Following the lead of the
Councilmember Tim Burgess has been working for the last year on a proposal for
“It's disappointing because this was a very pro-business, pro-worker, pro-economic-growth rule that would have benefited up to 200,000 workers in
“Our small-business community loves this idea, but we've lost it to the kind of partisan idiocy we see in
The repeal cleared the House by a wide margin, with
But it nearly stalled in the
“We understood last week that maybe there were three Republican senators who had agreed to vote in favor of keeping the rule, but then (Senate Majority Leader Mitch)
People are more likely to save when they have access to retirement plans through their employers, but about 40 percent of private-sector workers in the
Employees without access to a 401(k) or pension through their employers already can choose to open IRAs on their own. But proponents of city-facilitated plans say many people don't do that. They say those people would benefit from being nudged.
In a floor speech Wednesday, Murray said, ” I think we all know what this repeal is truly about.
Burgess' proposal called for employees at businesses without retirement plans to be auto-enrolled in the city's plan, with the ability to opt out at any time.
The employees would be given a default investment product and contribution rate but could choose to make changes.
Businesses would process the employee contributions through existing payroll systems but wouldn't need to contribute any money to the IRAs.
Though a special city board would select the investment products, the actual handling of the IRAs would be outsourced to a private firm, Burgess has said.
Unlike the pension plans that
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