UtahUtah treasurer must open a retirement plan exchange for employers
Utah's treasurer must open an online exchange by January 2027 so eligible private employers can compare and choose certain retirement plans for employees.
What it does
Utah's treasurer must run an online exchange where private employers can compare and choose certain retirement plans for employees. The exchange must show fees and other key plan details.
Providers listed on the exchange must report each year and follow state rules. The treasurer may limit listings at first and may remove or suspend providers for specified reasons.
Providers' annual reports to the treasurer's office are protected records. They include information about participation, plan assets, fees, investments, and employee opt-out rates.
Argument forEmployers could compare fees, investments, and enrollment steps in one place, which may help small businesses weigh plans for workers.
Argument againstEmployers might treat a state listing as an endorsement, even though the state does not rate plans or promise their performance or suitability.
More detail
The state treasurer's office must establish and run an online exchange where eligible employers can compare and choose retirement plans for their employees. Eligible employers are nongovernmental entities located or operating in Utah with at least one employee. Covered employees receive pay reported on a W-2. The exchange may list only automatic-enrollment individual retirement accounts or automatic-enrollment 401(k) plans. Plans must appear in a standard format showing fees, investment information, fiduciary roles, and enrollment and withdrawal steps; employers can compare plans using features such as cost and investment choices. The treasurer's office must establish the platform by November 2, 2026, and ensure it begins operating by January 1, 2027.
The treasurer's office must make rules for plan listings, monitoring, reports, and removing or suspending listings. Participating providers must apply, meet listing requirements, report each year, and promptly notify the office of certain legal or regulatory actions. These requirements apply to the treasurer's office and plan providers listed on the exchange. For the first 24 calendar months after the exchange begins operating, the office may limit the number of listed providers using neutral, objective rules; afterward, it must list each plan approved under those rules within a reasonable time. The office may suspend or remove a provider for breaking the rules, giving false or misleading information, conduct harmful to employers or employees, or failing to cooperate with monitoring or reporting. The state does not take on plan fiduciary duties, endorse or guarantee plans, or provide personal financial advice. The office may limit provider listings during the first 24 calendar months after the exchange begins operating.
The enrolled law classifies participating providers' required annual reports as protected records under Utah's public-records law. Reports cover provider and employee participation, plan assets and average account balances, employee opt-out rates, and material changes to plan structure, fees, or investments. The protected-record classification applies to reports submitted under this retirement-plan exchange section. Providers must submit these reports annually for each fiscal year.
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Where it stands
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2026
- Mar 24Governor Spencer Cox SignedBecame Law
- Mar 12House/ to GovernorTo Governor
- Mar 12House/ received enrolled bill from PrintingMinor
- Mar 6House/ enrolled bill to Printing
- Mar 6Enrolled Bill Returned to House or SenateMinor
- Feb 25Draft of Enrolled Bill Prepared
- Feb 25Bill Received from House for EnrollingMinor
- Feb 20House/ signed by Speaker/ sent for enrollingMajor
- Vote recorded Senate/ passed 3rd reading. Result: pass.Upper
- Feb 20House/ received from SenateMinor
- Feb 20Senate/ to House
- Feb 20Senate/ signed by President/ returned to HouseMajor
- Feb 20Senate/ passed 3rd readingPassed Senate
- Feb 20Senate/ 3rd readingMinor
- Feb 19Senate/ passed 2nd readingMinor
- Vote recorded Senate/ passed 2nd reading. Result: pass.Upper
- Feb 19Senate/ 2nd readingMinor
- Feb 18Senate/ placed on 2nd Reading Calendar
- Feb 18Senate/ committee report favorable [Senate Business and Labor Committee]Minor
- Feb 18Senate Comm - Favorable Recommendation [Senate Business and Labor Committee]Minor
- Feb 13Senate/ to standing committee [Senate Business and Labor Committee]Minor
- Feb 12Senate/ 1st reading (Introduced)Minor
- Feb 11LFA/ fiscal note publicly available for HB0250S01
- Feb 10Senate/ received from HouseMinor
- Vote recorded House/ passed 3rd reading. Result: pass.Lower
- Feb 10House/ to Senate
- Feb 10House/ passed 3rd readingPassed House
- Feb 10House/ substituted
- Feb 10House/ 3rd readingMinor
- Feb 10LFA/ fiscal note sent to sponsor for HB0250S01
- Feb 9LFA/ bill sent to agencies for fiscal input for HB0250S01
- Feb 9LFA/ bill assigned to staff for fiscal analysis for HB0250S01
- Feb 2House/ 2nd readingMinor
- Feb 2House/ committee report favorable [House Economic Development and Workforce Services Committee]Minor
- Jan 30House Comm - Favorable Recommendation [House Economic Development and Workforce Services Committee]Minor
- Jan 28House/ to standing committee [House Economic Development and Workforce Services Committee]Minor
- Jan 23House/ received fiscal note from Fiscal AnalystMinor
- Jan 23LFA/ fiscal note publicly available for HB0250
- Jan 22LFA/ fiscal note sent to sponsor for HB0250
- Jan 20House/ 1st reading (Introduced)Minor
- Jan 20House/ received bill from Legislative ResearchMinor
- Jan 17LFA/ fiscal note sent to sponsor for HB0250
- Jan 14LFA/ bill sent to agencies for fiscal input for HB0250
- Jan 14LFA/ bill assigned to staff for fiscal analysis for HB0250
- Jan 14Numbered Bill Publicly Distributed
- Jan 14Bill Numbered but not DistributedIntroduced
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