Essentially, it is a Roth IRA with payroll deduction features. There are no fees, funds are invested conservatively in government securities and principal is guaranteed by the Treasury. Balances cannot exceed $15,000 - at that point, accounts must be transferred to a private provider.
The administration also has embraced the state plans of late. Most notably, the Department of Labor last year issued a rule guiding states on how to create their plans without running afoul of requirements of the Employee Retirement Income Security Act.
But momentum is building for a national solution. A recent report on retirement system reform by the Bipartisan Policy Center (BPC) called for a new mandatory national Retirement Security Plan targeting employers with fewer than 500 workers (reut.rs/2dtBPaH). And some financial services leaders think that if enough states pass their own plans, a critical mass will be attained and even current opponents on Wall Street will support a national plan.
Action at the state level is good - but a national mandatory plan is what we ultimately will need.
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