Hawaii has joined other states in adopting automatic retirement accounts that require employers without retirement benefits to enroll workers in individual retirement plans. Philadelphia becomes the first city to launch a similar program.
- Hawaii is among the first states to adopt automatic retirement programs requiring employers without benefits to enroll workers in IRAs.
- More than 1.2 million workers across 15 states have saved $3 billion through these state-sponsored retirement plans.
- Workers are automatically enrolled but can opt out of the programs, which don’t require employer matching contributions.
- The programs aim to help address retirement savings gaps for over 50 million Americans without workplace retirement plans.
- Philadelphia becomes the first city to launch a municipal version of these automatic retirement programs.
Source: Hawaii Free Press
Share this article
