State-run retirement options could expand post-COVID

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By Carol Buckmann (May 6, 2022, 1:31 p.m. EDT) — Can the average American worker afford to retire?

Much has been written about the retirement savings gap, which is the difference between projected account balances and the income employees will actually need in retirement.

Yet federal law makes adoption of the plan voluntary, and a recent Congressional Research Service report on state-administered retirement programs indicates that 32% of private sector workers are not covered by a pension plan. employer-sponsored retirement.[1]

Senators who just introduced the Starter-K Act of 2022, S. 3955, report that less than 50% of companies with fewer than 50 employees currently maintain pension plans.[2] Run by the State of California,…

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