ERISA Does Not Preempt CalSavers State-Run IRA Program, 9th Circuit Rules

Mealey's (May 10, 2021, 1:10 PM EDT) -- SAN FRANCISCO — The state-run IRA program California Secure Choice Retirement Savings Program (CalSavers) is not preempted by the Employee Retirement Income Security Act, the Ninth Circuit U.S. Court of Appeals ruled on May 6, citing reasons including that CalSavers is not “established or maintained by an employer” and noting that while other states have enacted similar programs, “[t]o our knowledge, this is the first case challenging such a program on ERISA preemption grounds.”...