While more than half of the states in the Union are considering legislation to address retirement savings shortfalls, the most aggressive initiatives to date have been passed by decidedly "blue" states.
California, Illinois, Connecticut, Maryland, and Oregon have passed legislation that mandates participation in state-sponsored and administered individual retirement accounts for employees of businesses that don't sponsor a retirement plan.
Those plans, which create mandates for participation that include businesses with as few as five employees, are modeled from a policy proposal with conservative roots that was embraced by Republican presidential candidate Sen. John McCain, R- AZ, in 2008.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
- Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
- Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
