States as Innovators
On September 29, 2016, California became the latest state to enact a retirement program for private sector workers. It joins Connecticut (2016), Maryland (2016), New Jersey (2016), Oregon (2015), Washington (2015), Illinois (2015), and Massachusetts (2012) already implementing their own programs. Since 2012, at least 30 states have considered proposals to study or establish state sponsored plans.
The lessons of simplicity and easy access in 529 savings can work for state-sponsored retirement plans.
The federal government has cleared the path for innovation and given states a number of policy design options.
Delivering on Publicly-Sponsored Private Retirement Accounts: Key Considerations for Successful Public-Private Partnerships
By Richard Mourdock. In 2016, thirty state legislatures have taken action to consider establishing publicly-sponsored private retirement accounts.
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