Delaware House Bill 205
Session 151
An Act To Amend Titles 19 And 29 Of The Delaware Code Relating To Establishment And Management Of The Expanding Access For Retirement And Necessary Saving Program.
Became Law
Signed by Governor on Aug 18, 2022
Sponsors
12 Sponsors
Larry Lambert
Nicole Poore
Sarah McBride
Marie Pinkney
Paul S. Baumbach
Andria L. Bennett
David Bentz
Stephanie T. Bolden
Debra Heffernan
Valerie Longhurst
Melissa Minor-Brown
Kimberly Williams
First Action
May 20, 2021
Latest Action
Aug 18, 2022
Origin Chamber
House
Type
Bill
Bill Number
205
State
Delaware
Session
151
Stephanie T. Bolden
grade
Primary
checkPassed on May 17, 2022
Motion Text
SM
House Roll Call Votes
Yes
Other
Yes
Stephanie T. Bolden
Yes
Yes
Yes
Summary
This Act establishes the Delaware Expanding Access for Retirement and Necessary Saving (“EARNS”) program to serve as a vehicle through which eligible employees may, on a voluntary basis, provide for additional retirement security through a State-facilitated retirement savings program in a convenient, cost effective, and portable manner. The EARNS program will be designed to serve small businesses who are unable to offer retirement plans to employees due to the cost and administrative burden.
Because there are documented wealth gaps in Delaware, disproportionately impacting women and people of color, a state-facilitated savings plan aims to alleviate barriers small employers face in offering options, close the wealth gap among low to modest wage earners and keep Delaware competitive with neighboring states by attracting talented workers to Delaware. A state-sponsored savings plan, funded by employees, facilitated by employers, and overseen by the State, will offer one solution to the quickly emerging crises stemming from generations of workers without adequate savings.
The Act creates the Delaware EARNS Program Board to oversee initial design and implementation of the program. The board will be disbanded no later than December 31, 2025, at which point all duties and functions of the board will be transferred to and assumed by the Plans Management Board. The effective date of the Act is contingent upon an appropriation by the General Assembly necessary to implement the Program. This Act also makes technical changes to the existing law to make it conform to the standards of the Legislative Drafting Manual.
Bill Text
Sort by most recent
08/18/2022
Office of the Governor
Signed by Governor
06/21/2022
Senate
Passed By Senate. Votes: 20 YES 1 NOT VOTING
06/16/2022
Senate
Reported Out of Committee (Finance) in Senate with 2 Favorable, 2 On Its Merits
06/14/2022
Senate
Assigned to Finance Committee in Senate
06/14/2022
Senate
Reported Out of Committee (Labor) in Senate with 1 Favorable, 4 On Its Merits
05/17/2022
Senate
Assigned to Labor Committee in Senate
05/17/2022
House
Passed By House. Votes: 35 YES 5 NO 1 ABSENT
05/17/2022
House
Amendment HA 3 to HB 205 - Passed In House by Voice Vote
05/17/2022
House
Amendment HA 2 to HB 205 - Stricken in House
05/17/2022
House
Amendment HA 1 to HB 205 - Stricken in House
03/22/2022
House
Amendment HA 3 to HB 205 - Introduced and Placed With Bill
03/17/2022
House
Reported Out of Committee (Appropriations) in House with 1 Favorable, 4 On Its Merits
06/21/2021
House
Amendment HA 2 to HB 205 - Introduced and Placed With Bill
06/11/2021
House
Amendment HA 1 to HB 205 - Introduced and Placed With Bill
06/10/2021
House
Assigned to Appropriations Committee in House
06/09/2021
House
Reported Out of Committee (Labor) in House with 8 Favorable, 1 On Its Merits
05/20/2021
House
Introduced and Assigned to Labor Committee in House
Sources
Open States
Record Created
May 20, 2021 6:35:20 PM
Record Updated
Aug 26, 2022 6:39:38 AM