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NAIFA-WA Testifies at Hearing on State-Run Retirement Legislation

By NAIFA on 1/30/24 3:00 PM

NAIFA members in Washington state and across the country have dedicated their careers to ensuring their clients are well-prepared for retirement. Financial professionals offer a robust variety of products and services, working with employers and employees, alike, to provide retirement security options.

Topics: Retirement Planning State-Facilitated Retirement Plans Opposed Legislation Washington
1 min read

Retirement Planning Options Offset the Need for a State-Run Plan in Washington State

By NAIFA on 2/16/23 5:14 PM

NAIFA Policy Director Maeghan Gale testified to Washington state lawmakers that ample private-sector options are available for employers who want to set up retirement plans for their workers or for employees who want to prepare for retirement on their own. Washington lawmakers are considering a feasibility study for a potential state-facilitated Auto-IRA program.

Topics: State-Facilitated Retirement Plans State Advocacy Washington
2 min read

NAIFA Urges Oklahoma Senate to Reject State-run Retirement Plan

By NAIFA on 2/9/21 3:15 PM

NAIFA strongly supports efforts to encourage and incentivize workers’ participation in employer-provided retirement plans available on the private market. Private-sector plans offered by employers provide many design features that help workers plan for secure retirements. A qualified financial professional, such as a NAIFA member, can help workers with individual retirement-planning solutions and assist employers in establishing workplace plans.

Topics: Retirement Planning State-Facilitated Retirement Plans State Advocacy Grassroots Oklahoma
1 min read

NAIFA-VA Comments on State-Run Retirement Bill at Delegates' Subcommittee Meeting

By NAIFA on 1/19/21 1:18 PM

Virginia House Bill 2174 would establish the VirginiaSaves Program, a state-run automatic enrollment payroll deduction IRA savings program. The program would be optional for employees, but would require employers with five or more employees that do not offer retirement plans to set up a payroll deduction and retirement savings plan through the state-run system.

Elizabeth Pate, a NAIFA-VA Board member and Past President for the state chapter, testified via Zoom before the Virginia House of Delegates Appropriations Compensation and General Government Subcommittee that NAIFA-VA has concerns about the proposed program.

Pate said that NAIFA applauds efforts by the Virginia General Assembly to help Virginians prepare for retirement, but cannot support the legislation as it currently stands. She noted that the federal SECURE Act makes it easier for employers to band together and offer retirement plans in a cost-effective manner. This achieves the goal of encouraging greater retirement preparation by employees without creating a state-run plan to compete with the private sector.

Plans created under the SECURE Act, she noted, would give participants protections afforded by the Employee Retirement Income Security Act of 1974 (ERISA), while it appears VirginiaSaves participants would not benefit from ERISA protections.

Pate also noted that enrollees in the state-run program would lack access to personalized advice from financial professionals that many participants in private-market plans receive.

Several members of the Subcommittee raised questions about potential financial impacts of the VirginiaSaves plan on small businesses and expressed concerns about the mandatory nature of employer participation under the current draft of the legislation. The Subcommittee vote to send HB 2174 to the full committee for further consideration.

NAIFA and NAIFA-VA will remain politically active and engaged on the proposed legislation.

Topics: Retirement Planning State-Facilitated Retirement Plans State Advocacy Grassroots Virginia
1 min read

NAIFA Sees Small Victory in Colorado Secure Choice Plan

By NAIFA on 6/10/20 5:48 PM

Colorado’s Implementation of Colorado Secure Savings Program bill, SB 200, is on a trajectory to pass. NAIFA, along with the American Council of Life Insurers, Insured Retirement Institute, and National Federation of Independent Business, worked diligently to counter the measure. There was limited time for debate. Also, the proposal is an initiative of the House Speaker. These factors make it all but impossible to defeat.

Topics: Retirement Planning State-Facilitated Retirement Plans State Advocacy Colorado
1 min read

NAIFA Member to the Seattle Times: State-Run Retirement Plan Is a Bad Idea

By NAIFA on 2/25/20 11:06 AM

Legislation now before the Washington Legislature in Olympia that would create a state-run retirement plan “misses the mark,” writes Ryan Jewell, a member of the Board of Trustees with NAIFA’s Washington Chapter, in a letter to the editors of the Seattle Times.

Topics: Retirement Planning State-Facilitated Retirement Plans State Advocacy Washington
1 min read

Maine Proposal Would Create State-Run Retirement Plan

By NAIFA on 1/15/20 2:39 PM

Maine’s legislature is reconsidering a bill from its 2019 session that would create a state-run retirement plan to compete with existing private-sector solutions. NAIFA believes that state-run plans, like the one proposed for Maine, fail to understand why many Americans are not saving enough for retirement.

Topics: Retirement Planning State-Facilitated Retirement Plans State Advocacy Retirement Plans Maine