AN ACT TO AMEND TITLE 29 OF THE DELAWARE CODE RELATING TO THE PLANS MANAGEMENT BOARD.
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SB 143 — AN ACT TO AMEND TITLE 29 OF THE DELAWARE CODE RELATING TO THE PLANS MANAGEMENT BOARD.
Last action — Signed by Governor
No card. One bill, free forever — alerts when it moves.
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✓Introduced
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✓In Committee
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✓Passed Senate
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✓Passed House
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✓To Executive
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6Enacted
This bill has been enacted into law. Introduced June 10, 2019. Enacted.
Prognosis
Where this bill stands today.
Odds of enactment
HighHow often bills like it became law.
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Enacted
Current position in the legislative process.
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2 sponsors
2 primary, 0 co-sponsors signed on.
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Single-party support
Sponsorship is currently within one party (2 D).
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Cleared a recorded vote
Passed 2 recorded votes so far.
Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.
Summary
The Plans Management Board (the “Board”) oversees and administers the State's Deferred Compensation Program authorized under chapter 60A of Title 29 of the Delaware Code. The Deferred Compensation Program encompasses the following 3 distinct supplemental retirement plans authorized under the Internal Revenue Code: the State's deferred compensation plan under 26 U.S.C. § 457(b); the State's tax-sheltered annuity plan for certain education employees under § 403(b); and the State’s employer match plan under 26 U.S.C. § 401(a). The Board also oversees and administers the State’s College Investment Plan under 26 U.S.C. § 529, authorized by Subchapter XII, Chapter 34 of Title 14 of the Delaware Code, and the State’s Achieving a Better Life Experience (“ABLE”) Program, authorized by Chapter 96A of Title 16 of the Delaware Code. None of these plans is subject to the Employee Retirement Income Security Act of 1974 (“ERISA”). Section 1 of this Act proposes a separate fiduciary standard for the College Investment and ABLE plans. The existing standard of care under § 2722(d) of Title 29, which presently covers all 5 plans, closely tracks the standard of care for retirement plans subject to ERISA. The existing standard, while appropriate for the State’s supplemental retirement plans, may restrict the Board’s ability to use administrative fees collected from participants in the College Investment Plan and ABLE Program to fund marketing expenses and implement scholarship, match, or promotional programs, as is common in the industry. The proposed standard for the College Investment Plan and ABLE Program maintains a high “prudent person” standard but will give the Board needed flexibility to use administrative fees to attract participants in the highly competitive College Investment Plan and ABLE Program markets. Section 2 of this Act addresses subcommittee members who are not also members of the full Board. This section makes clear such individuals are entitled to reimbursement and indemnification to the same extent as Board members.
Bill Text
- Bill Text View text Current pdf
Action History
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Signed by Governor
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Passed By House. Votes: 41 YES
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Reported Out of Committee (Economic Development/Banking/Insurance & Commerce) in House with 7 On Its Merits
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Assigned to Economic Development/Banking/Insurance & Commerce Committee in House
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Passed By Senate. Votes: 19 YES 2 ABSENT
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Amendment SA 2 to SB 143 - Defeated By Senate. Votes: 8 YES 11 NO 2 ABSENT
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Amendment SA 1 to SB 143 - Defeated By Senate. Votes: 8 YES 11 NO 2 ABSENT
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Reported Out of Committee (Banking, Business & Insurance) in Senate with 1 Favorable, 2 On Its Merits
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Introduced and Assigned to Banking, Business & Insurance Committee in Senate
Sponsors
- Krista Griffith · Primary
- Trey Paradee · Primary
Sponsorship breakdown
Export CSV (upgrade) →2 sponsors · 0 co-sponsors · 60 not signed on
Sponsors (2)
- Krista Griffith Democratic
- Trey Paradee Democratic
Co-sponsors (0)
None.
Not signed on (60)
60 members have not signed on to this bill.
Show all 60 →"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.
Votes
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Unaffiliated | 17 | 0 | 0 | 0 |
| Democratic | 12 | 0 | 0 | 0 |
| Republican | 12 | 0 | 0 | 0 |
| Total | 41 | 0 | 0 | 0 |
| % of votes cast | 100% | 0% | 0% | 0% |
How each member voted (41)
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Unaffiliated | 7 | 0 | 0 | 0 |
| Democratic | 8 | 0 | 0 | 1 |
| Republican | 4 | 0 | 0 | 1 |
| Total | 19 | 0 | 0 | 2 |
| % of votes cast | 90% | 0% | 0% | 10% |
How each member voted (21)
| Member | Party | Vote |
|---|---|---|
| Anthony Delcollo | — | Yea |
| Bruce C. Ennis | — | Yea |
| Catherine Cloutier | — | Yea |
| Colin Bonini | — | Yea |
| David B. McBride | — | Yea |
| Ernesto B Lopez | — | Yea |
| Harris B. McDowell | — | Yea |
| Bryan Townsend | Democratic | Yea |
| Darius J. Brown | Democratic | Not Voting |
| David P. Sokola | Democratic | Yea |
| John "Jack" Walsh | Democratic | Yea |
| Laura V. Sturgeon | Democratic | Yea |
| Nicole Poore | Democratic | Yea |
| S. Elizabeth Lockman | Democratic | Yea |
| Stephanie L. Hansen | Democratic | Yea |
| Trey Paradee | Democratic | Yea |
| Brian Pettyjohn | Republican | Not Voting |
| Bryant L. Richardson | Republican | Yea |
| Dave G. Lawson | Republican | Yea |
| David L. Wilson | Republican | Yea |
| Gerald W. Hocker | Republican | Yea |
Subjects
Frequently asked questions
- What does SB 143 do?
- The Plans Management Board (the “Board”) oversees and administers the State's Deferred Compensation Program authorized under chapter 60A of Title 29 of the Delaware Code. The Deferred Compensation Program encompasses the following 3 distinct supplemental retirement plans authorized under the Internal Revenue Code: the State's deferred compensation plan under 26 U.S.C. § 457(b); the State's tax-sheltered annuity plan for certain education employees under § 403(b); and the State’s employer match plan under 26 U.S.C. § 401(a). The Board also oversees and administers the State’s College Investment Plan under 26 U.S.C. § 529, authorized by Subchapter XII, Chapter 34 of Title 14 of the Delaware Code, and the State’s Achieving a Better Life Experience (“ABLE”) Program, authorized by Chapter 96A of Title 16 of the Delaware Code. None of these plans is subject to the Employee Retirement Income Security Act of 1974 (“ERISA”). Section 1 of this Act proposes a separate fiduciary standard for the College Investment and ABLE plans. The existing standard of care under § 2722(d) of Title 29, which presently covers all 5 plans, closely tracks the standard of care for retirement plans subject to ERISA. The existing standard, while appropriate for the State’s supplemental retirement plans, may restrict the Board’s ability to use administrative fees collected from participants in the College Investment Plan and ABLE Program to fund marketing expenses and implement scholarship, match, or promotional programs, as is common in the industry. The proposed standard for the College Investment Plan and ABLE Program maintains a high “prudent person” standard but will give the Board needed flexibility to use administrative fees to attract participants in the highly competitive College Investment Plan and ABLE Program markets. Section 2 of this Act addresses subcommittee members who are not also members of the full Board. This section makes clear such individuals are entitled to reimbursement and indemnification to the same extent as Board members.
- Who sponsors SB 143?
- SB 143 is sponsored by Krista Griffith (Democratic) and Trey Paradee (Democratic).
- What is the current status of SB 143?
- This bill has been enacted into law. Introduced June 10, 2019. Enacted.
- Where can I track SB 143?
- Track SB 143 free on One Click Politics — get push/email alerts when it moves.
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