Here we go again. Yesterday, the Indiana Senate Labor and Pensions Committee unanimously approved legislation that would create a state-run multiple employer plan for private sector businesses in the state. The proposal is being pushed by AARP, which is arguing that there are no cost-effective retirement plan products available to small businesses in the state. Really? They assert that only the state can fill this void — as opposed to the myriad retirement products and services already available to Indiana businesses and workers.
Fortunately, there is still a chance to slow this legislation down. The bill had to be referred to the Indiana Senate Appropriations Committee because it requires the use of state resources. It actually proposes a state tax credit for Indiana businesses that use the state-run program, giving it a competitive advantage over private sector retirement plan products.
NAPA and ASPPA are gearing up to oppose this misguided effort. So all you Hoosiers out there, we need your help turning this bad idea around. Please contact Andy Remo at [email protected] for more information on how you can get involved. And thanks in advance for your help.
Brian Graff is the executive director/CEO of ASPPA and NAPA.
