The Employee Retirement Income Security Act (ERISA) is approaching its fiftieth anniversary. To discuss the evolution of retirement savings...
The Employee Retirement Income Security Act is approaching its fiftieth anniversary . To discuss the evolution of retirement savings, RetirementRevised Publisher & Editor Mark Miller joins Wealth!
You know, people who work for state and municipal government uh very likely have a traditional pension.However, and so, you know, in its place has been the rise of the defined contribution 401k style. So that's a, you know, really a stark reminder that we are really not offering enough people the opportunity to put away money for retirement.So when you think about how and which mechanisms they could put into practice, put into law even, uh, and bring forward to the American people, what would they be able to bring forward that wouldn't so radically change retirement savings that have already been amassed thus far.
And about eight states have actually launched them, including some big states like California and Illinois and Maryland. And the reason I say that is in addition to the coverage problem, when you look at households with kind of middle income house and lower income households, there's not the wherewithal really to save large amounts.And I think, you know, they're, they're good to do because, you know, saving is good and people should be saving if at all possible.
Mark Miller Fiftieth Anniversary Retirement
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