Wall Street Wins: Republicans Vote To Block States From Offering Low-Cost Retirement Savings Plans To Millions Of Workers

[ibtimes.com] Wall Street Wins: Republicans Vote To Block States From Offering Low-Cost Retirement Savings Plans To Millions Of Workers – The Department of Labor rule at issue — which was enacted by the Obama administration — sought to clarify federal statutes and protect the legal status of state-based retirement savings plans. Eight states have already taken action to create such plans, which threaten to reduce the profits of financial firms by creating a low-fee option for workers’ retirement savings. Twenty-three million workers in those eight states do not already have retirement savings coverage, according to a new analysis by labor economist Teresa Ghilarducci.

“If Republicans succeed in rolling back DOL regulations, they will destroy the best chance 63 million American workers have of getting access to a retirement plan,” said Ghilarducci, who estimated that another 40 million Americans without coverage would also be prevented from accessing low-fee retirement savings plans if the GOP bill becomes law. “These states took the responsible first step to save their residents from a retirement crisis defined by low coverage and inadequate savings and protect their taxpayers from the fiscal crisis resulting from millions of indigent elderly. This would be a painful step backwards for the millions who are shut out from the dwindling number of employer-sponsored plans.”

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