White House on Middle Class Retirement
The White House issued a statement earlier today on retirement for the middle class in America. This statement outlines the rules finalized by the Department of Labor on how states can develop their own retirement savings plans for their workers. Eight states have already gone through with creating their own plans: California, Connecticut, Illinois, Maryland, New Jersey, Oregon, Massachusetts, and Washington. There is also work moving forward to set up rules for larger cities to come up with their own plans in the same vein. One rule for these kinds of plans requires that workers can opt out of the program even with automatic enrollment. For more information visit this article issued by the Office of the Press Secretary with WhiteHouse.gov.