Citing the impact of the Coronavirus pandemic, the Garden State has extended the deadline for considering its proposed fiduciary rule, and the Golden State has extended the CalSavers registration deadline for large employers.
New Jersey’s proposed new uniform fiduciary standard was issued April 15, 2019, but under the state’s statutory deadline, the proposal would have expired if final action was not taken within one year.
Gov. Phil Murphy’s April 14 Executive Order extends various deadlines associated with rulemaking for state agencies until 90 days following the end of the public health emergency if a notice of proposal was published on or after April 15, 2019, and the notice of rule proposal would otherwise expire without the benefit of such an extension.
“Every state agency is fully focused on the fight against COVID-19 right now,” Murphy noted. “This executive order provides them with the flexibility they need by extending deadlines associated with their normal rulemaking work until after this crisis is over.”
CalSavers Extends Registration Deadline for Large Employers
The California Secure Choice Retirement Savings Investment Board on April 15 extended the deadline for employers with 100 or more employees to register with CalSavers, the state-run retirement program for employees whose employers do not offer a retirement plan.
The extension will give employers until Sept. 30, 2020 to register with CalSavers; the deadline had been June 30, 2020. The board said it took this action because of the COVID-19 pandemic.
The extension of the registration deadline for employers with more than 100 employees does not change existing deadlines for 2021 or 2022. Employers with more than 50 employees have until June 30, 2021 to register, and employers with at least five employees have until June 30, 2022 to do so.
