More than a dozen states have implemented or are developing retirement programs that mandate that employers who don’t sponsor retirement plans must set up a retirement savings arrangement that complies with those state laws. The state arrangements are typically structured as state-facilitated automatic enrollment IRA plans for employees of private-sector employers. These programs, such as CalSavers (California), OregonSaves (Oregon), and Illinois Secure Choice, aim to close the retirement savings gap by requiring employer facilitation of payroll-deducted contributions by their employees.
The views expressed here are those of Fred Reish. They should not be construed as investment advice or as the views of Hartford Funds or the employees of Hartford Funds. They are based on available information and are subject to change without notice. The information above is intended as general information and is not intended to provide, nor may it be construed as providing, tax, accounting or legal advice. As with all matters of a tax or legal nature, please consult with your tax or legal counsel for advice. This material and/or its contents are current at the time of writing and may not be reproduced or distributed in whole or in part, for any purpose, without the express written consent of Fred Reish.