The myRA platform could be used while California shops for a private sector vendor to administer the program. When that happens, myRA accounts would be transferred to the new platform, which most likely will consist of target date fund investments.
WATERSHED MOMENT
California was the first state to investigate starting its own mandatory retirement plan, passing a law in 2012 authorizing study of the idea. It now joins Illinois, Maryland, Connecticut and Oregon, which have already enacted similar IRA programs; two other states (Washington state and New Jersey) have created nonmandatory programs where workers can shop among plans in a marketplace.
"California definitely marks a watershed moment, given its size,” said Sarah Mysiewicz Gill, senior legislative representative for AARP, which has been a strong supporter of state plans. The next big shoe to drop, she thinks, could be New York state, where legislation is being considered both at the state level and in New York City. A New York state plan would add 3.6 million workers.
If the movement by states keeps gaining momentum, a tipping point could be reached where opposition to a national mandatory plan fades. Two key opponents withdrew their opposition to the California plan this year - the American Council of Life Insurers and the California Chamber of Commerce.
A California partnership with Treasury also would signify growing federal-state cooperation. The Obama administration, unable to get its own national auto-IRA past Republican opponents in Congress, instead launched myRA as a workaround.
【With California move, mandatory worker retirement plans gain momentum】相关文章:
★ 各国城市之“最”
★ 老外的"亲戚关系"也复杂(cousin and removed)
最新
2016-11-11
2016-11-02
2016-11-01
2016-11-01
2016-11-01
2016-10-28