DE HB358 | 2015-2016 | 148th General Assembly
Status
Completed Legislative Action
Spectrum: Slight Partisan Bill (Republican 12-6)
Status: Passed on June 30 2016 - 100% progression
Action: 2016-06-30 - Signed by Governor
Text: Latest bill text (Engrossed) [HTML]
Spectrum: Slight Partisan Bill (Republican 12-6)
Status: Passed on June 30 2016 - 100% progression
Action: 2016-06-30 - Signed by Governor
Text: Latest bill text (Engrossed) [HTML]
Summary
This Act will merge the oversight of three different state-sponsored investment plans that hold non-state monies into a single new “Plans Management Board”. In addition, the Act amends the “Achieving a Better Life Act” (“ABLE”) passed during the last legislative session in order to conform that law to the evolving federal legislation upon which it was based. Finally, the Act addresses minor inconsistencies in the three programs and updates some program terms to comport with the best practices in the field of plan management. Currently, the voluntary defined contribution retirement programs for State employees and the voluntary savings plan for higher education expenses through 529 accounts are overseen by the Deferred Compensation Council (“DCC”), and the Delaware College Investment Plan Board (“CIB”), respectively. Last year, the General Assembly passed enabling legislation for the creation of ABLE savings accounts pursuant to a new federal law which allows individuals with disabilities to save for disability-related expenses. The program was to be overseen by a new “ABLE Board”; however, as federal regulations related to these accounts are still being finalized, no appointments have yet been made to the ABLE Board. The 11 positions on the proposed Plans Management Board would reflect the combination of the 10 unique positions from the DCC and the CIB plus the Secretary of Education. The Office of the State Treasurer (“OST”) would remain the administrative arm for the Deferred Compensation and ABLE programs and would also become the administrative arm for the College Investment Plan program supporting the new Board. Consolidation of responsibility for the three programs under one Board would have several benefits as all plans share the same core characteristics. First, oversight would be improved for all the plans due to synergies in skill sets and knowledge brought by members to the consolidated board. Second, OST’s ability to support and administer these programs would improve as functional specialization could be spread over a greater asset base as opposed to expertise developed by program. Finally, the aggregate knowledge and diverse experience of a consolidated board would best serve Delaware in making the key decisions on the design and implementation of the newly-enacted ABLE law. The Act is effective on July 1, 2016, and the current members of the DCC and the CIB will automatically become members of the new Board, with the Chair of the CIB becoming chair of the new body.
Title
An Act To Amend Titles 14, 16, And 29 Of The Delaware Code Relating To The Able Program, The Delaware College Investment Plan, And The Deferred Compensation Plan.
Sponsors
Roll Calls
2016-06-30 - Senate - Senate Third Reading (Y: 19 N: 0 NV: 0 Abs: 2) [PASS]
History
| Date | Chamber | Action |
|---|---|---|
| 2016-06-30 | House | Signed by Governor |
| 2016-06-30 | Senate | Passed by Senate. Votes: Passed 19 YES 0 NO 0 NOT VOTING 2 ABSENT 0 VACANT |
| 2016-06-21 | Senate | Reported Out of Committee (EXECUTIVE) in Senate with 1 Favorable, 4 On Its Merits |
| 2016-05-12 | Senate | Assigned to Executive Committee in Senate |
| 2016-05-12 | House | Passed by House of Representatives. Votes: Passed 36 YES 0 NO 1 NOT VOTING 4 ABSENT 0 VACANT |
| 2016-05-12 | House | Amendment HA 1 - Passed in House by Voice Vote |
| 2016-05-12 | House | Amendment HA 1 - Introduced and Placed With Bill |
| 2016-05-11 | House | Reported Out of Committee (HOUSE ADMINISTRATION) in House with 4 On Its Merits |
| 2016-05-04 | House | Introduced and Assigned to House Administration Committee in House |
