|By STEPHEN SINGER, AP Business Writer|
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
Clay, 54, says her savings ran out after she lost a job and was diagnosed with cancer. Now, as a business owner, she says she has "no feasible way" to save for retirement and worries she'll have to work into her 70s.
"You can do everything right, go to school, be talented, work and things happen," she said.
Business lobbyists are also fighting the proposal, with the
"We already have a system in place that
Details are still being worked out before
"We have to ask ourselves if it's government's place to force people to save for retirement," he said.
"I don't think the private sector is out there aggressively reaching out," he said.
The legislation passed the
The average working household has almost no retirement savings, the
Two-thirds of working households ages 55 to 64 with at least one earner have retirement savings just slightly exceeding their annual income, which the
"We feel there is a retirement crisis," said
"It's not a panacea, but the bill will take a really big bite out of the problem without being a meaningful burden on employers," said state Sen.
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