PODCAST: Williams Mullen's Benefits Companion - Virginia Launches New Retirement Savings Program
If your New Jersey business doesn’t sponsor a retirement savings program, it’s time for you to create a system allowing workers to sock away retirement money through automatic payroll deductions. Thanks to the New Jersey...more
The State of New Jersey is making a state-administered retirement savings program available to eligible workers who do not have qualifying retirement savings plans through their employer. This is an innovative approach to...more
On October 18, 2023, the Maine Retirement Savings Board adopted a final rule implementing Maine’s state-run retirement savings program, the Maine Retirement Investment Trust or MERIT. MERIT is intended to help employees who...more
The SECURE 2.0 Act of 2022 sets forth a number of changes affecting retirement plans that go into effect over several years. This article focuses on key changes for 2024 that may be implemented....more
T. Rowe Price published the latest findings of its annual Retirement Savings and Spending study, which found women lag far behind men in terms of retirement contributions, savings, and confidence. The median 401(k) account...more
Employers who do not sponsor a qualified retirement plan, such as a 401(k) plan, and have at least five employees in California must be sure to promptly enroll in California’s CalSavers program....more
California law requires that employers doing business in California that do not offer a 401(k) plan must register under the CalSavers Retirement Program (the “CalSavers Program” or “Program”) and provide employee census...more
Last year, New York State joined an ever growing number of states requiring certain employers to either offer employees a retirement savings plan or enroll in the applicable state program. More specifically, the New York...more
On January 10, 2022, teachers will be able to begin submitting applications to the Illinois Teachers’ Retirement System (TRS) to participate in TRS’s new Supplemental Savings Plan (SSP) which is a tax-deferred compensation...more
New York Governor Kathy Hochul enacted an auto-IRA law, effective October 21, which requires certain New York employers to either offer their employees a qualified retirement plan or join the state-run IRA program. The new...more
Last week TRS published Employer Bulletin 22-15 on its Supplemental Savings Plan (SSP), a new SSP Employer Participation Agreement, and a form of resolution for adoption by school boards to approve the Participation...more
Earlier this week, TRS issued an Employer Bulletin and a post in the Employer/Supplemental Savings Plan portion of its website regarding employer participation in implementation of the Plan. We are reviewing the new...more
Since our last alert on the Illinois Teachers’ Retirement System’s Supplemental Savings Plan (SSP), we have submitted to TRS, in consultation with IASA and IASBO, proposed changes to the TRS’ SSP document to address the...more
Colorado employers with five or more employees need to begin preparing to ensure they are in compliance with obligations brought about by a new state law that ensures nearly a million Colorado workers have access to...more
In 2015, Oregon passed legislation creating a state-based retirement savings program that has since been named “OregonSaves.” Implementation of the OregonSaves program was delayed pending the issuance of final rules by the...more
The Government Accounting Office (GAO) took a look at 80 401(k) plans and concentrated on the features that they believe limit an employee’s ability to save. While the Internal Revenue Code and ERISA currently allow all of...more