Why Small Business Owners Often Resist 401(k)s
Two of the reasons most commonly cited by small business owners for not offering a retirement plan are the beliefs that their business is too small to qualify and that they can’t afford a match.
Tag: state-run retirement programs
MyCTSavings Launch Hailed by State Leaders
Discussing the program’s launch with PLANADVISER, Connecticut Comptroller Natalie Braswell says the goal of the program is straightforward—to help ensure everyone can achieve a financially secure retirement regardless of the industry or sector they work in.
Compliance
Supreme Court Won’t Consider CalSavers ERISA Preemption Lawsuit
The move by the high court stops an advocacy organization’s effort to halt the program, which provides workplace retirement savings for private sector workers whose employers do not offer a retirement plan.
Client Service
State-Facilitated Retirement Savings Programs Helping Close Savings Gap
A recent webinar gave state governments the opportunity to share updates on their progress in implementing q state-facilitated retirement savings programs.
Data & Research
70% of Eligible Employees Have Joined California’s State-Run Retirement Program
Early evidence suggests the mandate for employers that don’t offer a retirement plan to join CalSavers is driving adoption of new plans.
Compliance
Launch Announced for MarylandSaves State-Run Retirement and Emergency Savings Program
The plan will automatically convert savers’ assets to a monthly paycheck at retirement unless they opt out of doing so.
Compliance
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Data & Research
Data & Research
Data & Research
Compliance
Taxpayers Association Seeks Supreme Court Review of ERISA Pre-emption Case
The plaintiffs in the case believe California should not be permitted to operate the CalSavers Retirement Savings Program on the grounds that its establishment violates federal ERISA pre-emption rules—claims rejected by both a district and an appellate court.
Talking Points
Plain Speak Advisers might keep in mind that when asked to choose the term that fits each definition given below, this is what plan participants said: Adviser Firms Record...
New York City Council Approves Auto-Enroll IRA Program
The proposal creates a mandatory automatic enrollment individual retirement account program for employers that do not offer a retirement plan and employ at least five people.
DOL Notifies Court It No Longer Supports Lawsuit Against CalSavers
A court filing cites the change in administration as the reason for backing out of the suit.
DOL Files Brief in Case Over ERISA Preemption of CalSavers
A brief filed in a federal appellate court explains how the agency believes a federal district court erred in dismissing the case.
Judge Finds CalSavers Not Preempted by ERISA
A federal judge dismissed the lawsuit and decided that granting the plaintiffs leave to amend would be futile.
U.S. Attorneys File Statement in CalSavers Lawsuit
The attorneys argue that the CalSavers program goes against ERISA's intent for a voluntary benefits offering and a nationally uniform plan administration structure.
State-Run Auto-IRAs Will Help Close the Coverage Gap
Sources view state-run retirement savings plans as useful for improving retirement readiness, as well as a potential business opportunity for advisers.
U.S. Contemplates Joining California Secure Choice Lawsuit
The lawsuit, alleging the act that created the program is preempted by ERISA, was filed less than a year after the Trump administration and Congress cancelled an ERISA safe harbor established by the Obama administration.
California State-Run Auto IRA Program Launched
Despite regulatory concerns and opinions that state-run plans will not close America's retirement savings gap, states still implement such programs.
Small Business Owners Prefer Financial Service Companies to Manage Retirement Plans
Eighty-nine percent of small employers surveyed said they have a high level of trust in retirement plan providers, compared to 53% for state governments.
Finance’s Reputation Problem Impacts Auto Retirement Plan Success
Industry pros know there are big differences between financial services providers in termsof business models and their willingness to embrace fiduciary best practices—but many non-investors see a monolithic industry sharing a set of common reputation problems.
Workers Reacting Positively to OregonSaves Retirement Program Opportunity
“The preliminary data from OregonSaves show that important assumptions about how workers would react to the availability of auto-IRAs appear to be holding up, at least in the context of their behavior within the program," the Center for Retirement Research (CRR) at Boston College says.
OregonSaves State-Based DC Plan Marks First Birthday
According to state authorities, the combined savings of the first groups of participating savers is approaching $5 million.