State-Facilitated Retirement Savings Programs: Legal Implications and Policy Developments

American Bar Association Joint Committee on Employee Benefits [JCEB]

The past several decades have yielded dramatic changes in the U.S. retirement system, leaving tens of millions of households ill-prepared for a secure retirement.

To help address the retirement savings gap, especially as it affects lower-income, Black, and Latino workers, a growing number of states are establishing retirement savings programs for private sector employees and employers. Most of these programs are payroll deduction Roth IRAs using automatic enrollment and required for employers not sponsoring 401(k) or other plans, while others are voluntary payroll deduction IRAs, multiple employer plans, or marketplaces. In this webinar, a distinguished panel will discuss the origin, purposes, and legal basis of these state-facilitated programs, how the different types of programs are designed, ERISA preemption issues, potential impact on coverage and implications for employer adoption of 401(k)s and other plans, fiduciary issues, portability issues, potential multi-state alliances, and related developments on the federal level.

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