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Senate Dems put state safe harbor for retirement plans into new legislation

The PROSPERS Act (Preserve Rights of States and Political Subdivisions to Encourage Retirement Savings) would amend the Employee Retirement Income Security Act in the same way an Obama-era safe harbor did.

By Nick Thornton | Updated on May 17, 2017
The PROSPERS Act would amend ERISA in the same way an Obama-era safe harbor did. (Photo: Mike Scarcella/ALM)

Legislation introduced by Senate Democrats would revive a Labor Department safe harbor that gave states and cities wider latitude to mandate participation in retirement plans.

The Preserve Rights of States and Political Subdivisions to Encourage Retirement Savings, or PROSPERS Act, would amend the Employee Retirement Income Security Act in the same way an Obama-era safe harbor did. States would be allowed to mandate employers that don’t offer a workplace retirement plan to automatically enroll workers in savings program.

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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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