State-sponsored retirement plan proposed in Delaware

State-sponsored retirement plan proposed in Delaware
The bipartisan bill aims to help the 52% of employees in the state who don't have access to a retirement plan at work.
MAY 24, 2021

A bipartisan bill has been introduced in the Delaware House of Representatives that would create a state-sponsored retirement plan for private-sector workers.

The program, called Delaware EARNS, for Expanding Access for Retirement and Necessary Savings, is intended to serve the 52% of workers in the state who do not have access to a retirement program at work.

The proposed state program, which would be administered by the state treasurer’s office, would automatically enroll employees unless they elect to opt out.

Businesses with more than five employees would be required to participate in Delaware EARNS through a payroll process. Employers who already offer employees some other form of retirement option would not need to participate.

Illinois and New York recently said they are amending their auto-IRA programs to encourage greater participation.

Latest News

The average retiree is facing $173K in health care costs, Fidelity says
The average retiree is facing $173K in health care costs, Fidelity says

Research reveals a 4% year-on-year increase in expenses that one in five Americans, including one-quarter of Gen Xers, say they have not planned for.

Advisor moves: NY-based Coastline wealth adds three teams with over $430M in assets
Advisor moves: NY-based Coastline wealth adds three teams with over $430M in assets

Raymond James also lured another ex-Edward Jones advisor in South Carolina, while LPL welcomed a mother-and-son team from Edward Jones and Thrivent.

Fintech bytes: Vestwell comes through for underserved savers with multilingual support
Fintech bytes: Vestwell comes through for underserved savers with multilingual support

MyVest and Vestmark have also unveiled strategic partnerships aimed at helping advisors and RIAs bring personalization to more clients.

UBS profit beats estimates as Ermotti sees brighter outlook
UBS profit beats estimates as Ermotti sees brighter outlook

Wealth management unit sees inflows of $23 billion.

Evercore to buy advisory firm Robey Warshaw for $196 million
Evercore to buy advisory firm Robey Warshaw for $196 million

Deal will give US investment bank a foothold in lucrative European market.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

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.