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States seek a spot in retirement plan landscape
http://apnews.excite.com/article/20140504/us-public-retirement-account-f1806e5493.html
May 4, 10:33 AM (ET)
By STEPHEN SINGER
HARTFORD, Conn. (AP) — Dorry Clay, a small-business owner unable to save for retirement, is counting on the Connecticut legislature to establish a state-run retirement savings account accessible to millions of workers.
Lawmakers in Connecticut and other states are responding to a widespread loss of private-sector pensions, a lack of access to employer-sponsored retirement accounts in smaller businesses and stagnant incomes that make it hard for workers to contribute to their own retirement plan or company account.
The measures vary in their details, but the general aim is to establish a retirement fund in a state agency that would collect employee contributions, invest the money and pay out benefits when employees retire.
Financial services businesses are fiercely lobbying to defeat the proposals, calling the proposed state-run enterprises unnecessary and a threat to private business. Opponents have already claimed one victory this year, knocking off a public retirement system proposed in the West Virginia Legislature.
FULL story at link.
