PRC In the News

Senate Kills State-Sponsored Retirement Plans For Private Sector Workers

In a narrow vote, 50 (yes) to 49 (no), the Senate by resolution killed an Obama-era rule that greenlighted state-sponsored auto-IRA retirement programs for small business workers. 

PRC In the News

Senate overturns rules to help cities offer retirement plans to workers

In a 50-49 vote, the Senate quashed Labor Department rules from the Obama administration that would have made it easier for cities to provide government-run retirement plans to private sector workers.

PRC In the News
03/08/17|Chief Investment Officer

Bill to Rescind DOL Rule Extending Pension Coverage Sparks Fierce Debate

In a move that is sparking a firestorm of protest regarding the extension of retirement plans to uncovered workers, the US House of Representatives advanced two bills to overturn federal rules that would make it simpler for states to start individual retirement accounts (IRAs) for private-sector workers who do not have 401(k)s.

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How Republicans Could Block Access to Retirement Plans for Low-Income Workers

The United States Senate is on the verge of making a vote that would have a major impact on the chances for young and low-income people to save for a secure retirement.  

PRC In the News

Congress Poised To Halt State-Mandated Small Business Retirement Plans

Large employers are backing two Congressional resolutions that would put a stop to burgeoning state and city-mandated workplace retirement savings programs meant to cover the 55 million American workers without a private sector plan. The vote could come next week, and is causing alarm among retirement security watchdogs and the states that are rolling out […]

PRC In the News
09/30/16|Small Business Trends

Mandatory Retirement Savings Program Coming to a State Near You?

Washington state has created a Small Business Retirement Savings Marketplace where small businesses can go to get affordable retirement plans to offer their employees. 

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When Will New State Retirement Plans Start Enrollment?

Half of private sector employees don’t have access to a workplace retirement savings plan, but by next year several states expect to have new plans up and running.

PRC In the News
09/12/16|Institutional Investor

Does California’s Secure Choice Retirement Have Staying Power?

A large swath of the nearly 7 million Californians working in the private sector without access to a retirement plan will soon be able to sign up for one. Or, to be more accurate, they will be automatically enrolled with the right to opt out of the new Secure Choice Retirement Savings Program. 

PRC In the News
08/09/16|Los Angeles Times

Trade group trying to kill bill making state-run retirement accounts a worker benefit

An investment industry trade group is trying to kill a California bill that would make retirement savings accounts an almost universal benefit for workers in the state, saying that plan will be more expensive than lawmakers anticipate and could ultimately cost taxpayers.

PRC In the News
07/05/16|CBS News

States aim to fill pension gaps with “auto IRAs”

With a push from AARP, a small but growing number of states are legislating “automatic IRAs” for the employees of their smaller businesses that don’t offer a pension or 401(k).

PRC In the News
04/05/16|New York Times

San Francisco Poised to Approve Fully Paid Parental Leave

“There’s been a lot of proposals out there, but California became the state leading the effort,” she said. “It’s a recognition that most people are retiring without adequate income.”

PRC In the News
04/01/16|San Francisco Business Times

California proposal would require businesses to help workers save for retirement

Companies with as few as five employees could soon be required to provide them with retirement savings accounts, under a new proposal wending its way through the state Legislature that is nearing a vote.