America Saves Week – April 8-12, 2024

As financial literacy and wellness continue to be paramount in today’s economic landscape, Delaware Treasurer Colleen Davis once again encourages Delawareans to participate in America Saves Week, the initiative aimed at promoting saving, budgeting, and financial stability across the nation.

The theme for America Saves Week 2024, which runs from April 8-12 is “Saving for What Matters Most.”

“Supporting America Saves Week aligns with our office’s main priorities; bolstering retirement security and readiness, creating pathways to economic empowerment, and promoting a culture of financial excellence,” Treasurer Davis said. “By participating in this initiative, we can help individuals build strong financial foundations, reduce debt, and increase savings, ultimately leading to greater financial security and peace of mind.”

The Office of the State Treasurer will provide information on how people can create an effective savings plan by highlighting several key areas that contribute to financial stability. Each day of America Saves Week carries a specific theme:

• Monday, April 8 – Saving Automatically
• Tuesday, April 9 – Saving for the Unexpected
• Wednesday, April 10 – Saving for Major Milestones
• Thursday, April 11 – Paying Down Debt is Saving
• Friday, April 12 – Saving at Any Age

Delaware’s America Saves webpage (https://treasurer.delaware.gov/asw24) will be updated every day with information and tips about each daily theme.

“While America Saves Week provides a perfect time to take a close look at your finances and saving methods, we provide unique savings opportunities throughout the year,” Davis said. “Our office oversees the design, implementation, and overall administration the DE529 Education Savings Plan, DEPENDABLE, a savings plan for people with disabilities, and DEFER, the deferred compensation program for state employees. We’re also looking forward to the implementation of Delaware EARNS later this year. EARNS is a program that will bring retirement savings to those unable to get a retirement plan from their employer.”

Members of the Delaware General Assembly joined Treasurer Davis in promoting saving by proclaiming the week of April 8, 2024 “Delaware Saves Week” with the passage of Senate Concurrent Resolution 134 sponsored by Senator Nicole Poore and Representative Larry Lambert.

“Even a small cushion of savings can make a huge difference when it comes to helping our families overcome those unforeseen hurdles that life likes to throw in our way,” said Sen. Nicole Poore, the Senate prime sponsor of SCR 134. “That’s why I have worked closely with Treasurer Davis over the years to help our neighbors find ways to put some money aside for the future,” she said. “Whether we’re helping people with disabilities save for future expenses, making college a little more affordable for families or bringing retirement savings accounts to hundreds of workers, I am proud of the work we’ve accomplished to bring a little more financial security and peace of mind to our communities.”

“At a time when too many Delawareans are struggling to start their retirement accounts, save for their children’s education, or simply build up their nest eggs for emergencies, it’s so important that we spread awareness about the many great programs available to help residents save more for their future,” said Rep. Larry Lambert. “During Delaware Saves Week and every week, we must work to empower individuals with the resources and tools to secure their financial future.”

“I encourage everyone to take advantage of the resources available during America Saves Week and join the movement towards a financially secure future,” Davis said. “Together, we can build a more resilient and prosperous Delaware and America.”

State Treasurer Colleen Davis on Friday announced changes to her leadership team in the Office of the State Treasurer (OST).

Liza Davis, who has served as Deputy State Treasurer since 2019, has left OST to become the University of Pennsylvania’s new Associate Vice President for Finance and Treasury Management.

In her time as Deputy State Treasurer, Davis was responsible for supporting the oversight of daily operations of the office including managing the staff, assisting with oversight of an annual operating budget of $6 million, assisting with the cash and debt investment portfolio, and supporting supervision of tax-advantaged savings plans. Prior to her tenure as Deputy, Davis served as a Policy Advisor to the State Treasurer.

“Liza’s departure is the definition of ‘bittersweet,’” said Treasurer Davis. “While I am thrilled for her taking on her new responsibility, I along with everyone in the office will miss her professionalism, her work, and her presence as a guiding light. We offer both our gratitude and congratulations, and hope she realizes how much she improved our lives as a colleague and friend, but also how she improved the lives of every single Delawarean through her work.”

Jordan Seemans, who spent the past three years as the Treasurer’s Director of Policy and Communications, will replace Davis as Deputy State Treasurer. Prior to joining the Office of the State Treasurer in 2020, Seemans served as the Director of Legislative Affairs in the Office of Governor John Carney.

Since coming to the Office of the State Treasurer, Seemans made an immediate impact on the policy development and community engagement of the office. Seemans helped lead the development, drafting, and passing of the Delaware Expanding Access for Retirement and Necessary Saving (“EARNS”) Act, a milestone achievement that will help thousands of Delaware employees realize retirement security. Additionally, he oversaw the successful passage of various other legislative initiatives including a new tax deduction for the DE529 and DEPENDABLE plans. He was also instrumental in the creation of the Aspire529 program, a new program for youth experiencing or aging out of the foster care system to help them pay for expenses related to college or vocational training.

“Jordan truly has an appreciation for the work that takes place in this office. He dedicates himself in being approachable and pragmatic, and the energy and optimism that he brings with him is a critical part to the office’s success now and into the future. We are an agency that can have a tremendous positive impact on the lives of Delawareans, and that’s what drives this office every day.”

The change in the Deputy Treasurer position follows other recent promotions. Lisa Embert, the former Director of the Reconciliations & Transaction Management (RTM) Division became OST’s Chief Operating Officer after the previous C.O.O. Daniel Madrid took a position as the Deputy Director of Government Efficiency and Accountability Review (GEAR) within the Department of Finance. Brennon Fountain has taken over as RTM Division Director after serving as Controller II.

More to come in 2023

Delawareans continue to move closer to financial security in retirement thanks to ongoing development of the Delaware Expanding Access for Retirement and Necessary Savings (EARNS) Program, designed to provide workers and employers access to low-cost retirement savings plans.

Less than two months after being seated, members of the Delaware EARNS Program Board have already made significant strides towards how the program will run when implemented in 2025. Responsible for overseeing the initial design and implementation of the program, the board was composed with an emphasis on diversity and female leadership. Governor Carney appointed two members of the board, Fayetta Blake who serves as chair, has an extensive background in community banking and financial services.

“I am grateful for the opportunity to lead this group of people working toward making sure everyone has the prospect to save money and retire with dignity,” Blake said. “I am humbled by Governor Carney’s trust in me and excited to move forward.”

The other public member of the board is Robert Herrera, an entrepreneur with several businesses throughout Delaware and Maryland. Remaining members of the Delaware EARNS Program Board are State Treasurer Colleen Davis, Secretary of Finance Rick Geisenberger, Christina Haas from the Office of the State Insurance Commissioner, Ethel Belfon from the Department of Labor, and Donna Vieira who serves as the Chair of the Plans Management Board.

“Before passage of the EARNS Act, more than half of Delaware workers lacked an easy way to save for retirement, but that’s coming to an end,” said Treasurer Colleen Davis who championed the creation of EARNS. “With the EARNS Program Board in place and beginning its work, a more financially secure future for everyone in Delaware’s workforce is on the horizon.”

The board met in November at which time Program Directors from Colorado and Oregon shared insight on the development of Auto IRA programs in their states. Additionally, Ms. Blake also appointed chairs of the board’s newly established committees:

• Program & Investment Committee – State Treasurer Colleen Davis
• Audit, Policy & Governance Committee – State Finance Secretary Rick Geisenberger
• Outreach & Engagement Committee – Rob Herrera

The chairs will work with OST over the next several months to design the governance framework of their committees and to recruit committee members.

“I am excited to bring additional people into the fold by filling our committees with those that can not only effect change in retirement savings as Delaware EARNS moves towards implementation, but also those who will be affected and helped by the program,” Blake said.

Another step towards that implementation took place December 5, 2022, when the RFP for Program Consulting Services went live. The consultant selected will advise the EARNS Program Board and OST in areas such as program structure and design, implementation, administration, procurement, standards, and compliance.

The board will also hire an Executive Director for Delaware EARNS. That person will help launch, manage, and direct the EARNS program. Through closely working with the Board, the Executive Director will also partner with the Outreach & Engagement Committee to develop a comprehensive outreach and engagement strategy and conduct presentations to large, diverse audiences including the General Assembly, business advocacy groups, employers, and the general public.

As work continues into the new year, objectives for 2023 include hiring additional personnel to support the Executive Director and the board on issues including budget approvals around marketing, promotion, and outreach, as well as hiring legal support to assist with the program. The board will also investigate the possibility of forming an Interstate Partnership, a working alliance with other states that have similar programs in order to maximize results of efforts. Finally, the board plans to hold town hall meetings and listening sessions, along with the AARP of Delaware which has supported and advocated for Delaware EARNS from the start.

Signed into law by Governor Carney in August, Delaware EARNS provides a convenient way for all workers to save for retirement, particularly middle and low-income workers who lack access to employer-sponsored plans and small businesses unable to provide such a benefit.

In order to help keep the public informed of the board’s activity in a timely and transparent manner, the Office of the State Treasurer (OST) established a website  and established an email address for people to use for questions. Additionally, anyone interested can also register to receive updates on developments about DE EARNS.

“We began exploring the idea of bringing a secure choice retirement program like EARNS to Delaware way back in 2019,” said Treasurer Davis. “Thanks to the AARP and other community partners, EARNS will soon be a valuable asset in addressing my three main priorities: bolstering retirement security and readiness, creating pathways to economic empowerment, and promoting a culture of financial excellence.”

Aspire529 provides money and financial training

State Treasurer Colleen Davis has announced the distribution of the inaugural Aspire529 awards. Aspire 529 provides $529 for foster youth aging out of the system to use for expenses related to continuing their education.

“Aging out of foster care presents many obstacles for young adults, with financial concerns often topping the list,” said Treasurer Davis. “Aspire529 will help them break through some of those barriers.”

This year’s eight award winners, four from New Castle County, three from Kent County, and one from Sussex County said they would put the money toward the cost of tuition, books, transportation, supplies, and child care.

In addition to the money, winners also received education on how to handle it. Each recipient was required to complete two personal financial coaching sessions from trained, skilled professionals at $tand By Me®.

“Having money to spend is just half of the equation,” Treasurer Davis said, “the other part is knowing the best way to manage it. Our office, along with the Plans Management Board, which endorsed the program, wanted to make sure Aspire529 wasn’t merely a handout, but included the knowledge and skills to build responsible financial behavior.”

The collaborative effort that went into the creation and implementation of the Aspire529 program shows how Delaware can rally together to help those who need it most.

“Positive outcomes for young adults are achieved through collaboration with community partners, affordable education, and development of self-sufficiency skills,” said Sophia Elliott,
Transitional & Independent Living Program Manager with the Division of Family Services. “The Department of Services for Children, Youth, and Their Families is happy to partner with Treasurer Davis to pave the way for bright futures for youth who have experienced foster care in Delaware.”

“Kind to Kids Foundation believes that every child deserves a bright future,” said President and founder Caroline Jones. “While we provide education, advocacy, and guidance to children in foster care, we are thrilled to know the State Treasurer is helping these children we assist today have a brighter tomorrow.”

“The Aspire529 program is great for our youth who experience financial barriers that may cause issues or disruption with continuing their education,” said Aisha Stanford, Life Line’s Program Manager at West End Neighborhood House Inc., “both the money and the guidance will be integral parts of their financial future.”

More information can be found at de.gov/aspire529. Questions about the program can be sent to Treasury_Aspire529@delaware.gov

Signing of HB 205 by Governor Carney allows for next steps

Almost 150,000 Delaware workers got a step closer to secure retirement savings when Governor Carney signed HB 205, the Delaware EARNS Act, into law this morning. With the enactment of the legislation, the Office of the State Treasurer (OST) officially begins building the infrastructure that will drive the landmark retirement program.

Delaware EARNS (Expanding Access for Retirement and Necessary Savings) requires businesses with more than five employees that don’t currently offer a retirement plan to participate through a simple payroll process.

“We’ve worked long and hard to make this program a reality for Delawareans who lack access to an employer-sponsored retirement program,” said State Treasurer Colleen Davis. “I am grateful to Representative Larry Lambert, Senator Nicole Poore, all of their colleagues in the General Assembly, the AARP of Delaware, and of course the Governor for helping us get here.”

OST will hire an executive director who will guide the operation of the program and work with the Delaware EARNS Program Board, established by the legislation to oversee initial design and implementation of the program. The Board will consist of the State Treasurer, Secretary of Finance, Insurance Commissioner, Secretary of Labor, and chairperson of the Plans Management Board, each of whom may appoint a designee, as well as two members of the public chosen by the Governor.

“It shouldn’t matter what your background or job is: every Delawarean deserves the opportunity to enter into retirement with economic dignity and security,” said Rep. Lambert, D-Claymont, prime sponsor of the legislation. “For small businesses and the almost 150,000 Delaware workers lacking an employer-sponsored saving program, the Delaware EARNS program will be financially transformative, allowing residents to save for the future while filling a critical need in the marketplace. This new program will put thousands of working Delawareans on a level playing field when it comes to their financial future, and I am excited to see it in action.”

“While every Delaware worker deserves to enjoy their golden years, nearly one in five of our neighbors currently won’t be able to achieve the dream of a financially secure retirement, simply because their employer does not offer a retirement savings plan like a 401(k),” said Sen. Nicole Poore, D-New Castle, the Senate prime sponsor of HB 205. “I want to thank Rep Lambert and Treasurer Davis for recognizing that we can do better for Delaware’s working families. The Delaware EARNS Act signed into law today is a win for thousands of workers who will be able to sleep tonight with the peace of mind that comes from knowing they are on a stable path to a more financially secure future. It’s a win for the hundreds of small businesses that will be on a more even playing field with the major corporations that can afford to provide these competitive benefits, and it’s a win for Delaware’s middle class by bringing a financially secure retirement within reach for nearly 150,000 of our neighbors.”

AARP Delaware, its staff, and its more than 187,000 members advocated for the creation and passage of Delaware EARNS.

“The pandemic has shown how vital it is for Americans to have savings to depend on. We must make it easier for workers to save so they can take control of their future,” said AARP Delaware State Director Lucretia Young. “AARP was pleased to work alongside our State Treasurer to help provide an easy pathway for workers to start building a safety net and grow the savings they need for a more secure future.”

More information about Delaware EARNS can be found at de.gov/earns.