With the future of Social Security in question and a dangerous shortfall in many Americans’ savings, five states are testing out bold and controversial legislation to get people to put away more for retirement. The new laws could give much-needed financial options to one in five Americans, opening the door to similar experiments in other states — depending on who gets elected in November.
Connecticut, Illinois, Maryland, and Oregon have all passed laws requiring employers to either offer their own retirement plans or seamlessly connect workers to a well-designed state plan. California is considering a similar scheme. When these plans are in place (the first will take effect next year, at the earliest), retirement experts hope they’ll become laboratories to improve the American 401(k).
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