New York Mandates Retirement Plans

New York Governor Kathy Hochul last week signed AO3213A into law thereby mandating that private employers with 10 or more employees who do not provide a retirement savings plan must automatically enroll their workers in the New York State Secure Choice Savings Plan. The Secure Choice Savings Plan was first filed in 2015 and ultimately…

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Mandatory Retirement Plans Spreading

The addition of a mandatory retirement plan for private employers in New York state as well as New York City represents just the latest in this growing trend of retirement plan dictates. The idea took seed back in 2012 with California taking the lead (of course!) and first exploring the notion of enacting a state…

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Illinois Expands Secure Choice

The Illinois General Assembly gave final approval to a bill (HB 117) that broadens the applicability of the Secure Choice Savings Program, dropping the threshold at which employers must register to allow their employees to enroll in the retirement plan. House Bill 117 as amended provides that the program applies to all employers with at…

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