Delaware
Delaware EARNS savings plan on its way to becoming a retirement savings option – Delaware Business Now
Gov. Carney signed HB 205, the Delaware EARNS Act, into legislation final week.
The legislation will doubtlessly profit 150,000 Delawareans with no retirement plan.
With the enactment of the laws, the Workplace of the State Treasurer formally begins constructing the infrastructure that may drive the landmark retirement program.
Delaware EARNS (Increasing Entry for Retirement and Obligatory Financial savings) requires companies with greater than 5 staff that don’t at present supply a retirement plan that deducts cash from their checks that may go into an account. Workers must choose out of the account and may cancel at any time.
The invoice was handed with pockets of opposition from the enterprise neighborhood, which cited the paperwork burden and a few staff who want cash straight away.
“We’ve labored lengthy and onerous to make this program a actuality for Delawareans who lack entry to an employer-sponsored retirement program,” stated State Treasurer Colleen Davis. “I’m grateful to Consultant Larry Lambert, Senator Nicole Poore, all of their colleagues within the Common Meeting, the AARP of Delaware, and naturally the Governor for serving to us get right here.”
OST will rent an government director who will information the operation of this system and work with the Delaware EARNS Program Board, established by the laws to overseethe preliminary design and launching of this system. The board will encompass the State Treasurer, Secretary of Finance, Insurance coverage Commissioner, Secretary of Labor, and chairperson of the Plans Administration Board, every of whom might appoint a designee, in addition to two members of the general public chosen by the governor.
“It shouldn’t matter what your background or job is: each Delawarean deserves the chance to enter into retirement with financial dignity and safety,” stated Rep. Lambert, D-Claymont, prime sponsor of the laws. “For small companies and the virtually 150,000 Delaware staff missing an employer-sponsored saving program, the Delaware EARNS program can be financially transformative, permitting residents to avoid wasting for the long run whereas filling a important want within the market. This new program will put hundreds of working Delawareans on a stage enjoying discipline relating to their monetary future, and I’m excited to see it in motion.”
The majority of the state’s bigger employers retirement financial savings such plans that usually include the employer matching a portion of the worker contribution. Nevertheless, many smaller organizations draw back from the paperwork, payroll deduction and different steps required in establishing a 401k program.
Even with such applications and the disappearance of fastened pensions at most non-public employers, many Delawareans now not have ample financial savings for retirement,
Extra details about Delaware EARNS may be discovered at de.gov/earns.
Delaware
Thousands of Delawareans visit food pantries ahead of Thanksgiving holiday
Turner said the need has been critical since the start of the pandemic, even with the government aid in the first few years.
“While all of those interventions that were in place, we actually saw a decrease in the number of people coming out to the food bank,” she said. “When those ended, inflation also hit. So since then, it’s just been a huge demand in our community.”
The Wilmington food pantry Gracia visited this week has been sponsored over the past six years by state Rep. Kim Williams, D-Stanton, and state Sens. Jack Walsh, D-Pike Creek, and Spiros Mantzavinos, D-Elsmere.
“It’s just a resource we want to provide to those who may need a little more extra help during the holiday season,” Williams said. “We’re happy to do this.”
Turner said while it’s the holiday season, it’s also important to remember many Delawareans are food insecure year-round. A 2022 study from Feeding America, a nationwide network of food banks and pantries, shows more than 120,100 Delawareans are facing hunger, 37,680 of them are children. That means 1 in 8 people and 1 in 6 children in the First State are food insecure.
“Come January, our donations are going to drop significantly,” Turner said. “So we encourage people to keep our neighbors in mind during those cold winter months when oftentimes low-income people are choosing between heating their home or buying groceries.”
Delaware
Newark approves recreational weed dispensary, still ways to go before opening
Delaware communities prepare for legal weed in 2025
Delaware municipalities prepare for the recreation marijuana industry, which is set to open legal retail shops in April 2025.
Newark remains on track to be a competitive city for recreational marijuana in Delaware.
Two marijuana-related ordinances were approved at the Nov. 25 City Council meeting. The Council updated the city code regarding adult recreational use to match state law, as well as approved a special use permit for the eventual operation of a recreational dispensary in the city.
A special use permit allowing Fresh Delaware to operate in the city as a recreational marijuana business with cultivation, manufacturing and retail was approved with a unanimous vote.
“I think that Newark City Council can take a lot of pride in the fact that there are other towns and counties that are literally lost in the wilderness on this because they didn’t get things done in time,” Mayor Jerry Clifton said.
Fresh Delaware moves to open retail dispensary
Fresh Delaware and the area surrounding it was re-zoned to allow recreational marijuana cultivation, manufacturing and retail in August, but it required a special use permit from the city. Now, Fresh Delaware only has the state’s conversion process left to complete before it can shift from medical-only sales.
City council members uniformly had positive reviews for the representative of Fresh Delaware present at the meeting.
“You were a good neighbor,” Councilmember Corinth Ford said.
Fresh Delaware cultivates and manufactures its own product, and has an additional location in Seaford. It is one of the 13 medical dispensaries in the state. There is another area in Newark zoned to allow recreational marijuana business toward the Maryland border.
Fresh Delaware is on track to open for recreational sales in the spring, according to the state Office of the Marijuana Commissioner. Spring is the statewide goal for retail openings, though the store still has a ways to go on its conversion track.
Where other Delaware cities stand
As Newark approves a recreational business, other cities in the county are behind.
Wilmington has been back-and-forth on bans, buffers and zones while New Castle County government is discussing possible buffers for retail locations in December. Other cities in Delaware, including Rehoboth, Lewes and Bethany, banned retail altogether.
Wilmington recently asked the state to change the law to get a cut of any sales tax, but Mayor Jerry Clifton said he wants to take a wait-and-see approach on how the state government responds to its request.
Newark mirrors state code in recreational usage
The council updated the city code around recreational usage, updating its code to match the state. The city code now reads that people 21 and older can privately use a personal quantity of 12 grams or less of concentrated cannabis, or cannabis products containing 750 milligrams or less of delta-9 THC.
Public use is still a criminal misdemeanor, however, and using while under 21 years old is a civil violation. Smoking marijuana in public also violates state law. City solicitor Paul Bilodeau said private consumption can include someone’s backyard.
Some council members had ideas about how to regulate potential parties where the smell could spread from multiple smokers, but no official action was taken on those ideas.
The ordinance was approved unanimously by City Council.
“We are in a strange world where it is legal to consume marijuana in private, but it is illegal to buy it,” Bilodeau said.
Delaware
Delaware County man speaks out following 2 crashes within hours outside Ridley Township home
Be the first to know
Get browser notifications for breaking news, live events, and exclusive reporting.
-
Business1 week ago
Column: Molly White's message for journalists going freelance — be ready for the pitfalls
-
Science7 days ago
Trump nominates Dr. Oz to head Medicare and Medicaid and help take on 'illness industrial complex'
-
Politics1 week ago
Trump taps FCC member Brendan Carr to lead agency: 'Warrior for Free Speech'
-
Technology1 week ago
Inside Elon Musk’s messy breakup with OpenAI
-
Lifestyle1 week ago
Some in the U.S. farm industry are alarmed by Trump's embrace of RFK Jr. and tariffs
-
World1 week ago
Protesters in Slovakia rally against Robert Fico’s populist government
-
Health4 days ago
Holiday gatherings can lead to stress eating: Try these 5 tips to control it
-
News1 week ago
They disagree about a lot, but these singers figure out how to stay in harmony