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.
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