The U.S. Senate has reportedly delayed a vote that would block an Obama Administration safe harbor making it easier for states to establish retirement savings programs for businesses that don't offer a 401(k) plan.
According to sources, the Senate was prepared to bring a vote to the floor last Friday, but it was delayed. A vote was not formally scheduled.
In February, resolutions passed the House of Representatives that would block safe harbors allowing states, and some municipalities, the option of mandating enrollment in state-administered IRA plans. In order to comply with the safe harbor, states would have to allow workers to opt out of the savings plans.
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