Delaware would match state workers' retirement savings if funded

The State Treasurer would send a dollar-for-dollar match to eligible workers' retirement accounts, up to $20 per pay period. This covers eligible state employees, including school district employees, who save through the state program. Workers must contribute part of their pay to a covered retirement plan. Lawmakers must set aside money for the match. The state board would choose which plan receives the match. The $20 cap would begin when the bill takes effect; matches would be sent each pay period.

The state board would approve plan changes to allow retirement matches based on qualifying student loan payments. This covers eligible state and school district employees whose student loan payments qualify under federal law. Workers must certify their payments through a process the board sets under federal rules. Lawmakers must set aside money for the matches. The combined yearly match for savings and loan payments could not exceed $20 times the number of pay periods in the plan year. The board would approve the plan changes by January 1 after the bill takes effect.