The state's contributions jumped 14% this year to $415 million and are projected to continue rising.
The bank may be on the hook for hundreds of millions of dollars in tax penalties, lawyers say.
She is the third generation to control the company and, like her family members, has maintained a low profile despite the reach of the firms mutual funds.
"There are certain business models that will be significantly disrupted," Orion Advisor Service CEO Eric Clarke said in anticipation of a new Donald Trump administration.
The agency also proposed a rule to permit cities to create their own savings plans.