For years, states have sought solutions to the growing retirement savings gap. As a result, an increasing number of states have adopted state-run auto-IRA programs, which require employers that do not offer a retirement plan to enroll their workers in a government-facilitated savings program.
In contrast, Utah HB 250 introduced a different model, one that expands access to retirement savings while maintaining a strong role for the private sector.
Rather than creating a government-run retirement plan, the bill proposes the creation of the Utah Retirement Plan Exchange, a centralized marketplace where employers can compare and select retirement plan options offered by private providers. The Exchange would be administered by the Utah State Treasurer's Office and is expected to launch by January 1, 2027. Participation in the exchange would be voluntary for both employers and plan providers.
The Utah Retirement Plan Exchange is the first concept of its kind in the retirement space because it positions the state as a facilitator rather than serving as a carrier or provider.
As policymakers considered this new approach to retirement access, NAIFA-Utah has engaged with bill sponsors, industry stakeholders, and the Utah State Treasurer’s Office throughout the legislative process to ensure that financial advisors have a seat at the table.
For financial advisors and agents, Utah HB 250 is noteworthy because it seeks to preserve the role of private retirement providers and advisors in expanding retirement access. The bill takes effect on May 6, 2026, with the platform established and provider applications beginning no later than November 2, 2026. The Exchange is expected to launch operations by January 1, 2027.
The program raises important considerations for the private retirement marketplace. Advisors will want to watch closely how the state determines which plans are eligible to participate in the Exchange and how the platform interacts with existing private retirement offerings. There are also questions surrounding implementation, including rulemaking, the cost of launching the Exchange, the process for procuring a technology vendor to develop the platform, and the development of educational and promotional materials to support the program.
NAIFA-Utah will remain engaged with regulators to provide experience and expertise to the implementation process addressing many of the open questions. NAIFA’s comprehensive legislative program allows state chapters across the country to benefit from insights and lessons learned from the Utah experience.
