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Utah Senate approves SB 10 to set $26 maximum 401(k) employer match, sends bill to House
Summary
On Jan. 27, 2014, the Utah Senate passed SB 10, which sets a $26-per-pay-period maximum employer match for certain 401(k) plans and reallocates previously reserved funds; the roll-call vote was 29-0 and the bill was referred to the House.
The Utah Senate on Jan. 27, 2014, voted 29-0 to pass Senate Bill 10, an amendment that sets the maximum employer match for certain 401(k)-style retirement options at $26 per pay period and reallocates money the Legislature had set aside to cover the change.
Senator Hilliard, the senator listed with SB 10 during second reading, told colleagues the measure implements portions of last year’s House Bill 194 and clarifies which departments will receive funding for employees who chose the fixed-cost retirement option. “What this does, now we set the limit, is $26 … the maximum 4 0 1 ks match is $26 per pay period,” the floor transcript records.
Hilliard said the change is retroactive to Jan. 1 and that the fiscal impact had already been accounted for in prior appropriations. “My understanding is it has like a $4,000,000 fiscal note, but it's not costing us $4,000,000 because the money's already been set aside to fund this,” the senator said.
The Senate first moved to suspend the constitutional three-reading requirement for the bill, then suspended internal reading rules to place SB 10 on final passage. A roll-call vote followed; the presiding officer announced, “Bill 10, having received 29 yay votes, 0 nay votes, 0 being absent, passes, and shall be referred to the house for their consideration.” The roll-call list on the floor included senators recorded as voting in the affirmative.
The bill’s passage implements administrative details of a retirement-option change enacted the previous year, reallocating reserved funds to the specific departments and making retroactive payments possible once the governor signs the measure. The Senate then resolved into a Committee of the Whole for guest remarks before adjourning for a midday recess.
SB 10 will proceed to the Utah House of Representatives for its consideration; the Senate record indicates the fiscal exposure has been covered by funds set aside in last year’s budget.
Ending The Senate referred SB 10 to the House after the 29-0 vote; no amendments were recorded on the floor during this session’s consideration. The chamber recessed for lunch and planned to reconvene at 2:30 p.m.
