Benefits May 3, 2024

Delaware EARNS Launches Pilot, CalSavers Surpasses $1B in Contributions

Several private-sector employers in Delaware will participate in Delaware’s pilot auto-IRA program, and CalSavers continues to achieve milestones.

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State auto-IRA programs continue to make progress, as nearly a dozen private-sector employers are slated to participate in the Delaware EARNS auto-IRA program this month, while one of the earliest such programs, CalSavers, surpassed $1 billion in contributions to saver accounts this week. 

The pilot program for Delaware EARNS is meant to help ensure systems are fully ready ahead of the program’s formal launch on July 1.  

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Among the participants is Pathways to Success of Georgetown, Delaware, a non-profit that provides services to empower at-risk communities.  

“I feel very honored to be one of the employers that will be launching Delaware EARNS,” said Fayetta M. Blake, executive director of Pathways to Success and chair of the EARNS Program Board, in a press release. “Those of us who are smaller employers can face challenges in offering benefits, like retirement savings, that help attract and retain employees. Delaware EARNS will help level the playing field for small businesses and small nonprofits.” 

Sponsored by the Office of State Treasurer Colleen C. Davis, EARNS is a retirement savings program for private-sector workers who do not have access to a workplace plan through their jobs. Employers with five or more employees (full or part-time) will be required to facilitate the auto-IRA program if they do not offer a qualified retirement plan, such as a 401(k) or 403(b). 

According to Treasurer Davis, there are nearly 150,000 private-sector workers in Delaware with no access to retirement savings through their employers. 

The state program also entered into a partnership with Colorado’s interstate consortium of state-run retirement savings in December 2023. Vestwell serves as the program administrator, providing recordkeeping, custodial and administrative services to employers and employees in the program. 

Delaware employers that want to get a head start on offering access to retirement benefits can register starting as early as July 1. There is no cost to employers for facilitating the EARNS program and no plan sponsor liability. 

Employers that meet the requirements have until October 15, 2024, to register or certify that they are exempt from the EARNS requirement.  

In other state auto-IRA news, CalSavers, one of the longest-lived such programs, recently surpassed $1 billion in contributions to savers’ accounts. In addition, around 50,000 employers are starting CalSavers payroll deductions and 500,000 CalSavers accounts are being funded. 

New Jersey also recently announced the launch of its pilot program, RetireReady NJ, ahead of the official launch of the Secure Choice Savings Program this summer. 

According to Georgetown University’s Center for Retirement Initiatives, state programs have garnered about $1.418 billion in total assets. A total of 16 states currently have programs that are live or in some stage of development. 

Deals and People May 3, 2024

Retirement Industry People Moves

Broadridge names Kirkland to head of mutual fund regulatory unit; Standard brings in Orr to lead AI use across organization; Newfront adds financial industry veteran to board; and more.

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Broadridge Taps Kirkland to Head Mutual Fund Unit 

Broadridge Financial Solutions has named Jane Kirkland head of mutual fund regulatory communications for the firm’s asset management solutions group.  

Jane Kirkland

In the role, Kirkland will be responsible for asset manager client relationships, product development, service delivery and engagement with securities regulators.  

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Kirkland will be overseeing a business providing regulatory disclosures to shareholders in more than 30,000 mutual funds, exchange-traded funds, variable annuities and other investment vehicles. She will also expand the team’s ability to service clients in Europe. 

Kirkland had previously spent nearly nine years with State Street as senior vice president in leadership roles including head of boutique asset manager servicing; prior to that she was at McKinsey as a partner in the strategy and financial institutions practice. 

Before the new role at Broadridge, she had been partnering with the firm as a consultant to develop its regulatory reporting strategy. 

 

The Standard Names Head of AI Strategy and Development  

The Standard Insurance Company, or The Standard, named Porter Orr to the role of second vice president of artificial intelligence strategy and development. 

Porter Orr

Orr is responsible for leading and administering the company’s AI strategy in partnership with employees in information technology as well as business and service divisions across The Standard. In the position, he will seek to “harness AI capabilities that deliver tangible value and productivity to the company and customers,” according to the announcement. 

Prior to joining The Standard, Porter worked at Unum as head of applied AI products and platforms. He also held positions in data analytics, machine learning and AI at Mobi Systems, the U.S. Department of Defense and The Walt Disney Company. 

 

Newfront Names August-deWilde to Board 

Newfront announced that Katherine August-deWilde will join the insurance and retirement services firm’s board of directors after being an investor and adviser for the last six years. 

Katherine August-deWilde

August-deWilde will bring experience including co-leading First Republic Bank from 1985 to 2015. She currently serves on corporate boards, including Sunrun and Eventbrite, along with several non-profit organizations.  

“Newfront’s strategy of marrying technology with industry-leading talent to provide a modern client experience is revolutionary and standard-setting,” August-deWilde said in a statement. “I look forward to joining the board of directors to support the company’s client-focused culture and business strategy.” 

 

PRI Hires Retirement Plan Executive  

The Pension Resource Institute LLC, a retirement plan compliance, technology, and consulting firm, has hired Karen DiStasio as senior vice president, member relations. 

Karen DiStasio

In the position, DiStasio will focus on enhancing the PRI member experience, working alongside Annie Messer, who joined PRI in March 2023. 

“Karen has the perfect background to complement PRI—helping financial institutions and professionals grow and scale their retirement business,” Jason C. Roberts, CEO of PRI, said in a statement. “Karen joins us at a time where the industry is recognizing the vital role retirement plans play in positioning financial institutions for maximum growth and while it is bracing for even more change. She will be critical to advancing our goal of doubling our membership over the next 12–18 months.” 

PRI offers clients a customizable and comprehensive suite of compliance forms, agreements, disclosure, policies and procedures, and training materials designed to help banks, broker-dealers, and investment advisers simplify regulatory complexity.  

“I am honored to join a team with such highly respected expertise in retirement plans,” DiStasio said in a statement. “Having had the privilege of working closely with retirement plan advisers in my previous roles, I am eager to bring my insights and experiences to PRI. My goal is to harness this collective knowledge to empower PRI members, helping them navigate the complexities of retirement plans with confidence and clarity.” 

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