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Vermont is now among the states providing a state-run plan for private-sector employees whose employers are not. Gov. Phil Scott (R) has signed into law the measure that called for the creation of their iteration.  On June 1, Scott signed S. 135, the bill that creates VTSaves.  Action on the... READ MORE
The odds increased of Nevada becoming the next state to provide retirement plan coverage to private-sector employees whose employers do not, when the state Senate on May 29 voted in favor of legislation that would do just that.  SB305 was introduced on March 16, 2023.  ARA Support  The American... READ MORE
The Pennsylvania House of Representatives on May 24 passed HB 577, a bill that would create the Keystone Saves Program, which would be an automatic enrollment payroll deduction IRA retirement savings program. The measure passed in a 106-95 vote. All 101 Democrats in the state House voted for it,... READ MORE
A title like this one was bound to happen; and I was tempted to publish it on April Fool’s Day—except that it’s really not a joke. Where it comes from is the simple fact that any DC lifetime income program (ok, why not, let’s use the acronym DCLIP while we’re at it) that guarantees lifetime income... READ MORE
Minnesota became the latest state to officially launch a state-sponsored retirement plan for private-sector employees lacking coverage.  Gov. Tim Walz (D) signed HF0782, the measure that creates the Minnesota Secure Choice retirement program, into law on May 19, making it one of 12 states offering... READ MORE
April, it has been said, is the cruelest month. No offense to Chaucer, but CalSavers — the Golden State’s state-run retirement plan for private-sector employees whose employer do not offer one —  may beg to differ. In the fourth month of 2023 its total assets surpassed half a billion dollars. ... READ MORE
  CalSavers, the state-run retirement plan that covers private-sector employees whose employers don’t offer a plan, is growing — but so far this year, the expansion in assets is outstripping that of registrations.    Registrations    Month-to-month growth in employer registrations was still... READ MORE
The Land of 10,000 Lakes is poised to become the next to adopt a measure creating a state-run retirement program that provides coverage for private-sector employees whose employers do not. The state Senate approved the bill that would do so on May 11, and the House had done so 10 days earlier; the... READ MORE
The Vermont House of Representatives has passed legislation that would create VTSaves, bringing the state one step closer to becoming the latest to establish a state-run retirement program to provide coverage to private-sector employees whose employers do not. The state Senate had passed S.135 on... READ MORE
The IRS has issued an update to the 2022-2023 priority guidance plan.  The IRS had released the initial plan on Nov. 4, 2022, setting forth guidance priorities for the 12-month period from July 1, 2022, through June 30, 2023 (the plan year). It released an update to the plan in February.   The To... READ MORE
A bill that would establish a state-run retirement plan to provide coverage for employees whose private-sector employers do not is working its way through the Pennsylvania legislature.  The Commerce Committee of the House of Representatives on May 3 voted in favor of HB 577 in a 12-8, party-line... READ MORE
We’ve received numerous inquiries on the operational aspects of Roth provisions now that SECURE 2.0 expands the availability and benefits of Roth contributions in retirement plans. In particular, I’ve seen a resurgence in Roth conversion questions. One much-discussed strategy is the Mega Backdoor... READ MORE
A perceived comfortable retirement may be hard to reach for many working Americans, as most say it will take at least $1 million to do so, although most don’t expect to reach that number.   According to findings from Schroders’ 2023 U.S. Retirement Survey of 2,000 U.S. investors nationwide,... READ MORE
A bill is before the Maine legislature that would amend the Maine Retirement Savings Program in a variety of ways.  Background. Gov. Janet Mills (D) signed the Act To Promote Individual Retirement Savings through a Public-Private Partnership (LD 1622) into law June 24, 2022. The legislation had... READ MORE
A measure that would create a state-run retirement plan to provide coverage for private-sector employees in Minnesota whose employers do not is under consideration in the state legislature.  Multiple committees in both the state Senate and House of Representatives looked at The Minnesota Secure... READ MORE
Connecticut Comptroller Sean Scanlon has announced that the registration deadline for MyCTSavings has been extended to Aug. 31, 2023.  The Connecticut Retirement Security Program — also known as MyCTSavings — is a state-sponsored program that provides retirement plan coverage for those whose... READ MORE
Vermont is the latest state to push for a mandatory auto-IRA for uncovered workers and is close to getting its wish. The Green Mountain State’s Senate swiftly and unanimously passed the VTSaves public retirement initiative on Thursday, which was introduced with the support of AARP in March.   ... READ MORE
The IRS has updated the information it provides concerning reporting contributions to IRAs. The information is contained in Publication 590-A, Contributions to Individual Retirement Arrangements (IRAs). What's New for 2022    The following information in Publication 590-A is new for 2022... READ MORE
The Treasury Department and the IRS seek feedback regarding the tax treatment of a nonfungible token (NFT) as a collectible under the tax law. The matter has relevance not only for saving and investment, but also for IRAs.  The announcement comes in IRS Notice 2023-27.  The IRS also seeks... READ MORE
If a measure before the Oregon Senate becomes law, ABLE accounts would be added to the options available to employees in Oregon. If enacted, the new option would be available beginning Jan. 1, 2025.  SB 571 provides that if an employer offers or provides contributions to employee retirement... READ MORE