OECD Issues Recommendations on the “Good Design of Defined Contribution (DC) Pension Plans.” Issued on February 23, 2022, according to the OECD, “the recommendations aim to assist in designing both occupational and personal pension plans in which retirement income depends on contributions paid, investment returns, and the way assets are paid out over retirement (defined contribution pension plans). They represent ten high-level policy principles to strengthen retirement income adequacy if retirees depend on a DC plan. They also recognize the differences between countries and allow for flexibility in implementation based on the legal, policy, and institutional frameworks.” Read related CRI blog post by Pablo Antolin.
Board Meetings: IL: 5/19; CT: 5/20; CO: 5/24; CA: 5/24; MA: 6/14; VA: 6/14; ME: 6/15; NM: 7/7; NJ: 7/8; MD: 9/12; OR: 8/30
CT – myCTsavings program moving to Comptroller’s office
NJ – EFL Associates selected for program ED search
NM – RFQ for marketplace consultant closed 5/16
AZ – New study commission with 12/31/22 deadline
WA – 401k provider Saturna exits marketplace
MD – Pilot program successfully recruits employers
For an overview of current state programs and features, see State-Facilitated Retirement Savings Programs: A Snapshot of Plan Design Features
Click Here to View the 2021 State Legislative Updates
and State Resource Center (log in required)
FEDERAL LEGISLATIVE PROPOSALS
- Simplifying Small Business Retirement Savings Act
- Incentivizing Small Business Retirement Savings Act
- Too Narrow to Succeed Act of 2022
- Increasing Small Business Retirement Choices Act of 2022
- INFORM: Information Needed for Financial Options Risk Mitigation Act of 2022
- Protecting America’s Retirement Security Act of 2022
- Informed Savers Act of 2022
- Starter-K Act of 2022
- Securing a Strong Retirement Act of 2022
- Enhancing Emergency and Retirement Savings Act of 2022
- RISE Act Retirement Improvement and Savings Enhancement Act of 2021
- Auto Reenroll Act of 2022
- Lifetime Income for Employees (LIFE) Act of 2022
View additional bills of the 117th Congress, 1st session, and prior years
INTERNATIONAL PROGRAMS
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CRI PODCAST
Episode 30: What Do We Know About How Retirees Spend and the Role of Guaranteed Income in Improving Outcomes? (April 27, 2022)
Episode 29: State-Facilitated Retirement Savings Programs: How 40,000 Employers Have Helped 400,000 Employees Save $400 Million for Retirement…and It’s Just the Beginning (February 17, 2022 – webinar audio)
Episode 28: What is the 2022 Legislative and Regulatory Outlook for Retirement Reform? (January 26, 2022)
Episode 27: Why Is It Important to Close the Retirement Savings Access Gap, What Are Policymakers Doing, and How Are Employers and Employees Responding? (December 14, 2021)
Episode 26: What Has Made Washington State One of the Top 5 Best Performing and Funded Pension Systems in the U.S.? (September 28, 2021)
Episode 25: What Do Chief Investment Officers (CIOs) View as Key Issues and Opportunities to Strengthen the Retirement System? (August 31, 2021)
Episode 24: How Are Current Demographic and Economic Trends Shaping the Future of Social Security and Retirement Security? (July 27, 2021)
Episode 23: What are the Benefits and Challenges of Pooled Funding and Risk-Sharing in Collective Defined Contribution (CDC) Plans? (June 17, 2021)
Episode 22: How ERISA and the Tax Code Apply to IRAs and 401(k)s: What Does it Mean for State-Facilitated Retirement Savings Programs? (May 25, 2021)
Episode 21: What is the 2021 Legislative and Regulatory Outlook for Retirement Reform? (March 30, 2021)
CRI IN THE NEWS
State Auto-IRAs are flowering in May (InvestmentNews, May 16, 2022)
Growing Pool of Gig Workers Left Out of State Retirement Plans (Bloomberg Law, May 3, 2022)
Looking at legislative efforts to make retirement easier (Reverse Mortgage Daily, April 25, 2022)
Labor’s Kennedy Townsend Puts Retirement on Social-Change Agenda (Bloomberg Law, April 22, 2022)
10 States Trying to Make It Easier to Retire (MoneyTalks News, April 21, 2022)
More States Help Workers Save for Retirement (Pew, April 11, 2022)
California’s Auto-Retirement Program Denied Supreme Court Review (Bloomberg Law, February 28, 2022)
State-Facilitated Retirement Savings Programs Helping Close Savings Gap
(Planadviser, February 24, 2022)
Workers at private companies have amassed more than $400 million in state-run retirement programs (CNBC, February 2, 2022)
Panel addresses retirement situation in Ohio (Sydney (OH) Daily News, December 15, 2021)
Re-Thinking Retirement with New Legislation (Yahoo!Finance, December 10, 2021)
These states automatically enroll you in Roth IRAs: Here’s what you need to know (CNBC, December 2, 2021)
States Step Up Action to Address the U.S. Retirement Savings Crisis (Forbes, December 2, 2021)
75% of Americans Think the Government Should Help Them Save for Retirement (MarketWatch, November 22, 2021)
New Research Finds Strong Support for State-Facilitated Retirement Programs for Workers Lacking Workplace Plans (Workerscompensation, November 22, 2021)
Most Americans Strongly Support State-Run Retirement Programs (401k Specialist, November 22, 2021)
Public Opinion Favors State Auto IRAs, Report Finds (InvestmentNews, November 19, 2021)
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