SB 20 DE

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Introduced

The State of Delaware previously offered an employer match for state employee contributions to the deferred compensation program. The purpose of the match was to help state employees save and build wealth for retirement and to enable state government to recruit and retain talent by offering a valuable retirement savings benefit. In July 2008, during the Great Recession, the State suspended the employer match to cut costs. Every year since fiscal year 2008, the General Assembly has written in the annual appropriations bill: “It is the intent of the General Assembly that this program be reinstated when funding becomes available.” This Act updates the laws governing the employer match in anticipation of the General Assembly restoring the match this session and increases the maximum match to $20 per pay period. This Act also eases restrictions on which participants are eligible for the match. To help employees who are unable to save for retirement because of their student loan burden, this Act enables a match for employee’s student loan payments with employer contributions to their deferred compensation account. Congress enabled employers to make this type of matching contribution with the passage of the SECURE 2.0 Act, which was included in the Federal Fiscal Year 2023 Omnibus Appropriations Bill. This Act provides the Plans Management Board with the discretion to determine which plan the matching contributions should be deposited into.

• Trey Paradee Democratic · primary
• William Bush Democratic · primary
• Melanie Ross Levin Democratic · primary
• Claire Snyder-Hall Democratic · primary
• Russell Huxtable Democratic · primary
• Dave G. Lawson Republican · primary
• Spiros Mantzavinos Democratic · primary
• Nicole Poore Democratic · primary
• Bryant L. Richardson Republican · primary
• David P. Sokola Democratic · primary
• Bryan Townsend Democratic · primary
• John "Jack" Walsh Democratic · primary
• David L. Wilson Republican · primary
• Timothy D. Dukes Republican · primary
• Kerri Evelyn Harris Democratic · primary
• Laura V. Sturgeon Democratic · primary
• Sean M. Lynn Democratic · primary

1. Jan 30, 2025 Introduced and Assigned to Elections & Government Affairs Committee in Senate · upper
2. Mar 19, 2025 Reported Out of Committee (Elections & Government Affairs) in Senate with 4 On Its Merits, 1 Unfavorable · upper
3. Mar 19, 2025 Assigned to Finance Committee in Senate · upper