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ARTICLE · 08 DECEMBER 2016

What Employers Need To Know About Mandatory Payroll Deduction Savings Programs

Fisher Phillips LLP
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Administering and providing retirement benefits can present difficulties to employers. If you offer such benefits, you must choose and monitor service providers, offer prudent investment options...

United StatesEmployment and HR
Melissa Shimizu
Melissa Shimizu
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Administering and providing retirement benefits can present difficulties to employers. If you offer such benefits, you must choose and monitor service providers, offer prudent investment options, and administer benefits, among other responsibilities. It is for these reasons that some employers decline to offer them.

Recognizing such difficulties, a number of states have drafted legislation to establish and maintain state-sponsored retirement plans for private sector workers. To date, California, Connecticut, Illinois, Maryland, Massachusetts, and Oregon have done so. 

U.S. Department of Labor (USDOL) Guidance

In August 2016, the USDOL issued guidance on these state-sponsored retirement plans. It indicated that they would not be subject to ERISA provided they satisfy certain safe harbor

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