"Retirement Savings Mandates: State-by-State Guide"
Originally Published 1 year ago — by USA TODAY
Eight states have implemented automatic enrollment in retirement savings accounts, with over 800,000 workers collectively saving more than $1 billion since 2017. These "automated savings" programs aim to increase retirement savings rates, particularly among workers without access to 401(k) plans. Critics argue that workers should save for retirement on their own, but advocates believe that the state programs help both workers and small businesses by providing a competitive advantage and addressing the complexity and expense of traditional 401(k) plans.