Archive: Closing the coverage gap
Overview Connecticut has established an auto-IRA program that requires employers without a retirement plan to automatically enroll their workers, who are allowed to opt out. Connecticut was one of the first states to enact legislation for an auto-IRA program, and its program went live in April 2022. To date, Connecticut has 2,055 actively participating employers…
The brief’s key findings are: Several states now require employers without a retirement plan to automatically enroll their workers in a state auto-IRA program, with workers allowed to opt out. The role of employers is limited; they are responsible for registering with the state and then setting up workers’ payroll deductions. The results in Oregon…