State mandates

New Jersey enacts Secure Choice retirement savings legislation

New Jersey enacts Secure Choice retirement savings legislation

Life has a bad habit of getting in the way of our carefully laid-out plans, no matter how hard we work to achieve a financially-secure retirement. And as traditional pension offerings have declined in popularity, more and more workers have found themselves struggling just to pay the bills in retirement. Clearly, our workforce needs a little bit of help—and states are stepping in.

Illinois Secure Choice requires small employers to offer a retirement savings program

Illinois Secure Choice requires small employers to offer a retirement savings program

By the end of this year, most small employers in the state of Illinois will be required to offer employees a retirement savings program to save in—an attempt from the state government to protect its citizenry from reaching retirement age without having adequate savings to get them to and through retirement. But is Illinois Secure Choice actually mandatory, and if so, how will small employers potentially be affected?

OregonSaves rules, regulations, and guidelines for small business owners

OregonSaves rules, regulations, and guidelines for small business owners

Oregon has introduced legislation to help close the coverage gap among retirement savers, mandating that small businesses and large business alike provide employees with retirement plan to save in. Employers who don’t already offer a retirement plan to employees will be required to either adopt a qualified plan or register to offer Oregon’s new state-run retirement program, OregonSaves.

Why are states beginning to mandate small business retirement plans?

Why are states beginning to mandate small business retirement plans?

In an attempt to help today’s workforce adequately prepare for a financially-secure future, state governments across the country have started mandating that all types of employers, including small businesses, offer some type of retirement plan for their workers to save in. But why?

What states have mandated retirement savings plans?

What states have mandated retirement savings plans?

The results from recent studies surrounding retirement readiness are in, and they don’t look good. More than 1 in 4 U.S. adults don’t save any portion of their household’s annual income for retirement; taking a cue from this statistic, and understanding that everyone benefits from making savings a priority, these states are proactively investing in the economic futures of their citizenry by introducing laws that provide state-run retirement savings initiatives.

Why a state retirement plan may not be a good fit for a small business

Why a state retirement plan may not be a good fit for a small business

There’s been a lot of talk recently about how many American workers lack access to an employer-sponsored retirement plan, and the statistics are alarming. According to the Employee Benefits Research Institute, only about three in ten small businesses have retirement savings plans available to employees. The problem here is obvious—so the government is stepping in.

Which state-compliant retirement plan is the best fit for your business?

Which state-compliant retirement plan is the best fit for your business?

Social Security, which was designed to only replace a portion of workers’ pre-retirement earnings, provides most of the retirement income for an alarmingly high amount of households aged 65 and older in the United States – about half. Potentially even more distressing is that more than a third of American’s don’t have anything saved for retirement, and something needs to be done about it.

Are state auto-IRAs the answer to the retirement savings gap?

Are state auto-IRAs the answer to the retirement savings gap?

For those still working, access to employer-sponsored retirement savings plans can help set workers on the path towards retirement readiness, but recent statistics show that 34 percent of working adults don’t have any retirement savings. Unless there’s a drastic change, this leaves millions of retiring Americans relying solely on their Social Security income or taxpayer-funded public assistance. Enter state-auto IRAs.