Bloomberg Law
March 2, 2022, 11:00 AMUpdated: March 3, 2022, 7:56 PM

U.S. Retirement Savings Plan Push Amplified by Court Move (1)

Austin R. Ramsey
Austin R. Ramsey

A major legal victory this week for state-backed retirement programs is driving a push for federal legislation to establish minimum guidelines for a mandatory private-sector workplace savings program.

One of the nation’s largest automatic retirement savings vehicles, CalSavers, was spared a legal challenge Monday, ending a conflict that had divided state-sponsored plans and federal law and setting the stage for a comprehensive legislative review.

The U.S. Supreme Court declined to review a ruling from the U.S. Court of Appeals for the Ninth Circuit that found federal law doesn’t preempt California’s automatic-individual retirement account program.

By denying the request for review ...

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