State-based retirement plans for the private sector

States around the country are looking into ways of providing retirement savings opportunities for individuals who do not have access to an employer retirement plan.  States with a retirement program under consideration or with a program adopted are in bold below. A brief description of the state program is included for each bolded state.   […]


Proposed regulations on state-based retirement plans for private-sector workers (January 2016)

The Pension Rights Center submitted comments on the U.S. Department of Labor’s proposed regulations that would allow the creation of certain state-legislated retirement savings plans that would be exempt from the Employee Retirement Income Security Act of 1974 (ERISA). The Center notes that “uncertainty about the effects and impacts of ERISA coverage, preemption, and regulatory […]


The Illinois Secure Choice Savings Program Act

On January 4, 2015, Illinois Governor Pat Quinn signed into law the Illinois Secure Choice Savings Program Act (Public Act 098-1150). Introduced as S.B. 2758 by Illinois Senator Daniel Biss, the Act passed the State legislature in 2014. With the Governor’s signature, Illinois becomes the first state to fully enact legislation requiring that private-sector employers […]


Connecticut Secure Retirement Plan

On May 7, 2014, the Connecticut General Assembly passed a “budget implementer” bill that includes provisions to lay the groundwork for a new state-administered retirement savings plan for private-sector workers who do not have an employer-provided pension or retirement savings plan. The bill allocates $400,000 toward the establishment of a Connecticut Retirement Security Board and […]


State Retirement Plans and Divorce

Each state retirement system has its own rules relating to the division of state employees’ pensions in divorce proceedings. Below is basic information on each state retirement system’s rules. Why does this matter? A pension can be the most valuable asset of a marriage. When going through a divorce, both parties to the marriage should know whether the state government employee’s pension or […]