Retirement Security Matters: April 23, 2020
Greetings! Welcome! to Retirement Security Matters - a forum for retirement readiness innovation by states, supporters, and servicers.
This week's hot topics include:
States in action – Connecticut, Maryland, Virginia, and New Mexico
As I See It - Colorado State Treasurer Dave Young
State roll out updates – including California’s CalSavers program
And – fresh pix – and this week, even poetry!
Comments or content suggestions? We welcome both. Have something about your program you’d like to share? We are all ears.
STATES IN ACTION
Connecticut (workforce 1.6 million) – working remotely, the Connecticut Retirement Security Authority met twice last week focused on finalizing its program administration procurement. On Monday, April 20, Comptroller Kevin Lembo announced that the Authority has selected Sumday, a subsidiary of BNY Mellon, to act as the program’s administrator. The Board’s next meeting is set for May 15. Expect to see action plans for implementation begin to unfold. The CRSA has also released a fresh new site in connection with the Comptroller’s office.
Maryland (workforce 2.9 million) – is also progressing to rollout mode. In a nod to the disruption caused by COVID-19, the program has extended the submission deadline for its RFP for Program Administration and Investment Management services to April 30. Oral presentations are set for June with contract award targeted for July 2020.
Virginia (workforce 3.8 million) – is the latest state to formally initiate retirement security study activity. On March 27 Governor Northam signed HB 775 directing the Virginia College Savings Plan to convene a stakeholder group, analyze private retirement options and develop recommendations, and report to the General Assembly by December 15, 2020.
New Mexico (workforce 950,000) – was the first state to get implementing legislation passed in 2020. Treasurer Tim Eichenberg’s office will provide administrative support to the program’s board and has initiated a new information page as part of Treasury’s site. The New Mexico Work and Save Act calls for the establishment of both a retirement plan marketplace and an Auto IRA program. The State Treasurer’s Office has until July 1, 2021, to begin the Retirement Savings Plan Marketplace, and until January 1, 2022, to begin the Work and Save program.
