State Initiatives to Cover Uncovered Private Sector Workers
The brief’s key findings are:
- Half of private sector workers are not covered by an employer-sponsored retirement plan.
- The federal government has made no progress on closing this coverage gap, so the states are stepping into the breach:
- Four states have adopted a mandatory Auto-IRA program.
- Two other states are setting up voluntary marketplaces.
- Of these two approaches, the Auto-IRA would be much more effective.
- But a national Auto-IRA would be much better than 50 separate state plans.