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Delaware last week became the latest state to enact a state-run retirement program for workers at companies that don't offer a 401(k) or similar workplace plan. Delaware EARNS (Expanding Access for Retirement and Necessary Savings) requires businesses with more than five employees that don't currently offer a retirement plan to participate through a simple payroll process.
"We've worked long and hard to make this program a reality for Delawareans who lack access to an employer-sponsored retirement program," state Treasurer Colleen Davis said in a statement. Her office will hire an executive director to guide the operation of the program and work with a board that was established by the legislation to oversee the initial design and implementation of the program.
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