Officials in California, Illinois, and Oregon are vowing to move forward with state-administered retirement programs evenafter the Senate scuttled an Obama-era regulation that paved theway for such plans.

“The need to address the oncoming retirement crisis is toogreat” to not move forward, said Oregon’s state treasurer, TobiasRead, in a statement.

A resolution to roll back a Labor Department safe harbor that facilitatedstates’ ability to mandate participation in retirement plans passedby a 50 to 49 margin, with two Republicans—Sen. Bob Corker ofTennessee and Sen. Todd Young of Indiana--voting with Democrats touphold the safe harbor. President Trump is expected to sign theresolution into law.

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Nick Thornton

Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.