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Retirement schemes developed by a number of American states are making an impact on the retirement security of workers without access to an occupational plan, according to the National Conference on Public Employee Retirement Systems (NCPERS).
And they have sufficient momentum to overcome setbacks, states a press release which details a 36-page report, ‘Secure Choice 2.0: States Blazing a Path to Retirement Security for All.’
The report “marks two milestones in the growing movement among states to expand workplace retirement savings programs for private-sector employees.” One, six years ago, NCPERS “laid out the rationale for state-facilitated retirement programs for private-sector workers in a white paper, ‘The Secure Choice Pension: A Way Forward for Retirement Security in the Private Sector,'” and two, “five years ago, in September 2012, California became the first state to formally act on the Secure Choice model by passing the Secure Choice Retirement Savings Trust Act, which established a board and authorized a comprehensive feasibility study.”
“Our 2011 white paper galvanized efforts in a number of states that had been frustrated with the federal government’s lack of leadership on retirement policy,” Hank Kim, executive director and counsel of NCPERS, is quoted saying. (Click here for an ARIA interview with Kim, and here for an interview about the California program).
“We have made tremendous progress since 2012 as state after state has embraced the goal of creating paths to retirement savings for millions of private-sector workers.”
More: Oregon is the first state to “accept participants in a Secure Choice-inspired automatic-savings program.”

ARIA provides a forum for an informed discussion on retirement income adequacy, and other related issues, including pension and retirement coverage, and defined benefit pension plans – ARIA pensions blog, 12 Dunlop Street, Barrie, ON, L4N 1V6 – sitemanager@ariapensions.ca

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