SB 149: State-facilitated IRA savings program; various changes to the program.

Official summary

Abstract published by the legislature (via Open States). Text as published by the legislature; reproduced verbatim.

State-facilitated IRA savings program. Makes various changes to the state-facilitated IRA savings program administered by the Commonwealth Savers Plan. For purposes of defining an eligible employer, the bill (i) reduces the minimum number of eligible employees an organization must have in its employ from 25 to five for the period ending December 31 of the preceding calendar year prior to the program's open enrollment period for that calendar year and (ii) clarifies that such term does not include employers offering and sponsoring a qualified retirement plan, including 401(k) plans. The bill also removes the requirement that an eligible employee, for purposes of the program, works at least 30 hours a week and adds the requirement that participating individuals enrolling in the program independent of an employment relationship with an eligible employer be at least 18 years of age. The bill also expands the powers and duties of the governing board of the Commonwealth Savers Plan to include (a) procedures for reenrollment of participating employees and participating individuals; (b) allowing program participants to invest in a lifetime income option; (c) establishing the resources, tools, and incentives to promote greater financial education and literacy; (d) procedures for receiving and crediting federal matching contributions to an IRA or qualified retirement savings account; and (e) exploring and establishing incentives that encourage participation by eligible employers and eligible employees, including initiatives that incentivize compliance or that defray any costs incurred by an eligible employer to facilitate participation.The bill also requires eligible employers that withhold a program contribution from a participating employee's wages to remit such contribution not later than 10 business days following the date upon which such withholding was made and notes that eligible employers who fail to submit contributions to the program may be in violation of law and incur penalties. This bill is identical to HB 176.

Sponsors

Sponsors by party (alphabetical): Democratic 1

“Support” is shown only as formal sponsorship recorded by the legislature. Roll-call votes are available on the official bill page.

Recent official actions

1. April 6, 2026Acts of Assembly Chapter text (CHAP0085)
2. April 6, 2026Approved by Governor-Chapter 85 (effective 7/1/2026)
3. March 10, 2026Governor's Action Deadline 11:59 p.m., April 13, 2026
4. March 10, 2026Enrolled Bill communicated to Governor on March 10, 2026
5. February 27, 2026Signed by President
6. February 27, 2026Signed by Speaker
7. February 27, 2026Fiscal Impact Statement from Department of Planning and Budget (SB149)
8. February 27, 2026Bill text as passed Senate and House (SB149ER)
9. February 27, 2026Enrolled
10. February 25, 2026Passed House (97-Y 0-N 0-A)
11. February 25, 2026Read third time
12. February 24, 2026Read second time

Showing 12 most recent of 28 actions. Full history