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DOL safe harbor questions persist as states legislate retirement plans

As states move on retirement plans, questions remain as to whether or not state payroll deduction programs would inadvertently cause participating employers to establish ERISA-covered plans.

By Nick Thornton | Updated on October 03, 2016
A ship seeks safe harbor of the non-Labor Department kind, as it passes New Jersey, where a state-run plan was vetoed and replaced with a 'retirement plan marketplace.' (AP Photo)

When the U.S. Department of Labor released its finalized safe harbor for state-administered retirement plans this past August, the agency laid out specific conditions by which states could mandate participation in retirement plans without exposing employers to the Employee Retirement Income Security Act’s fiduciary requirements.

Several states had legislated, or were in the process of legislating, state-administered retirement plans prior to the safe harbor’s finalization.

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Nick Thornton

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.

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