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 [...]