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SHARE: A bill passed by both the state Senate and Assembly would create a mandated savings plan for private sector employees throughout New York. Legislation creating the Secure Choice Program goes back three years, and supporters are now lobbying for Gov. Andrew Cuomo to put his signature on an amendment that would give workers at small businesses with at least 10 employees the chance to put their money into a Secure Choice IRA. Employees also would be able to opt-out under the current legislation, which has support from Senate Majority Leader Andrea Stewart-Cousins and Assembly Speaker Carl...

This month’s Friday Five highlights both circuit and district court opinions on the scope of ERISA preemption, discretionary review and exhaustion of administrative remedies. Ninth Circuit Confirms ERISA Does Not Preempt State-Run IRA Savings Program. In a dispute over a California law that creates a state-managed individual retirement (“IRA”) program for employees without access to a tax-qualified retirement savings plan through their employer, the Ninth Circuit affirmed the district court’s conclusion that the program was not a de facto ERISA plan and, thus, was not preempted. The ...

PUBLISHED 5:46 AM ET May. 25, 2021 PUBLISHED 5:46 AM EDT May. 25, 2021 SHARE More than a dozen consumer, civil rights, and business groups on Monday urged state lawmakers to give final approval to a bill that's designed to aid the state's savings program for private-sector workers by creating a system of automatic enrollment.  The measure, backed by AARP New York and 15 other groups, would address New York's Secure Choice Savings Program, and require private companies with at least 10 workers who do not already provide their workers wit...

New York state lawmakers passed a bill to create an automatic-IRA program for private sector companies that don't offer a retirement plan.

To embed, copy and paste the code into your website or blog: The Illinois General Assembly is considering a bill (H.B. 117) that would make several amendments to the Illinois Secure Choice Savings Program Act, including extending the requirement to offer employees a retirement savings plan to employers with 5 to 24 employees. H.B. 117 was passed by the Illinois House of Representatives earlier this month and is currently pending in the Illinois Senate. Currently, Illinois employers that have 25 or more employees and have been in business at least two years are required to participate in the s...