committee to be authorized and directed to make an investigation and study of a number of current pending Senate legislation. S 2368 reported favorably from the Senate Committee on State Administration and Regulatory Oversight and was referred to the Committee on Senate Rules on July 8, 2016.

    H 4204 was introduced by the Joint Committee on Financial Services on April 13, 2016.

    It is a new draft of previous bills H 899H 924, and H 939. It establishes a special 11-member commission to study the prospect of a state-run voluntary retirement account program to encourage private employees to save for retirement. The report by the commission will include, among other things, an analysis of the current retirement plans available for private employees; estimates of the cost and initial funding for the establishment of the Secure Choice Multiple-Employer Retirement Trust (MERP) and Secure Choice Individual Retirement Account Trust; an analysis of the effect and operation of an automatic enrollment payroll deduction IRA for individuals in the private sector; an analysis on potential impact such plans may have on private companies offering similar services; recommendations on plan administration and oversight; an analysis of liabilities under ERISA; recommendations on investment management and best practices. The report would need to be presented no later than April 1, 2017. The bill was been referred to the Joint Committee on Rules on April 13, 2016. On May 11, 2016, the Joint Committee recommended that the bill ought to pass and referred it to the Committee on House Ways and Means.  Last updated 9/29/2016.

    VIEW 2016 IMPLEMENTATION UPDATE

    VIEW 2015 ARCHIVE

    2016 Legislative Session Dates: January 6, 2016 – *

    Visit the official website for the Massachusetts General Court.

    Source: Georgetown University’s Center for Retirement Initiatives

  • Michigan

    HB 5776 was introduced by Representatives Scott Dianda, Robert Wittenberg, Jeff Irwin, Marilyn Lane, and Winnie Brinks on July 13, 2016.

    This bill would establish the Michigan secure retirement savings program, a mandatory (penalties for noncompliance) state-sponsored payroll deduction IRA for for-profit or nonprofit workers at employers with 25 or more employees that do not offer a retirement plan. An automatic three percent (minimum) payroll deduction will be made into individual retirement accounts; however, individuals may opt-out of the program at any time. Assets will be pooled and professionally managed, and neither the state nor employer will be responsible for any liabilities. The program will be overseen by a seven (7) member board chaired by the state treasurer, and must be implemented within 24 months after the effective date of the Act with an additional delay permitted if the Board does not obtain adequate funds to implement the program. The program will only be established if the board can find that the system will be self-sustaining, qualifies for favorable federal tax treatment, and is not considered an employment benefit plan under the Employee Retirement Income Security Act of 1974 (ERISA).

    This bill was read for the first time and referred to the House Committee on Financial Services on July 13, 2016. Last updated 9/29/2016.

    2016 Legislative Session Dates: January 13, 2016 – *

    Visit the official website for the Michigan Legislature.

    Source: Georgetown University’s Center for Retirement Initiatives

  • New Jersey

    A 4275 was introduced by Assemblymen Vincent Prieto, Tim Eustace, and Joseph A. Lagana on March 2, 2015. The bill is modeled after Illinois’ Secure Choice Retirement Savings Program and would establish the New Jersey Secure Choice Savings Program. The program would be a mandatory (penalties for noncompliance) state-sponsored payroll deduction IRA for private sector workers at employers with twenty-five or more employees that do not offer a retirement plan.

    S 2831, the Senate companion bill, was introduced on March 16, 2015. The bill was referred to the Senate Labor Committee.  On October 19, 2015, S 2831 was reported from the Senate Committee with amendments after a second reading and was referred to the Senate Budget and Appropriations Committee. On December 21, 2015, the bill was reported out of the Senate Budget and Appropriations Committee. On January 7, 2016, the Senate substituted and passed the House companion bill A 4275.

    On January 11, 2016, Governor Chris Christie issued a conditional veto on A 4275, saying that the mandatory state-run retirement plan would burden small businesses and duplicate already existing private sector services. Instead, the governor replaced the proposed state-run retirement plan with a voluntary small business retirement marketplace modeled after Washington State. The marketplace would connect small businesses and its employees with existing investment vehicles. The Assembly and Senate approved the Governor’s plan on January 12, 2016. On January 19, 2016, Governor Christie signed into law the new small business marketplace. See news article.

    A 1341 was introduced by Assemblymen David P. Rible and Sean T. Kean and Assemblywoman Nancy F. Munoz on January 27, 2016. This bill establishes a ten (10) member board of directors and its executive director to govern the New Jersey Small Business Retirement Marketplace. The board will design and implement a plan for the operation of the marketplace facilitating connections between eligible employers and approved plans. The board will approve for participation in the marketplace all private sector financial services firms and ensure that approved plans are compliant with any federal law or regulations regarding IRS approved retirement plans. The board will approve a diverse array of private retirement plan options with at least two types of plans for eligible employer participation, including: (1) a SIMPLE IRA type plan that provides for employer contributions to participating enrollee accounts (2) a payroll deduction individual retirement accounts open to all workers in which the employer does not contribute to the employees’ account. The financial services firms participating in the marketplace will offer a minimum of two product options including a target date or other similar fund and a balanced fund. The marketplace will offer myRA in addition to any other approved plan. The board will be able to contract with private sector entities to establish, design and operate an Internet website for, and develop marketing materials about, the marketplace. The board will not expose the State as an employer or through administration of the marketplace to any liability under ERISA. The board will be responsible for submitting a report biennially to the legislature on the effectiveness and efficiency of the marketplace.

    The bill has been referred to the Assembly Labor Committee.

    A 3099, the New Jersey Secure Choice Savings Program Act, was introduced on February 18, 2016 by Assemblymen Vincent Prieto, Tim Eustace, and Joseph A. Lagana. This bill would establish the New Jersey Secure Choice Savings Board to administer the New Jersey Secure Choice Savings Program Fund. The program would be mandatory (penalties for noncompliance) state-sponsored payroll deduction IRA for private sector workers at employers with twenty five or more employees that do not offer a retirement plan. An automatic default three percent payroll deduction would be made into individual retirement accounts unless an employee chooses another amount or opts out of the program. The seven (7) member Board will be charged with designing, establishing, and operating the program in a manner that accords with best practices for retirement savings vehicles and maximizes participation, savings, and sound investment practices. The Board will annually prepare and adopt a written statement of investment policy that includes a risk management and oversight program. Neither the state nor the employer would be responsible for any liabilities. Enrollment of participants will begin within 24 months after the bill becomes effective.

    The bill has been referred to the Assembly Labor Committee. Last updated 9/29/2016.

    VIEW 2016 IMPLEMENTATION UPDATE

    VIEW 2015 ARCHIVE

    2016 Legislative Session Dates: January 12, 2016 – *

    Visit the official website for the New Jersey State Legislature.

    Source: Georgetown University’s Center for Retirement Initiatives

  • New York

    New York State

    A 8332 was introduced by Assemblyman Robert Rodriguez on August 5, 2015. This bill will amend the retirement and social security law and the state finance law of New York in enacting the New York state secure choice savings program. The program will establish a retirement savings program in the form of an automatic enrollment payroll deduction IRA. It would be a mandatory state-sponsored payroll deduction IRA for private sector workers at employer with twenty-five or more employees that do not offer a retirement plan. Penalty for employers who fail to enroll an employee in the program is $250 per employee. An automatic default three percent payroll deduction will be made into individual retirement accounts unless an employee chooses another amount or opts out.

    The program will be administered by an eight (8) member board which would be in charge of designing and operating a program that maximizes participation, savings, and sounds investment practices and maximizes simplicity for participating employers and enrollees. The funds would be pooled and professionally managed, and neither the participating employers nor the state will be responsible for liabilities. Implementation of the program would occur within twenty four months after the bill becomes effective.

    On August 5, 2015 the bill was referred to the Assembly Committee on Governmental Employees. On September 11, 2015, it was amended and on January 6, 2016, it was referred back to the Assembly Committee on Governmental Employees. On April 13, 2016, it was amended for a second time and recommitted to the Committee on Governmental Employees. The bill was amended again on May 23, May 24, May 31, and June 13, 2016, each time recommitted to the Committee on Governmental Employees. On June 14, 2016, the bill was referred to the Assembly Committee on Codes. The bill was subsequently referred to the Assembly Committee on Ways and Means and Committee on Rules on June 15, 2016 and June 16, 2016, respectively. On June 16, 2016, the bill was referred from the Committee on Rules and was ordered to a third reading.

    S 6045, the Senate companion bill, was introduced on September 11, 2015 by Senator Diane Savino. After two readings, the bill was referred to the Senate Committee on Rules. It was amended on December 21, 2015 and on January 6, 2016, it was referred to the Senate Committee on Civil Service and Pensions. On April 13, 2016, it was amended for the second time and recommitted to the Committee on Civil Service and Pensions. On May 23, 2016, it reported from the Committee on Civil Service and Pensions and was committed to the Committee on Finance. On June 3 and June 13, 2016, the bill was amended and recommitted to the Committee on Finance. Last updated 9/29/2016.

    View the public comments on the DOL NPRM submitted by the following:
    The City of New York Office of the Comptroller
    The City of New York Office of the Mayor

    VIEW 2016 STUDY COMMISSION UPDATE

    VIEW 2015 ARCHIVE

    2016 Legislative Session Dates: January 6, 2016 – *

    Visit the official website for the New York State Assembly.

    Source: Georgetown University Center for Retirement Initiatives

  • Pennsylvania

    City of Philadelphia

    Res. 160703 was introduced by Council Member Cherelle L. Parker on June 16, 2016.

    This resolution calls for the creation of a Task Force on Retirement Security for Private Sector Employees in Philadelphia. This legislation cited findings from the study commissioned by the City Council of Philadelphia which found that the retirement situation in Philadelphia is even worse than nationwide, where 20 percent of retirees in the city are poor, compared with 9 percent nationwide; 30 percent have incomes between 100 and 200 percent of the federal poverty level, compared with 23 percent nationwide; 48 percent of workers ages 25-64 work for an employer that sponsors a plan, compared with 53 percent nationwide; and 37 percent of workers actually participate in a plan, compared with 45 percent nationwide. The Task Force will be comprised of various stakeholders from the private and nonprofit sectors, all levels of government, and co-chaired by the Chair of the Committee on Labor and Civil Service and the Chair of the Committee on Aging.

    On June 16, 2016, the Philadelphia City Council has adopted the resolution Last updated 9/29/2016.

    VIEW 2016 STUDY COMMISSION UPDATE

    VIEW 2015 ARCHIVE  

    2016 Legislative Session Dates: January 5, 2016 – *

    Visit the official website for the Pennsylvania General Assembly

    Source: Georgetown University’s Center for Retirement Initiatives

  • Rhode Island

    H 7219 was introduced by Representative Edwards, Marshall, and others on January 15, 2016.

    The bill would establish an automatic enrollment payroll deduction IRA program allowing employees to contribute wages with oversight by the state’s Department of Labor and Training (DLT) and the state investment commission. The program would be a mandatory for private sector workers at employer with five or more employees that do not offer a retirement plan. An automatic default three percent (minimum) payroll deduction would be made into individual retirement accounts unless an employee chooses another amount or opts-out of the program. This bill seeks to increase private sector employees’ retirement savings through a program that is convenient, voluntary, low-cost and portable. DLT would be responsible for the administration and design of a program that would allow employees to opt out, select contribution levels and investment options, and terminate participation. Neither the state nor employer will be liable for the program. Implementation would begin 24 months after the legislation was enacted and employers would establish a payroll deposit retirement savings arrangement within six months after implementation.

    The bill was referred to the House Labor Committee on January 15, 2016 and a hearing was held on January 28, 2016, at which time the Committee recommended the measure be held for further study. Last updated 6/30/2016.

    VIEW 2015 ARCHIVE.

    2016 Legislative Session Dates: January 5, 2016 – late June

    Visit the official website for the Rhode Island General Assembly 

    Source: Georgetown University Center for Retirement Initiatives

  • South Carolina

    H 5001, the general appropriations bill for fiscal year 2016-2017, was introduced by the House Ways and Means Committee on March 9, 2016. Under an amendment (see section 93.34) made by the Senate Finance Committee on April 27, 2016, the Department of Administration would be directed to establish the Work and Save Task Force to study the retirement preparedness of South Carolina citizens.

    The scope of the task force will include: determining the number and types of employees in the state not currently participating in an employer-sponsored retirement savings plan or arrangement; determining the number and types of employers who do not offer an employer-sponsored retirement savings plans; determining the best model for such a retirement savings plan; developing a criteria for participation by employees and employers; performing an analysis of the cost to the state and employers to implement such a plan; and determining the long-term financial impact on the state.  The task force will need to submit a report with recommendations to the Governor and General Assembly by June 30, 2017.

    H 5001 passed the House on March 23, 2016 and passed the Senate with amendments on May 4, 2016, and was subsequently sent back to the House. On May 19, 2016, the House returned the bill to the Senate with amendments, which include striking the Senate’s amendment to establish the Work and Save Task Force. On June 1, 2016, the Senate passed the bill without amendments. On June 2, 2016, the bill was ratified by the Assembly. Last updated 6/30/2016.

    2016 Legislative Session Dates: January 12, 2016 – June 2, 2016

    Visit the official website for the South Carolina Legislature.

    Source: Georgetown University’s Center for Retirement Initiatives.

  • Utah

    SB 133 was introduced by Senator Todd Weiler on February 4, 2016.

    This bill establishes the Utah Voluntary Employee Retirement Accounts Program to be overseen by the state treasurer. The program will provide a cost-effective group retirement program for small nongovernmental employers in the state and employees of small nongovernmental employers in the state. The state treasurer will administer the development of the standards and requirements for operation of the program, including providing an automatic deduction IRA and account portability, as well as development of a website for the program. The bill also creates nonrefundable tax credits for employer participation in the program.  An employer with no more than 100 employees can choose to participate in the program if, as of July 1, 2016, it does not offer an active retirement program for its employees. Proposed effective date is July 1, 2016.

    The bill was introduced and referred to the Senate Retirement and Independent Entities Committee where it was sent out for a legislative fiscal analysis.  The bill was unanimously voted out of committee on February 9, 2016 and placed on the Senate calendar.  The fiscal note is publicly available as of February 12, 2016.  On February 24, 2016, the bill was introduced to the House Rules Committee. On March 2, 2016, the bill was referred to the standing committee in the House Revenue and Taxation Committee. On March 10, 2016, the House made a motion to strike enacting the clause and sent the bill to the Senate, where the Senate filed for the bill not to pass. Last updated 3/18/2016.

    VIEW 2015 ARCHIVE. 

    2016 Legislative Session Dates: January 25, 2016 – March 10, 2016

    Visit the official website for the Utah State Legislature.

    Source: Georgetown University’s Center for Retirement Initiatives

  • Wisconsin

    SB 45 was introduced on February 24, 2015 by Senator Dave Hansen, Senator Nikiya Harris Dodd, Janis A. Ringhand, Senator Mark Miller, et al.

    The bill would create a Wisconsin Private Retirement Security Board and require the Board to establish a private retirement security plan to provide retirement benefits for residents of this state who choose to participate in the plan. The Board would conduct a study to determine the feasibility of establishing a plan. It would then hold at least five public hearings to receive testimony relating to the feasibility study and the recommended design and structure of the plan.

    The board must design the plan so that, to the greatest extent possible, the design and structure of the plan are commensurate with the design and structure of the Wisconsin Retirement System. The board would then submit a report summarizing the conclusions of the feasibility study, the testimony received at the public hearings, and the design of the plan. The report must also include an estimate of the cost of initial establishment and administration of the plan, an estimate of the amount of time necessary to make the plan viable, and a recommendation for any legislation that is necessary to implement the plan. The bill permits the Board to charge reasonable fees to participants in the plan to cover the costs of administering the plan.

    On February 24, 2015, the bill was referred to the Committee on Labor and Government Reform. On December 10, 2015, a public hearing was held.

    AB 70, the Assembly companion bill, was introduced on March 5, 2015 and was referred to the Committee on Financial Institutions. On January 19, 2016, the Assembly voted to refuse to suspend rules to withdraw from the Committee on Financial Institutions and take up.

    On April 13, 2016, both bills failed to pass pursuant to Senate Joint Resolution 1. Last updated 4/20/2016.

    2016 Legislative Session Dates: January 12, 2016 – *

    Visit the official website for the Wisconsin State Legislature.

    Source: Georgetown University’s Center for Retirement Initiatives

2016 Study States

  • Minnesota

    The Women’s Economic Security Act (HF 2536), which included the provisions of (HF 2419), was introduced on February 27, 2014 and enacted on May 11, 2014.

    Among other issues, the bill charges the Minnesota Management and Budget (MMB) office to produce a report on the potential for a state-administered retirement plan for workers without access to workplace retirement savings plans. The report will also consider automatic enrollment payroll deductions, other alternative private sector options, and the effect of federal tax laws on a potential plan. Contributions will be pooled and invested by the State Board of Investment. $400,000 was appropriated to support MMB’s work. The report deadline is January 15, 2015.

    The Minnesota Management and Budget (MMB) office is in the process of producing the report. On December 2014, the MMB Commissioner issued a Request for Proposal to study a potential public retirement plan covering private sector workers without access to a retirement plan through their employer; the submission deadline is January 5, 2015.  The RFP can be found here and the responses to questions about the RFP dated December 15, 2014 are here.

    The state awarded a contract to Deloitte Consulting to undertake a feasibility study to include at least one option for a state-sponsored retirement savings program.  An implementation plan, startup costs, as well as advantages/disadvantages are to be included for each program option included in the final report that is in progress.  Last updated 9/29/2016.

    VIEW 2015 ARCHIVE.

    2016 Legislative Session Dates: March 8, 2016 – May 23, 2016

    Visit the official website for the Minnesota State Legislature.

    Source: Georgetown University’s Center for Retirement Initiatives

  • New York

    New York State

    Roughly 3.5 million private sector workers ages 18-64 in New York State do not have access to an employer-sponsored retirement savings program and are at risk of facing reduced standards of living upon retirement.

    To address this issue, Governor Cuomo announced in his 2016 State of the State Policy Book that he would create the NY SMART Commission (“Saving More to Achieve Richer Tomorrows,” p. 212) to be chaired by Carl H. McCall, current Chairman of the State University of New York Board of Trustees. The Commission will work with state agencies, financial services professionals, consumer advocates, and academics to study options for a state-administered retirement savings program for workers whose employers do not offer a retirement plan.

    The Commission is scheduled to hold its first meeting on September 2016, and will be chaired by Mary Beth Labate, a SUNY official from the state’s Division of the Budget. The Commission will receive support from SUNY’s Rockefeller Institute of Government. Read news coverage here. Last updated 9/29/2016.

    New York City

    On February 27, 2015, NYC Comptroller Scott Stringer announced the creation of a Retirement Security Study Group (NY RSSG), “a panel comprised of national academic leaders with broad expertise in all aspects of retirement security.” The Study Group is to fully funded through the existing resources of the Comptroller’s Office and will work to design up to three retirement savings options by the fall 2015. The options will then be considered by a taskforce. See the announcement of the NYC RSSG hereLast updated 9/29/2016.

    View the public comments on the DOL NPRM submitted by the following:
    The City of New York Office of the Comptroller
    The City of New York Office of the Mayor

    VIEW 2016 LEGISLATIVE PROPOSALS

    VIEW 2015 ARCHIVE

    2016 Legislative Session Dates: January 6, 2016 – *

    Visit the official website for the New York State Assembly.

    Source: Georgetown University Center for Retirement Initiatives

  • Pennsylvania

    City of Philadelphia

    On May 23, 2016, Controller Alan Butkovitz’s office released a report titled Retirement Security in Philadelphia to serve as a basis for deeper policy discussion and as a framework to guide the city’s policymakers. The report found, among others, that: Philadelphians do not save enough for retirement, and women, minorities, and low-income workers face the largest barriers in attaining financial security in old age; accumulating sufficient retirement savings is strongly dependent on having a retirement plan available at work; one third of Philadelphia’s seniors have incomes below 150 percent of the federal poverty level; over half of Philadelphia’s senior households must make difficult choices between affording basic needs such as food, medicine, heating or cooling; and if nothing is done to strengthen retirement security in Philadelphia, the associated economic and social costs may undermine Philadelphia’s fragile economic revival.

    The report recommended that the City hold hearings to supplement the findings in the report and that the City should form a Retirement Security Working Group charged with combining testimony during the hearings and collecting additional information from experts to produce a set of recommendations for further action.

    On June 15, 2016, the City Council Committee of Labor & Civil Service held a fact-finding hearing on potential solutions to the City’s retirement crisis. The Committee heard from citizens, activists, academics, and policymakers from other states and municipalities. The video and transcript of the hearing is available. After the hearing, Councilwoman Parker called for a creation of a Task Force on Retirement Security in Philadelphia. Resolution 160703, creating such a Task Force, has been adopted by the City Council.

    On October 19, 2016, the Office of the Philadelphia Controller, The Pension Research Council at the Wharton School of University of Pennsylvania, and AARP will be hosting a symposium on retirement security, which will look at states’ and cities’ initiatives to formulate policies to address the retirement security shortfall facing Americans. Last updated 9/29/2016.

    VIEW 2016 LEGISLATIVE PROPOSAL

    VIEW 2015 ARCHIVE  

    2016 Legislative Session Dates: January 5, 2016 – *

    Visit the official website for the Pennsylvania General Assembly

    Source: Georgetown University’s Center for Retirement Initiatives

  • Vermont

    In the 2015 session, State Legislators approved Act 58, which renewed the Public Retirement Study Committee to continue its work to examine the feasibility of establishing a public retirement plan through January 15, 2016.

    The Committee held a meeting on January 6, 2016 but a quorum was not present and the meeting was rescheduled to January 8, 2016, at which time the Committee approved a report to be sent to the Legislature, which requested a two-year extension of the work of the Study Committee with the flexibility to meet as many times as needed to complete its work.

    On January 28, 2016, HB 724 was introduced by Representatives Botzow, Marcotte, and Carr. It is an act relating to the committees and programs involving the Vermont State Treasurer, and includes amending the statute of the Public Retirement Study Committee. This bill would enact the Committee to meet as frequently as necessary until January 15, 2018. After a first reading, the bill was referred to the Committee on Government Operations. On January 29, 2016, Representative Sweaney moved that the Committee on Government Operations be relieved of the bill and that the same be committed to the Committee on Commerce and Economic Development, which was agreed to.

    On March 15, 2016, The House Committee on Commerce and Economic Development introduced HB 868, an act relating to miscellaneous economic development provisions. It would allow the Public Retirement Plan Study Committee to continue its work and produce a report by January 15, 2017 on its findings and any recommendations for legislative action.

    HB 868 passed the House on April 8, 2016 and was referred to the Senate. On May 2, 2016, the bill was read for the third time and was passed by the Senate with amendments. It was sent to the House where on May 3, 2016, the Senate’s proposal of amendment was not accepted and a Committee of Conference was requested. A Committee of Conference consisting of three Representatives and three Senators was formed, and the Committee’s report, issued on May 6, 2016, agreed to the House’s version of the bill. The Committee of Conference’s report was adopted in the Senate and sent to the House, where it was also adopted. On June 1, 2016, the bill was delivered to the Governor. On June 2, 2016, the Governor signed the bill that included the extension of the Vermont Public Retirement Study Committee.

    The enacted legislation, Act 157 charges the Public Retirement Study Committee to study the feasibility of establishing a public retirement plan, including: access Vermont residents currently have to employer-sponsored retirement plans; data and estimates on amount of savings and resources Vermont residents will need for a financially secure retirement; current incentives to encourage retirement savings; whether there is a need for a public retirement plan in Vermont, and if so, whether such a plan would be feasible and effective in providing a financially secure retirement for Vermont residents. The Committee is to submit a report on or before January 15, 2018 to the General Assembly with its findings and any recommendations for legislative action. The Committee may meet as frequently as necessary to perform its work and will cease to exist on January 15, 2018.  

    On August 26, 2016, the Public Retirement Study Committee held a meeting, where members reviewed prior discussion, including Act 157 from the 2016 session and an overview of retirement security initiatives around the country, and held a discussion on proposed options for further review.

    The next Committee meeting is scheduled for October 5, 2016. Last updated 9/29/2016.

    VIEW 2015 ARCHIVE

    2016 Legislative Session Dates: January 5, 2016 – May 7, 2016

    Visit the official website for the Vermont State Legislature.

    Source: Georgetown University’s Center for Retirement Initiatives

  • Virginia

    HB 1998 was introduced by Delegate Luke E. Torian on January 14, 2015.

    The bill establishes a Virginia Retirement System work group to develop recommendations to encourage and facilitate savings for retirement. It convenes a work group to review current state and federal programs that encourage citizens of the Commonwealth to save for retirement by participating in retirement savings plans. The review will include an examination of retirement savings options for self-employed individuals, part-time employees, full-time employees whose employers do not offer a retirement savings plans, and groups with a low savings rate. The group will include representatives of the Department of Taxation, small business, the self-employed, the Virginia College Savings Plan, and other stakeholders.

    The bill passed the House unanimously on February 10, 2015 and was sent to the Senate where it passed unanimously on February 24, 2015. On March 27, the Governor signed the bill and it went into effect on July 1, 2015.  The study is now being managed by staff with the Virginia Retirement System (VRS) and work has begun. The Virginia Retirement System will report its findings, which may include recommendations for statutory changes or amendments to the general appropriations act, to the Governor and the General Assembly by January 1, 2017.

    On March 29, 2016 the Working Group held a meeting where it heard an overview of the federal landscape and experience from other states, as well as reviewed and discuss draft outlines and next steps for its report is due to the Governor and the General Assembly by January 1, 2017.

    On June 20, 2016, the Working Group met to begin discussions of its working draft of a final report. Last updated 9/29/2016.

    2016 Legislative Session Dates: January 13, 2016 – March 11, 2016

    Visit the official website for the Virginia State Assembly.

    Source: Georgetown University’s Center for Retirement Initiatives

2015 Legislative Proposals and Study States

  • Kentucky

    HB 261 was introduced with bipartisan support on February 3, 2015.

    This bill would establish the Kentucky Retirement Account Program, a state-sponsored automatic enrollment payroll deduction Roth IRA program for employees of private employers with five (5) or more employees. Participation is mandatory for employers unless they receive a hardship exemption. Employers with less than 5 employers could voluntarily participate in the program. Employees would be eligible to opt out of the program. Those who enroll can change their contribution level at any time, but if they do not select a level, it will default to 3% of their wages.

    The bill would create a governing board to design and administer the program. The board would be required to develop and disseminate program information to all employers including informational packets explaining the plan to employees. The program shall begin twenty-four (24) months after the effective date of the Act. Neither the state nor employers would be liable for investment losses. The board could delay implementation of the program for lack of funding. The bill permits the board to seek an opinion as to the applicability and impact of the federal Employee Retirement Income Security Act (ERISA) in writing from the appropriate federal entity with jurisdiction over ERISA.

    On February 9, 2015, the bill was posted in the Agriculture & Small Business Committee. A hearing was held on February 25, 2015, but the bill did not advance prior to the conclusion of the legislative session. Last updated 6/10/2015.

    2015 Legislative Regular Session Dates: January 6, 2015 – March 24, 2015

    Visit the official website for the Kentucky Legislature.

    Source: Georgetown University’s Center for Retirement Initiatives

  • New Hampshire

    HB 239 was introduced by Representative David Danielson on January 8, 2015.

    This bill establishes the Statutory Commission on Retirement Security to study the creation of a state retirement security program for those without access to an employer-sponsored retirement plan. The program would include the following characteristics: automatic enrollment with an opt out option, payroll deductions, qualify for federal tax incentives, does not require employer contributions, regular reports to participants, portability among employers, assets would be pooled and professionally managed, self-sustaining, and employee automatic escalation controls. A report of the findings would be submitted by the commission by November 1, 2015. An appropriation of $100,000 would be made to support the commission.

    On February 11, 2015, the bill went to a floor vote in the House. They voted to adopt Inexpedient to Legislate, meaning the bill will not advance. Last updated 6/10/2015.

    2015-16 Legislative Session Dates: January 7, 2015 – December 7, 2016

    Visit the official website for the New Hampshire State Legislature.

    Source: Georgetown University’s Center for Retirement Initiatives

  • North Carolina

    HB515, the Work and Save Plan Study, was introduced by Representatives Schaffer, Ross, Glazier, and Pierce on April 2, 2015.

    The bill directs the State Treasurer to study the establishment of a voluntary “Work and Save Plan Study” retirement program aimed at increasing the retirement savings options for private sector workers whose employers do not provide retirement savings plans. Participation in such a program would be entirely voluntary and benefits would be portable between employers. The State Treasurer shall reports its findings and recommendations to the 2015 General Assembly when it reconvenes in 2016. Any recommendations for legislation made by the State Treasurer pursuant to this act shall be eligible for introduction in the same manner as the recommendations of study commissions, authorities, and statutory commissions authorized or directed to report to the 2015 General Assembly when it reconvenes in 2016. Bill was referred to House Committee on Rules where no further action was taken before the conclusion of the Legislative session. Last updated 10/22/2015.

    2015 Legislative Session Dates: January 14, 2015 – September 30, 2015

    Visit the official website for the North Carolina General Assembly.

    Source: Georgetown University’s Center for Retirement Initiatives

  • North Dakota

    HB 1200 was introduced by Representative George Keiser on January 12, 2015.

    This bill establishes the Save toward a Retirement Today voluntary retirement investment program that would be administered by the state treasurer. Participation would be voluntary for employers with no more than one hundred employees that do not sponsor a retirement plan; employees of qualifying employers that do not participate may elect to participate individually. Employer contributions are not mandatory and employees would have control over their contribution level. Contributions would be tax deferred at both the state and federal level. The state would not be held liable for any loss suffered by investment of the program. A $100,000 appropriation would be made to design and implement this program.

    On February 10, 2015, the bill was defeated in the House. Last updated 6/10/15.

    2015 Legislative Session Dates: January 6, 2015 – April 29, 2015

    Visit the official website for the North Dakota State Legislature.

    Source: Georgetown University’s Center for Retirement Initiatives

  • Pennsylvania

    HR 220 directed the Legislative Budget and Finance Committee to conduct a study and issue a report on the feasibility and cost effectiveness of implementing an independent board responsible for administering independent retirement accounts for private sector employees comparable to the Illinois Secure Choice Savings Program, the California Secure Choice Retirement Savings Trust and other similar state-administered private sector retirement savings program. The Legislative Budget and Finance Committee was charged: to make a determination concerning the feasibility of implementing a state-administered retirement savings program for private sector employee; to determine the impact of IRS rules and regulations on such a program; to make recommendations including potential legislation and possible appropriations necessary to implement such a plan; to prepare a report of its findings and transmit copies of the report to the Appropriations Committee and the Finance Committee of the House of Representatives no later than six months after adoption of this resolution.

    The bill was referred to the House Finance Committee on April 8, 2015. Last updated 6/30/2016.

    2015 Legislative Session Dates: January 6, 2015- December 24, 2015

    Visit the official website for the Pennsylvania General Assembly.

    Source: Georgetown University’s Center for Retirement Initiatives

  • West Virginia

    SCR 58 was introduced on March 6, 2015 by Senator Tom Takubo.

    The resolution requests that the Joint Committee on Government and Finance study the need and feasibility of the state creating a cost-effective and portable group retirement savings program for small businesses and their employees. This study should include comparing the costs of establishing the program with currently available private sector financial and retirement security opportunities for small businesses.

    The resolution was referred to the Rules Committee on March 6, 2015, but the session ended with no further action taken. Last Updated 6/10/2015.

    2015 Legislative Session Dates: January 14, 2015 – March 14, 2015

    Visit the official website for the West Virginia Legislature.

    Source: Georgetown University’s Center for Retirement Initiatives

2014 or Earlier Proposals

  • Nebraska

    LR 344 was introduced by the bipartisan Nebraska Retirement Systems Committee on May 20, 2013.

    The resolution charges the Nebraska Retirement Systems Committee to conduct an interim study of the availability and adequacy of retirement savings of private sector workers.

    A hearing was held at the end of 2013, but no further legislative action is scheduled. Last updated 6/10/2015.

    2015 Legislative Session Dates: January 7, 2015 – June 5, 2015

    Visit the official website for the Nebraska Unicameral Legislature.

    Source: Georgetown University’s Center for Retirement Initiatives

  • Ohio

    SB 199 was introduced by Senator Eric Kearney on October 2, 2013.

    This bill is modeled after California’s SB 1234 and would establish the Ohio Secure Choice Retirement Savings Investment, which would administer the Ohio Secure Choice Retirement Savings Program. The program would be a mandatory (penalties for noncompliance) state-sponsored payroll deduction IRA for private sector workers at employers with twenty or more employees that do not offer a retirement plan. An automatic three percent (minimum) payroll deduction would be made into individual retirement accounts; however, individuals may opt-out of the program at any time. To protect the value of the retirement accounts, a funding mechanism (e.g. insurance) would be required. Assets would be pooled and professionally managed, with a privately-underwritten guarantee, and the state or employer will not be responsible for any liabilities. The program would only be established if the board can find that the system will be self-sustaining, qualifies for favorable federal tax treatment, and is not considered an employment benefit plan under the Employee Retirement Income Security Act of 1974 (ERISA).

    The bill was assigned to the Senate Finance Committee, but did not advance during the 2013-2014 legislative session. Last updated 6/10/2015.

    2015 Legislative Session Dates: January 5, 2015 – December 16, 2015

    Visit the official website for the Ohio General Assembly.

    Source: Georgetown University’s Center for Retirement Initiatives