New York State moved one step closer to an auto IRA system for private-sector workers this week as the Senate passed a bill to amend the forthcoming program.
On Monday, the Senate approved legislation passed in May by the state assembly that would require businesses to participate in the state’s individual retirement account program and automatically enroll workers, unless the businesses already provide a retirement plan. The versions of the bill are being reconciled in the state legislature before being sent to Gov. Andrew Cuomo for his signature.
Under the bill, businesses in the state that have been operating for at least two years and have at least 10 employees would be required to participate. In 2018, the state passed legislation to establish a voluntary IRA system for the private sector, but it has yet to implement that program.
The state appears to have been prodded into action by New York City’s passage of an auto IRA program. However, the city’s program would be absorbed by the state program — a provision in the city’s legislation requires as much, as long as the state system is similar and automatic.
Pending Cuomo’s approval, New York state’s program would be latest of a handful of auto IRA initiatives in the U.S. Given the size of the state’s population, it could also end up being one of the biggest.
One of the few auto IRA programs that is up and running, California’s CalSavers, has gained 11,000 participating employers, representing 350,000 workers and about $78 million in assets, since it launched statewide in July 2019, according to figures from the state. At the end of June, CalSavers will begin requiring all businesses with at least 50 employees to register, unless they already provide retirement plans.
Other states, including Illinois and Oregon, also have automatic IRA programs for private-sector workers.
In a saturated market of PE secondaries and repackaged alts, cultural assets stand out as an underutilized, experiential, and increasingly monetizable class of wealth.
However, Raymond James has had success recruiting Commonwealth advisors.
A complaint by the Social Security Administration's chief data officer alleges numbers, names, and other sensitive information were handled in a way that creates "enormous vulnerabilities."
The New Orleans-based 5th Circuit has sided the industry groups arguing the commission's short-selling rules exceeded its authority.
The deal will see the global alts giant snap up the fintech firm, which has struggled to gain traction among advisors over the years, for up to $200 million
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.