North Carolina 2025 Session Status: In Committee Bipartisan · 9 D · 4 R cosponsors

SB 110 — North Carolina Work and Save.

Last action — Withdrawn From Com

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

This bill is in committee in the Senate. Introduced February 17, 2025. It must pass committee before a floor vote.

Next likely step: a committee vote, then a floor vote in the Senate.

Prognosis

Advancing 42% · moderate confidence

Where this bill stands today.

Odds of enactment

Low

How often bills like it became law.

  • In Committee

    Current position in the legislative process.

  • 13 sponsors

    2 primary, 11 co-sponsors signed on.

  • Bipartisan support

    Sponsored across 2 parties (9 D · 4 R) — cross-party backing.

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.

Bill Text

What changed in the latest version

37 added · 38 removed

Plain-language change summary

In the updated version of Senate Bill 110, several lines were removed for clarity and conciseness. Specifically, redundancies and some technical jargon were eliminated to make the bill easier to understand for the public. This matters because it can help ensure that more people can engage with and comprehend the legislation, ultimately leading to better-informed discussions about retirement security in North Carolina.

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FILED SENATE GENERAL ASSEMBLY OF NORTH CAROLINA Feb 17, 2025 S.B.
GENERAL ASSEMBLY OF NORTH CAROLINA SESSION 2025 S 1 SENATE BILL 110 Short Title:
110 SESSION 2025 PRINCIPAL CLERK S D SENATE BILL DRS15047-MCa-71 Short Title:
A BILL TO BE ENTITLED ANACTTOCREATETHESMALLBUSINESS RETIREMENTSAVINGSPROGRAMAND TO APPROPRIATE FUNDS.
Rules and Operations of the Senate February 18, 2025 A BILL TO BE ENTITLED ANACTTOCREATETHESMALLBUSINESS RETIREMENTSAVINGSPROGRAMAND TO APPROPRIATE FUNDS.
and Whereas, more adequate, portable, low-cost, and consumer-protective retirement saving by North Carolina households will enhancetheirretirement security and ultimatelyreduce the pressure on State public assistance programs for retirees and other elderly citizens and the potential burden on North Carolina taxpayers to finance such programs;
and Whereas, more adequate, portable, low-cost, and consumer-protective retirement savingbyNorth Carolina households will enhancetheirretirement securityand ultimatelyreduce the pressure on State public assistance programs for retirees and other elderly citizens and the potential burden on North Carolina taxpayers to finance such programs;
Article 6 of Chapter 147 of the General Statutes is amended by adding a new Part to read:
Article 6 of Chapter 147 of the General Statutes is amended byadding a new Part to read:
*DRS15047-MCa-71* General Assembly Of North Carolina Session 2025 (1) Administrative Fund.
*S110-v-1* General Assembly Of North Carolina Session 2025 (1) Administrative Fund.
Page 2 DRS15047-MCa-71 General Assembly Of North Carolina Session 2025 (14) Total fees and expenses.
Page 2 Senate Bill 110-First Edition General Assembly Of North Carolina Session 2025 (14) Total fees and expenses.
One member from the Office of State Budget andManagement or other designee knowledgeable about fiscal impacts.
One member from the Office of State Budget and Management or other designee knowledgeable about fiscal impacts.
DRS15047-MCa-71 Page 3 General Assembly Of North Carolina Session 2025 2.
Senate Bill 110-First Edition Page 3 General Assembly Of North Carolina Session 2025 2.
(2) In addition to the 10votingmembers,thePresident ProTempore of theSenate and the Speaker of the House of Representatives shall each appoint one nonvoting advisory member.
(2) In addition to the 10votingmembers, thePresident ProTempore of theSenate and the Speaker of the House of Representatives shall each appoint one nonvoting advisory member.
Page 4 DRS15047-MCa-71 General Assembly Of North Carolina Session 2025 c.
Page 4 Senate Bill 110-First Edition General Assembly Of North Carolina Session 2025 c.
The Board shall strive to design and implement investment options available to holders of accounts established as part of the Program and otherProgram features thatareintendedto achieve maximum possibleincome replacement balanced with an appropriate level of risk in an IRA-based environment consistent with the investment objectives under the policy.
The Board shall strive to design and implement investment options available to holders of accounts established as part of the Program and otherProgram features thatareintendedto achieve maximumpossibleincome replacement balanced with an appropriate level of risk in an IRA-based environment consistent with the investment objectives under the policy.
The investment options may encompass a range of risk and return opportunities and allow for a rate of return commensurate with an appropriate level of risk in viewoftheinvestment objectives under thepolicy.Themenu ofinvestment options shall be determined taking into account the nature and objectives of the Program, the desirability based on behavioral research findings of limiting investment choices under the Program to a reasonable number, and the extensive investment choices available to participants in the event that they roll over to an IRA outside the Program.
The investment options may encompass a range of risk and return opportunities and allow for a rate of return commensurate with an appropriate level of risk in viewoftheinvestment objectives under thepolicy.
Themenu ofinvestment options shall be determined taking into account the nature and objectives of the Program, the desirabilitybased on behavioral research findings of limiting investment choices under the Program to a reasonable number, and the extensive investment choices available to participants in the event that they roll over to an IRA outside the Program.
(13) Make and enter into competitively procured contracts, agreements, memoranda of understanding, partnerships, or other arrangements, to collaborate and cooperate with, and to retain, employ, and contract with or for any of the following to the extent necessary or desirable, for the effective and efficient design, implementation, and administration of the Program DRS15047-MCa-71 Page 5 General Assembly Of North Carolina Session 2025 consistent with the purposes set forth in this Part and to maximize outreach to covered employers and covered employees:
(13) Make and enter into competitively procured contracts, agreements, memoranda of understanding, partnerships, or other arrangements, to collaborate and cooperate with, and to retain, employ, and contract with or for any of the following to the extent necessary or desirable, for the effective and efficient design, implementation, and administration of the Program Senate Bill 110-First Edition Page 5 General Assembly Of North Carolina Session 2025 consistent with the purposes set forth in this Part and to maximize outreach to covered employers and covered employees:
The memoranda of understanding may cover the sharing of costs incurred in gathering and disseminating information and the reimbursement of costs for any enforcement activities or assistance.
The memoranda of understanding may cover the sharingof costs incurred in gatheringand disseminatinginformation and the reimbursement of costs for any enforcement activities or assistance.
(19) Borrow from the State, any unit of federal, State, or local government, or any other person, firm, partnership, corporation, or other entity working capital fundsand other funds as maybenecessary for this purpose,providedthatsuch funds are borrowed in the name of the Program and Board only and that any such borrowings shall be payable solely from the revenues of the Program.
(19) Borrow from the State, any unit of federal, State, or local government, or any other person, firm, partnership, corporation, or other entity working capital fundsand other funds as maybenecessaryfor this purpose, provided thatsuch funds are borrowed in the name of the Program and Board only and that any such borrowings shall be payable solely from the revenues of the Program.
(20) Enter into long-term procurement contracts with one or more financial providersthatprovideafeestructurethatwouldassistthePrograminavoiding or minimizing the need to borrow or to rely upon general assets of the State.
(20) Enter into long-term procurement contracts with one or more financial providersthatprovideafeestructurethatwouldassisttheProgramin avoiding or minimizing the need to borrow or to rely upon general assets of the State.
Page 6 DRS15047-MCa-71 General Assembly Of North Carolina Session 2025 (b) In addition to the applicable prohibitions contained in Article 4 of Chapter 138A of the General Statutes, a Board member, executive director, and other staff of the Board shall not do any of the following:
Page 6 Senate Bill 110-First Edition General Assembly Of North Carolina Session 2025 (b) In addition to the applicable prohibitions contained in Article 4 of Chapter 138A of the General Statutes, a Board member, executive director, and other staff of the Board shall not do any of the following:
DRS15047-MCa-71 Page 7 General Assembly Of North Carolina Session 2025 (8) Allow for covered employees to make non-payroll contributions into an account in addition to the covered employer payroll deducted amounts.
Senate Bill 110-First Edition Page 7 General Assembly Of North Carolina Session 2025 (8) Allow for covered employees to make non-payroll contributions into an account in addition to the covered employer payroll deducted amounts.
(17) Keep total fees and expenses as low as practicable and in any event each year not in excess of 100 basis points of the total assets of the Program, except that this limit shall not apply during a start-up period of three years beginning with the initial implementation of the Program.
(17) Keep total fees and expenses as low as practicable and in any event each year not in excess of 100 basis points of the total assets of the Program, except that this limit shall not applyduring a start-up period of three years beginningwith the initial implementation of the Program.
(1) Establish the processes for enrollment and contributions to Payroll Deduction IRAs under the Program, including elections by covered employees, withholding by covered employers of employee payroll deduction contributions from wages and remittance for deposit to IRAs, and voluntary Page 8 DRS15047-MCa-71 General Assembly Of North Carolina Session 2025 enrollment and contributions by others, including self-employed individuals and independent contractors, through payroll deduction or otherwise.
(1) Establish the processes for enrollment and contributions to Payroll Deduction IRAs under the Program, including elections by covered employees, withholding by covered employers of employee payroll deduction contributions from wages and remittance for deposit to IRAs, and voluntary Page 8 Senate Bill 110-First Edition General Assembly Of North Carolina Session 2025 enrollment and contributions by others, including self-employed individuals and independent contractors, through payroll deduction or otherwise.
The eligibility rules for Roth IRAs and, if applicable, traditional IRAs.
The eligibilityrules for Roth IRAs and, if applicable, traditional IRAs.
DRS15047-MCa-71 Page 9 General Assembly Of North Carolina Session 2025 (1) An employee's decision to participate in or not to participate in the Program or a participant's specific elections under the Program.
Senate Bill 110-First Edition Page 9 General Assembly Of North Carolina Session 2025 (1) An employee's decision to participate in or not to participate in the Program or a participant's specific elections under the Program.
(3) The administration, investment, investment returns, or investment performance of the Program, including, without limitation, any interest rate or other rate of return on any contribution or account balance, provided they play no role.
(3) The administration, investment, investment returns, or investment performance of the Program, including, without limitation, anyinterest rate or other rate of return on anycontribution or account balance, provided theyplay no role.
(1) Shall have no responsibility for compliance by individuals with the conditions and other provisions of the Internal Revenue Code that determine which individuals are eligible to make tax-favored contributions to IRAs, in what amount, and in what time frame and manner.
(1) Shall have no responsibilityfor compliance byindividuals with the conditions and other provisions of the Internal Revenue Code that determine which individuals are eligible to make tax-favored contributions to IRAs, in what amount, and in what time frame and manner.
(4) Shall have no liability or responsibility for any loss, deficiency, failure to realize any gain, or any other adverse consequences incurred by any person as a result of participating in the Program.
(4) Shall have no liability or responsibility for any loss, deficiency, failure to realize any gain, or any other adverse consequences incurred by anyperson as a result of participating in the Program.
(1) To the extent necessary to administer the Program in a manner consistent with this Part, the tax laws of this State, and the Internal Revenue Code;
(1) To the extent necessaryto administer the Program in a manner consistent with this Part, the tax laws of this State, and the Internal Revenue Code;
Page 10 DRS15047-MCa-71 General Assembly Of North Carolina Session 2025 (2) Moneys transferred to the Administrative Fund from the federal government, other State agencies, or local governments.
Page 10 Senate Bill 110-First Edition General Assembly Of North Carolina Session 2025 (2) Moneys transferred to the Administrative Fund from the federal government, other State agencies, or local governments.
There is appropriated from the General Fund to the Department of State Treasurer the sum of four hundred thousand dollars ($400,000) in nonrecurring funds for the2025-2026fiscalyearandthesumofsixhundredthousanddollars($600,000)innonrecurring fundsforthe2026-2027fiscalyear.TheDepartmentshallallocatethefundstotheNorthCarolina Small Business Retirement Savings Program Board (Board) to be used for the following:
There is appropriated from the General Fund to the Department of State Treasurer the sum of four hundred thousand dollars ($400,000) in nonrecurring funds for the2025-2026fiscal yearandthesumofsix hundredthousanddollars($600,000)innonrecurring fundsforthe2026-2027fiscal year.TheDepartmentshallallocatethefundstotheNorthCarolina Small Business Retirement Savings Program Board (Board) to be used for the following:
DRS15047-MCa-71 Page 11 General Assembly Of North Carolina Session 2025 SECTION 4.
Senate Bill 110-First Edition Page 11 General Assembly Of North Carolina Session 2025 SECTION 4.
Page 12 DRS15047-MCa-71
Page 12 Senate Bill 110-First Edition
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Action History

  1. Withdrawn From Com

  2. Re-ref Com On Appropriations/Base Budget

  3. Passed 1st Reading

  4. Ref To Com On Rules and Operations of the Senate

  5. Filed

Sponsors

Sponsorship breakdown

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2 sponsors · 11 co-sponsors · 166 not signed on

Sponsors (2)

Co-sponsors (11)

Not signed on (166)

166 members have not signed on to this bill.

Show all 166 →

"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.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

finance labor
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

Who sponsors SB 110?
SB 110 is sponsored by Caleb Theodros (Democratic), DeAndrea Salvador (Democratic), Julie Mayfield (Democratic), Paul A. Lowe, Jr. (Democratic), Lisa Grafstein (Democratic), Jay J. Chaudhuri (Democratic), Jim Burgin (Republican), Dan Blue (Democratic), Val Applewhite (Democratic), Gale Adcock (Democratic), Timothy D. Moffitt (Republican), Bobby Hanig (Republican), and Dana Jones (Republican).
What is the current status of SB 110?
This bill is in committee in the Senate. Introduced February 17, 2025. It must pass committee before a floor vote.
Where can I track SB 110?
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