California prevailed Monday in a battle over its auto-IRA, CalSavers, when the Supreme Court refused to hear a challenge to the legality of the program.
“The United States Supreme Court’s denial of review preserves the ability of millions of hard-working Californians to save for their futures through this portable, simple option,” Fiona Ma, the treasurer of California, said in a statement. Ma chairs the CalSavers Retirement Savings Board.
The Supreme Court decision is good news not only for CalSavers, but for the other states and municipalities that operate similar programs.
In 2018, the Howard Jarvis Taxpayers Association had sued to block the CalSavers program on the grounds that it was illegal because it was preempted by the Employee Retirement Income Security Act.
A California District Court judge dismissed the suit in April 2019 and the 9th Circuit Court of Appeals affirmed that decision in May 2021.
CalSavers has more than $186 million in assets, with about 30,000 employers registered and 233,000 people enrolled, according to the statement.
Chicago-based Mesirow Fiduciary Solutions adds flexPATH's plan-level outsourced fiduciary book, boosting its retirement market reach to $164 billion.
Also, Raymond James's employee advisor channel adds breakaways from Wells Fargo and Stifel, while UBS welcomes an ex-Morgan Stanley duo in Indiana.
It promised guaranteed principal and 10% monthly returns. The SEC says it invested nothing.
Ten years after entering the fee-based annuity market, MassMutual Ascend says nearly half its lifetime sales came in the past two years alone – but barriers remain among fee-only advisors.
Amplify, WealthReach, Zeplyn and Zocks have unveiled partnerships aimed at automating portfolio management, content creation, account opening, and client communication.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
