HB 205 DE

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Became Law

This Act establishes the Delaware Expanding Access for Retirement and Necessary Saving (“EARNS”) program to serve as a vehicle through which eligible employees may, on a voluntary basis, provide for additional retirement security through a State-facilitated retirement savings program in a convenient, cost effective, and portable manner. The EARNS program will be designed to serve small businesses who are unable to offer retirement plans to employees due to the cost and administrative burden. Because there are documented wealth gaps in Delaware, disproportionately impacting women and people of color, a state-facilitated savings plan aims to alleviate barriers small employers face in offering options, close the wealth gap among low to modest wage earners and keep Delaware competitive with neighboring states by attracting talented workers to Delaware. A state-sponsored savings plan, funded by employees, facilitated by employers, and overseen by the State, will offer one solution to the quickly emerging crises stemming from generations of workers without adequate savings. The Act creates the Delaware EARNS Program Board to oversee initial design and implementation of the program. The board will be disbanded no later than December 31, 2025, at which point all duties and functions of the board will be transferred to and assumed by the Plans Management Board. The effective date of the Act is contingent upon an appropriation by the General Assembly necessary to implement the Program. This Act also makes technical changes to the existing law to make it conform to the standards of the Legislative Drafting Manual.

• Larry Lambert Democratic · primary
• Nicole Poore Democratic · primary
• Marie Pinkney Democratic · primary
• Paul S. Baumbach · primary
• Andria L. Bennett · primary
• David Bentz · primary
• Stephanie T. Bolden · primary
• Debra Heffernan Democratic · primary
• Valerie Longhurst · primary
• Melissa Minor-Brown Democratic · primary
• Kimberly Williams Democratic · primary
• Sarah McBride · primary

1. May 20, 2021 Introduced and Assigned to Labor Committee in House · lower
2. Jun 9, 2021 Reported Out of Committee (Labor) in House with 8 Favorable, 1 On Its Merits · lower
3. Jun 10, 2021 Assigned to Appropriations Committee in House · lower
4. Jun 11, 2021 Amendment HA 1 to HB 205 - Introduced and Placed With Bill · lower
5. Jun 21, 2021 Amendment HA 2 to HB 205 - Introduced and Placed With Bill · lower
6. Mar 17, 2022 Reported Out of Committee (Appropriations) in House with 1 Favorable, 4 On Its Merits · lower
7. Mar 22, 2022 Amendment HA 3 to HB 205 - Introduced and Placed With Bill · lower
8. May 17, 2022 Amendment HA 1 to HB 205 - Stricken in House · lower
9. May 17, 2022 Amendment HA 2 to HB 205 - Stricken in House · lower
10. May 17, 2022 Amendment HA 3 to HB 205 - Passed In House by Voice Vote · lower
11. May 17, 2022 Passed By House. Votes: 35 YES 5 NO 1 ABSENT · lower
12. May 17, 2022 Assigned to Labor Committee in Senate · upper
13. Jun 14, 2022 Reported Out of Committee (Labor) in Senate with 1 Favorable, 4 On Its Merits · upper
14. Jun 14, 2022 Assigned to Finance Committee in Senate · upper
15. Jun 16, 2022 Reported Out of Committee (Finance) in Senate with 2 Favorable, 2 On Its Merits · upper
16. Jun 21, 2022 Passed By Senate. Votes: 20 YES 1 NOT VOTING · upper
17. Aug 18, 2022 Signed by Governor · executive