Delaware Gov. John Carney signed the Delaware EARNS Act (Expanding Access for Retirement and Necessary Savings) into law last week, which requires businesses with more than five employees not currently offering retirement plans to enroll in the state program or a qualified alternative.
According to Delaware’s Office of the State Treasurer, almost 150,000 workers lacking an employer-sponsored saving program will be able to save for retirement under the new program.
“We’ve worked long and hard to make this program a reality for Delawareans who lack access to an employer-sponsored retirement program,” Colleen Davis, Delaware’s state treasurer, said in a statement. “I am grateful to Representative Larry Lambert, Senator Nicole Poore, all of their colleagues in the General Assembly, the AARP of Delaware, and of course the Governor for helping us get here.”