John Iekel

The Massachusetts House has given a green light to Massachusetts Secure Choice, a state-run auto IRA that would provide retirement plan coverage to employees of private-sector employers that do not offer a plan. Language was added to an emergency funding bill that provides for the creation of Massachusetts Secure Choice. The Bay State’s House of Representatives passed the measure on July 8 in a 148-2 vote.

If you have questions about the upcoming Cycle 4 DB qualified pre-approved plan submission period, answers may be on the way courtesy of the IRS. The IRS has announced that it will be hosting a virtual meeting with pre-approved plan providers and mass submitters to discuss technical and procedural requirements for the upcoming Cycle 4 DB qualified pre-approved plan submission period.

Don’t confuse a state’s geographic size with what it does. Rhode Island is the smallest state geographically, but its state-run auto-IRA now has a larger scope than that run by some of its sister states that provide similar programs. Those covered by Rhode Island Secure Choice, the program that provides retirement plan coverage to employees of private-sector employers that do not offer it to their employees, now includes self-employed people age 18 or older.