Delaware 152nd General Assembly (2023-2024) Status: In Committee 13 D cosponsors

SB 94 — AN ACT TO AMEND TITLE 29 OF THE DELAWARE CODE RELATING TO EMPLOYER CONTRIBUTIONS TO DEFERRED COMPENSATION.

Last action — Assigned to Finance Committee in Senate

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  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed House
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 152nd General Assembly (2023-2024). It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

The State of Delaware previously offered an employer match for state employee contributions to the deferred compensation program. The purpose of the match was to help state employees save and build wealth for retirement and to enable state government to recruit and retain talent by offering a valuable retirement savings benefit. In July 2008, during the Great Recession, the State suspended the employer match to cut costs. Every year since fiscal year 2008, the General Assembly has written in the annual appropriations bill: “It is the intent of the General Assembly that this program be reinstated when funding becomes available.” This Act updates the laws governing the employer match in anticipation of the General Assembly restoring the match this session and increases the maximum match to $20 per pay period. This Act also eases restrictions on which participants are eligible for the match. To help employees who are unable to save for retirement because of their student loan burden, this Act enables a match for employee’s student loan payments with employer contributions to their deferred compensation account. Congress enabled employers to make this type of matching contribution with the passage of the SECURE 2.0 Act, which was included in the Federal Fiscal Year 2023 Omnibus Appropriations Bill. This Act provides the Plans Management Board with the discretion to determine which plan the matching contributions should be deposited into.

Bill Text

Action History

  1. Assigned to Finance Committee in Senate

  2. Reported Out of Committee (Banking, Business, Insurance & Technology) in Senate with 2 Favorable, 6 On Its Merits

  3. Introduced and Assigned to Banking, Business, Insurance & Technology Committee in Senate

Sponsors

Sponsorship breakdown

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19 sponsors · 0 co-sponsors · 43 not signed on

Sponsors (19)

Co-sponsors (0)

None.

Not signed on (43)

43 members have not signed on to this bill.

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"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.

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Subjects

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Frequently asked questions

What does SB 94 do?
The State of Delaware previously offered an employer match for state employee contributions to the deferred compensation program. The purpose of the match was to help state employees save and build wealth for retirement and to enable state government to recruit and retain talent by offering a valuable retirement savings benefit. In July 2008, during the Great Recession, the State suspended the employer match to cut costs. Every year since fiscal year 2008, the General Assembly has written in the annual appropriations bill: “It is the intent of the General Assembly that this program be reinstated when funding becomes available.” This Act updates the laws governing the employer match in anticipation of the General Assembly restoring the match this session and increases the maximum match to $20 per pay period. This Act also eases restrictions on which participants are eligible for the match. To help employees who are unable to save for retirement because of their student loan burden, this Act enables a match for employee’s student loan payments with employer contributions to their deferred compensation account. Congress enabled employers to make this type of matching contribution with the passage of the SECURE 2.0 Act, which was included in the Federal Fiscal Year 2023 Omnibus Appropriations Bill. This Act provides the Plans Management Board with the discretion to determine which plan the matching contributions should be deposited into.
Who sponsors SB 94?
SB 94 is sponsored by Edward S. Osienski (Democratic), Sean M. Lynn (Democratic), Laura V. Sturgeon (Democratic), Kerri Evelyn Harris (Democratic), Nicole Poore (Democratic), William Bush (Democratic), John "Jack" Walsh (Democratic), David P. Sokola (Democratic), Spiros Mantzavinos (Democratic), Russell Huxtable (Democratic), Kendra Johnson (Democratic), Darius J. Brown (Democratic), Trey Paradee (Democratic), Valerie Longhurst, Sherry Dorsey Walker, Sean Matthews, Peter C. Schwartzkopf, Paul S. Baumbach, and Ruth Briggs King.
What is the current status of SB 94?
This bill died with 152nd General Assembly (2023-2024). It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track SB 94?
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