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Private Sector State Run Retirement Systems

The DOL has published a notice of proposed rulemaking and an interpretive bulletin to assist states with the introduction of programs to help people without access to employer-sponsored retirement plans. The bulletin addresses its view concerning the application of ERISA to state laws, aligning with the procedures and requirements of ERISA. Propose regulation has been introduced describing safe-harbor provisions that states and employers could use to avoid the creation of ERISA covered plans, due to state laws that require private sector employers to implement auto-IRAs via state administered payroll deduction.

planadviser.com; November 16-17, 2015.