New state IRA program begins in Oregon

Oregon is about to take a small but important first step in solving the nation’s retirement security crisis. On July 1, 2017 the state launched a pilot program of “OregonSaves” and become first in the nation to begin a state-based IRA program. OregonSaves is a completely voluntary, simple, and convenient way for workers to save their own money into their own accounts. It’s automatic. Employees don’t need to do anything to enroll. Savings are through payroll deductions, which will make …

AARP Is Fighting to Protect State Flexibility on Retirement Plans

Innovative state solutions to America’s savings crisis are in danger. Federal overreach threatens an important Department of Labor rule that gives states flexibility to help workers save for retirement. Fifty-five million workers in America have no way to save for retirement out of their regular paychecks. Their employers don’t offer a retirement plan because it can be costly and complicated to do so. The problem is especially severe among communities of color. Only 54 percent of African American and Asian …

Narrowing the Racial Wealth Gap

Two hundred twenty-eight years. That’s how long it would take for the average household wealth of black families in America to reach the average wealth of white families today, according to a new report by the Corporation for Enterprise Development (CFED) and the Institute for Policy Studies. For Latino families, it would take 84 years. This startling new perspective on economic inequality has grabbed headlines in recent weeks. But what is not making the news is that these statistics are …

Regulations Enable Millions to Build Retirement Security Through State Plans

Final Department of Labor (DOL) regulations have opened the way for the largest expansion of retirement plan coverage in several decades. The regulations provide much-needed guidance to states that want to establish state-sponsored automatic IRA plans for small-business employees. Earlier, DOL provided guidance for state-sponsored multiple employee plans (MEPs) and marketplaces. About 55 million Americans work for companies that don’t offer them the ability to save for retirement through payroll deduction. Most of these workers are employed by small businesses, …

Nearly 1 Million More Workers Can Save for Retirement … Millions More to Go!

May is proving to be a historic month for both workers and employers across the country! Since I last wrote on this topic in February, we at AARP have continued to fight hard to establish Work and Save plans in the states, a convenient way for millions of workers to save for retirement through an easy payroll deduction. And we have great news to report! Last week, Gov. Larry Hogan (R) took a monumental step toward helping to ensure a …

The Boomer–Millennial Connection for Increased Savings

En español | What do boomers and millennials have in common? As it turns out, much more than you’d think. Last week, millennials from coast to coast were discussing state options to give 55 million workers a simple way to save. Our AARP California office hosted a “Work and Save” Summit at East L.A. College, in partnership with the  Young Invincibles, a national nonprofit, nonpartisan organization that advocates on behalf of 18-34-year-olds. In New York City, AARP teamed up for …