Legislation
The First State has now entered the push to provide its private sector workers who do not have access to an employer-sponsored retirement plan with access to a state-facilitated retirement plan.
The legislation (HB 205), which was spearheaded by State Treasurer Colleen Davis and introduced May 20 by State Representative Larry Lambert (D-Claymont) in the Delaware House of Representatives, would establish the Delaware Expanding Access for Retirement and Necessary Savings (EARNS) program.
In general, HB 205 would require private-sector businesses with five or more employees that have been in business in the state for at least six months in the preceding calendar year and do not currently offer employees access to a tax-favored retirement plan to participate in the automatic payroll deduction IRA program. Employees could opt out of participation.