Governor John Carney signed the Expanding Access for Retirement and Necessary Saving Program Act (EARNS Act) into law on Thursday, August 18, 2022. Some members of the Delaware General Assembly who sponsored House Bill No. 205 joined the Governor and other supporters of the EARNS Program for the signing event at the MeJah Community Bookstore in Claymont, Delaware. The Act is intended to provide U.S. workers who lack access to traditional workplace retirement savings plans with an option to sign up for a state-sponsored retirement plan. According to research estimates, there are approximately 150,000 workers in Delaware who do not have access to employer-sponsored retirement plans. Del-One Federal Credit Union President Ron Baron, a supporter of the House Bill No. 205 commented, “The EARNS Act is a tremendous win for all workers not covered by employer-sponsored retirement plans, by allowing them access to a program that will enable them to retire with assurance and peace of mind.” According to the legislation, the EARNS Program should begin to accept covered employees’ contributions starting January 1, 2025. For more information about the EARNS Program Act, visit the General Assembly web site at: http://legis.delaware.gov
Photo credit: Office of State Treasurer Colleen Davis
From left to right:
Front Row: Del-One President/CEO Ron Baron, State Senator Nicole Poore, State Representative Larry Lambert, State Treasurer Colleen Davis, State Representative Deb Heffernan, and State Representative Val Longhurst.
Back Row: Governor John Carney, Insurance Commissioner Trinidad Navarro, State Representative Paul Baumbach, State Representative Ed Osienski, State Senator Sarah McBride, State Senator Spiros Mantzavinos.