In an effort to close the gap in retirement savings across the state, Governor Phil Murphy signed the New Jersey Secure Choice Savings Program Act (Act) in March of 2019. The Act created the Secure Choice Savings Program (Program), designed to provide a path for more private sector employees save for retirement. In short, the
State mandated retirement plan
Illinois Expands its Secure Choice Mandatory Retirement Savings Program
By Kent Maze on
Employers in Illinois with at least 5 employees must soon comply with the Illinois Secure Choice Savings Program Act (Secure Choice) or offer employees an employer-sponsored retirement plan.
Background
Secure Choice requires employers to automatically withhold five percent of an employee’s compensation (up to the annual maximum allowed for IRA contributions each year as provided…
CalSavers Not Preempted by ERISA
By Donald P. Sullivan & Jean Y. Yu on
With an alarming number of American workers lacking adequate retirement savings, California and a handful of other states began implementing state-sponsored retirement savings programs. The CalSavers Retirement Savings Program (CalSavers) was first launched as a pilot program in 2018 and then expanded to all eligible employers in the state in July 2019 in order to…
UPDATED – Did You Know California has a State Mandated Retirement Plan?
By Yana S. Johnson on
Frequently Asked Questions About CalSavers
Question:
What is CalSavers?
Answer:
CalSavers is a new California law designed to encourage employees to save for retirement. CalSavers was originally called California Secure Choice and was approved by the State Legislature in 2016.
CalSavers provides employees a retirement savings program without the administrative complexity, fees, or…
Illinois Secure Choice Retirement Savings Program No Longer Mandatory?
By Joshua Rafsky on
The future of the Illinois Secure Choice Savings Program Act (Secure Choice) is uncertain following Governor Bruce Rauner’s amendatory veto which could make employer participation in the Secure Choice program optional.
The legislation, as enacted, makes participation in the Secure Choice program mandatory for covered employers that do not offer employees a qualified retirement plan.…
Illinois Secure Choice Savings Program – A Mandatory Retirement Plan
Employers in Illinois with at least 25 employees must comply with the Illinois Secure Choice Savings Program Act (Secure Choice) or offer employees an employer-sponsored retirement plan. Secure Choice is set to roll out in November 2018.
Secure Choice applies to Illinois employers that do not sponsor a qualified retirement plan. The program, adopted in…