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House committee advances voluntary Utah retirement-plan exchange to House floor, 6–1
Summary
A House committee on Feb. 3 recommended HB 250 to the full House, 6–1, sending a voluntary state retirement-plan exchange to the floor. Sponsor and witnesses said the marketplace aims to increase access for small employers without creating a mandate; opponents warned about fees and state selection of providers.
A House committee on Wednesday voted 6–1 to advance HB 250, the Utah Retirement Plan Exchange, sending the voluntary marketplace proposal to the full House.
Representative E listen, the bill sponsor, told the committee the bill would set up a state-backed online exchange to help small employers offer retirement accounts to employees while preserving employer choice and avoiding a mandate. "We're going to set up a state ... 401(k) plan where employers can opt out if they don't want to do it," the sponsor said during the presentation.
Nate Glassy of the American Retirement Association said employee participation rises dramatically when plans are available through payroll: "People are 17 times more likely to contribute to a retirement plan if they have one through their workplace," he said. Glassy told the…
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