Source: Georgetown University’s Center for Retirement Initiatives
December 20, 2017 - Center for Retirement Initiatives, Georgetown University
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On November 22, 2017, Seattle became the first city to enact a city-facilitated retirement savings plan, which will take the form of an auto-IRA. It will be the tenth government-facilitated program in the nation designed to expand access to retirement savings options for private sector workers.
Seattle now joins several states currently working on program implementation, including California, Connecticut, Illinois, Maryland, and Vermont. Two states – Oregon and Massachusetts – have already opened their programs for enrollment and Washington is scheduled to open its program in early 2018.
In 2017, at least 22 states and cities introduced legislation to address the retirement savings gap among private-sector workers. Since 2012, 40 states have acted to implement, study or consider legislation to establish state-facilitated retirement savings programs.
Source: Georgetown University’s Center for Retirement Initiatives