(The Center Square) – A new retirement plan will be available to private sector workers in Delaware.
House Bill 205, which was signed into law by Gov. John Carney on Thursday, will establish the Delaware Expanding Access for Retirement and Necessary Savings program. Under the program, workers will automatically be enrolled in the state-run retirement savings plan; they have an option to not participate.
According to the release, the bill would mandate businesses with more than five employees to participate in the program. It would also offer retirement plans for those businesses where it is not available. Under the bill, those businesses that already offer retirement savings programs for employees would be exempt. For fiscal year 2022, according to the fiscal note, a program director would be hired for 10 months at a salary of $82,313, and investments of $150,000 would be made for investment consultant services.
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