California prevailed Monday in a battle over its auto-IRA, CalSavers, when the Supreme Court refused to hear a challenge to the legality of the program.
“The United States Supreme Court’s denial of review preserves the ability of millions of hard-working Californians to save for their futures through this portable, simple option,” Fiona Ma, the treasurer of California, said in a statement. Ma chairs the CalSavers Retirement Savings Board.
The Supreme Court decision is good news not only for CalSavers, but for the other states and municipalities that operate similar programs.
In 2018, the Howard Jarvis Taxpayers Association had sued to block the CalSavers program on the grounds that it was illegal because it was preempted by the Employee Retirement Income Security Act.
A California District Court judge dismissed the suit in April 2019 and the 9th Circuit Court of Appeals affirmed that decision in May 2021.
CalSavers has more than $186 million in assets, with about 30,000 employers registered and 233,000 people enrolled, according to the statement.
Integrated Partners is adding a mother-son tandem to its network in Missouri as Kestra onboards a father-son advisor duo from UBS.
Futures indicate stocks will build on Tuesday's rally.
Cost of living still tops concerns about negative impacts on personal finances
Financial advisors remain vital allies even as DIY investing grows
A trade deal would mean significant cut in tariffs but 'it wont be zero'.
RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.
As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.
