Tag: State-administered plans
California explores state-run 401(k) plan
In a time when employers are increasingly trimming or completely forgoing employee retirement benefits, political leaders in the country’s largest state hope the government can help young workers take matters into their own hands.
California proposal for state-run retirement plan for private-sector workers moves forward
California has taken a step closer to becoming the first state to make retirement savings accounts a near-universal benefit for workers with a plan that lawmakers hope will help ease an expected massive shortfall in retirement savings.
States Could Offer Effective Options for Workers Without Retirement Plans
About half of American workers in the private sector are not planning long term for their future, lacking any sort of pension or retirement savings plan.
Iowa’s Treasurer Proposes State-Run Retirement Options for Iowans
42 percent of Iowa’s private sector workers do not have an employer-sponsored retirement plan. State Senator Janet Petersen and Iowa’s State Treasurer Michael Fitzgerald are working to change that. They’ve proposed a state-run plan for private employees, something more than 20 states are also considering.
State-run retirement plans could offer a fix for future
At least half of the states have been working on some sort of plan, as tracked by the Pension Rights Center, an advocacy organization for workers based in Washington. Generally, workers’ contributions get deducted from their paychecks, like in a 401(k) plan, only the money goes into a government-sponsored plan.
