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New state- and city-run retirement savings plans – for the ‘private’ sector?

Sep 06, 2016

The U.S. Department of Labor recently passed new rules allowing states to establish new retirement savings plans for people working in private-sector jobs without retirement plans. These new rules reportedly also allow cities to do similar things.

In light of the record many state and local governments have in managing their own plans, these developments may not be cause for celebration.

So far, eight states have established plans like these. They are California, Connecticut, Illinois, Massachusetts, Maryland, New Jersey, Oregon and Washington.

While Oregon and Washington are in relatively good financial shape, the other six (large) states have dug some of the…

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