Around a third of the US workforce does not have access to a retirement savings plan at work. Research shows people are 15 times more likely to save for retirement when a plan is operated by their employer and contributions are automatic. State-sponsored retirement programs are cropping up across the US, many of which mandate employers of a certain size to auto-enroll their employees in IRAs. Oregon, Illinois, and California have similar programs that start employees at a 5% contribution rate, with automatic annual increases.
11 States Helping People Save For Retirement When Their Employers Don't
tloudenback@businessinsider.com (Tanza Loudenback), Business Insider
Sun, 07/12/2020 - 5:40am
Topics: research state-sponsored oregon use blooom most americans aarp public policy institute georgetown university center initiatives september roth ira ascensus college savings recordkeeping services sustainable balanced fund esg social security tax identification number californians details colorado secure savings program the illinois secure choice retirement savings program secure choice business insidersee ira iras in illinois california us americans i in to retirement roth employees ascensus june colorado secure choice states employers plan rate programs opt workers choose calsavers annual workforce asset-based thought target-date operated money year fee offer started payroll age mandate access default sets
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