A new policy paper published by Morningstar calls for the creation of a federal retirement savings mandate for workers without access to employer-provided defined contribution plans.
While not a novel idea, it is the first time that Morningstar has officially come out in support of requiring an auto-IRA savings option.
Comparable to several initiatives underway at the state level, Morningstar is not proposing an employer contribution requirement. And workers would retain the ability to opt-out of the IRAs.
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