The comment period has only just closed, but already critics are piling on with their disapproval of the Department of Labor’s proposed safe harbor for state-run retirement plans.
State-run plans, which provide a means of retirement saving for employees of mostly smaller companies who do not have access to an employer-sponsored retirement plan, have been gaining more attention as an increasing number of states jumps on the bandwagon.
But the plans are not universally popular, even—or perhaps especially—with the states that would administer them. While employers must withhold employee contributions and pass the money along to the state, those employers need not contribute to a plan, nor manage it in any way.
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