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Senate committee unanimously backs bill to create Utah retirement-plan exchange
Summary
The Senate Business and Labor Committee on Feb. 18 recommended House Bill 250, an exchange to help small employers offer retirement plans. Sponsors said the platform will make it easier for roughly 700,000 Utah workers without workplace plans to save; the recommendation passed 6–0.
Representative Edelson introduced House Bill 250 on Feb. 18 to create a state-supported marketplace that helps small employers set up workplace retirement accounts. "This is actually a very exciting bill," Edelson told the Senate Business and Labor Standing Committee, arguing that many small businesses lack the scale or know‑how to offer plans. The committee voted to favorably recommend the substitute version, 6 to 0.
State Treasurer Marlo Oakes framed the proposal as a response to a coverage gap. Utah is a small‑business state, she said, with about 99% of employers classified as…
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