The Wall Street Journal (2/1, Tergesen, Subscription Publication) reported with close to 32 percent workers in the private sector lacking a retirement savings plan, several states including California, Illinois and Oregon have put into place programs that require employers to enroll employees without a retirement savings plan in IRAs. According to AARP, Maryland, Connecticut, and Seattle are making preparations to implement a retirement saving plan for those workers who don’t have one as early as this year. Additionally, the Journal said several states and cities including New Jersey, New York City, Virginia and Missouri are also planning to enact a similar program. Congress is also looking to address the retirement savings issue this year.
February 1, 2019