Retirement Security Matters: April 9, 2020
Welcome! to Retirement Security Matters – a forum for retirement innovation information sharing focused on states, supporters, and servicers.
In this issue we highlight states' activities over the past week. We'll also share a special interview with OregonSaves board member Edward Brewington. And you know turbulent times call for fun shots of everyday life - so stick with us - or cheat and scroll - to the end.
Comments or content suggestions? We welcome both. Have something about your program you'd like to share? We're all ears.
Auto IRA States in Rollout Mode Like organizations around the country, state programs are working hard to communicate with savers and employers during current circumstances. OregonSaves has published a thoughtful advisory underscoring support and providing useful information for both. Illinois Secure Choice has posted COVID-19 messaging, and CalSavers, with an upcoming deadline, has included timely support messaging on its site. In fact on Friday, April 3, CalSavers announced the agenda for its April 15 Board meeting. The agenda includes a proposal to extend the current June 30, 2020 registration deadline for employers with 100 or more employees (and who do not offer a retirement plan) to September 30, 2020.
Illinois (workforce 5.7 million) – In February, Illinois introduced legislation that would open the program to more employers, and would make automatic escalation more automatic by allowing savers to opt out, rather than opting in to escalation. In mid-March the bill was assigned to the Committee for State Government Administration; it gained a co-sponsor on March 23. Connecticut (workforce 1.6 million) – on March 4, Governor Ned Lamont appointed Comptroller Kevin Lembo as chair of the Connecticut Retirement Security Authority (CRSA). Under interim leadership of Mike Walsh, the CRSA in February approved the start of negotiations with BNY Mellon, who were recommended for selection following CT’s 2019 program administration procurement activity.
