5 05, 2017

State bid for retirement savings plan is blocked

2017-05-05T17:17:48-07:00May 5th, 2017|Categories: Retirement|Tags: , |

A pioneering, California-led effort to create retirement security for low-income workers has been thrown into jeopardy after the U.S. Senate voted Wednesday to block states from starting programs to automatically enroll millions of people in IRA-type savings plans. The measure, aimed at stopping the fledgling state retirement programs, now goes to President Trump, who has vowed to sign it. That leaves lawmakers in California, Illinois and other states, who only months ago were celebrating the success of their long-planned [...]

5 05, 2017

Senate Kills State-Sponsored Retirement Plans For Private Sector Workers

2017-05-05T17:15:21-07:00May 5th, 2017|Categories: Retirement|Tags: , |

In a narrow vote, 50 (yes) to 49 (no), the Senate by resolution killed an Obama-era rule that greenlighted state-sponsored auto-IRA retirement programs for small business workers. A majority vote was needed to repeal the rule. The AARP cried foul and urged a “no” (don’t repeal the rule) vote because: “Too many small business employees don’t have a way to save for retirement out of their regular paycheck.” That’s 55 million workers. “This is an industry effort to try [...]

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