STATE RUN RETIREMENT SAVINGS PLANS
California. Letters opposing the use of CRA to overturn the DOL rules on state run retirement were sent from Senate President de Leon, Gov. Brown, and Treasurer Chiang.
California. The LA Times published an Op-Ed Feb. 13 from U.S. Reps Walberg & Rooney outlining why they were sponsoring CRA legislation to overturn DOL regulations creating a safe harbor for certain state and municipality run retirement plans for private-sector workers.
Hawaii. HCR 38, offered Feb. 7 and referred to 2 Committees, calls on the Legislature to convene a retirement savings working group to investigate and identify strategies to promote greater retirement savings for private sector employees.
Illinois. HB 2360, to amend the IL Secure Choice Program to require the Board to select a default contribution rate of 3% to 6% of an enrollee’s wages (rather than 3%) and begin the Program in 2018, rather than July 2017, was sent to Personnel & Pensions Feb. 14.
New Mexico. SJM 12 (as amended), which would establish a retirement income security task force helmed by the state Treasurer to study retirement preparedness of NM residents and evaluate options for establishing a retirement savings vehicle for private-sector employees without a workplace plan, was reported out of Rules and sent to Corporations & Transportation Feb. 10.
New York State. S. 4344 / A. 4982 would create an automatic enrollment payroll deduction IRA and Board responsible for promoting retirement savings for private sector employees. A. 4982 was sent to Gov’t Employees Feb. 6; S. 4344 was sent to Civil Service & Pensions Feb. 10.
Tennessee. SB 948 / HB 1194 would create a voluntary employee retirement accounts program to provide a group retirement program for private sector workers. The House bill was assigned to State Gov’t Feb 15; the Senate bill was referred to State and Local Gov’t Feb. 13.
Utah. SB 109, amended and placed on 2nd reading Feb. 14, would create a $500 non-refundable tax credit for small employers who offer qualified retirement plans to employees for the first time.
Virginia. SB 1076 / HB 2204, to create a marketplace-style My VA Plan Program to enable private employers to connect with financial services firms that offer retirement plans, was tabled in House Commerce & Labor Jan. 31.
Washington State. HB 1966 & SB 5675, to permit de minimus fees and make other changes to the Marketplace law, passed from House Business & Financial Services & Senate Financial Institutions & Insurance Feb 15.
529 College Savings Plans / ABLE Plans
Colorado. HB 1007, to permit employers who contribute to an employee’s ‘collegeinvest’ savings account to deduct that contribution from their adjusted gross income, had a hearing in House Education Feb. 22.
Hawaii. SB 940, passed 2nd reading as amended on Feb. 17, would provide a tax deduction up to $5K single/$10K joint for contributions to HI's 529 college savings program, beginning in 2018.
Hawaii. HB 128, amended and reported out of Committee Feb. 13, would provide for a tax credit for taxpayers of 10% of the first $2.5K single/$5K joint contributed to the HI 529 plan.
Idaho. HB 41, to exempt ABLE accounts when determining an applicant’s eligibility for certain programs or grants and provide for certain assistance subject to appropriation, passed the House Feb. 10 and Senate Committee Feb. 22.
Illinois. HB 3163, which would permit ABLE account contributions to be deducted from adjusted gross income, was assigned to Revenue & Finance Feb. 22.
Illinois. HB 3179 / SB 1758 would modify the term ‘qualified expenses’ for the College Savings Pool. HB 3179 was assigned to Higher Education Feb. 22.
Illinois. HB 3691, to establish and fund education savings accounts to provide funds for qualified education expenses of program participants, was referred to Rules Feb. 10.
Illinois. SB 2017, to create a tax credit for contributions to ABLE accounts, was referred to Assignments Feb. 10.
Maryland. SB 213, which would alter the amount the State is required to contribute to certain MD 529 account holders, had a hearing in Budget & Tax Feb. 8.
Mississippi. Bills to establish prepaid tuition plans and other new education savings accounts: HB 11, SB 2240, SB 2466 / SB 2247, SB 2574 (all died in Committee Jan. 31); bills to establish ABLE accounts: HB 162 (passed the House as amended Feb. 2, referred to Senate Finance Feb. 15) / SB 2311 (passed the Senate Feb. 7, referred to House Revenue & Expenditure Feb. 21).
North Dakota. HB 1382, to establish and fund education savings accounts to provide funds for qualified education expenses of program participants, passed the House Feb. 14 and was referred to Senate Education Feb. 17.
Virginia. HB 1959, to provide a 30% credit for employer contributions up to $1,000 for a student intern's VA College Savings Plan contribution, was left in Finance Feb. 7.
Washington State. HB 1425, to create the WA next generation educational savings account pilot program, has a Higher Education hearing Feb. 17.