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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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
